LONDON (ShareCast) - Precision engineering maker 600 Group reported an annual pre-tax loss as margins and sales deteriorated and as restructuring costs escalated.
The UK's largest machine tool company posted a pre-tax loss of £8m
in the 52-week period ended 28 March 2009 from a profit before tax of £2.5m the year before. Revenue fell to £76.2m from £77.4m.
Commenting on the group's performance chief executive David Norman said, "This has been an exceptional year for the group, not only in the light of the extremely difficult trading conditions and the major upheaval of our own restructuring process but, most importantly, our progress in creating a stronger 600 Group, better equipped not only to deal with current market conditions but also to deliver growth in the future."
Costs in relation to closed operations and restructuring surged to £6.1m from £0.2m the year earlier.
"The group will soon be in a position to take advantage of any recovery as well as opportunities which may arise from the global downturn," Norman (Oslo: NORMAN.OL - news) added.
The board is not recommending a dividend payment.
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