600 Group PLC PPP Loan Forgiveness and Additional Funding (9019Q)
02 Marzo 2021 - 8:09AM
UK Regulatory
TIDMSIXH
RNS Number : 9019Q
600 Group PLC
02 March 2021
Prior to publication, the information contained within this
announcement was deemed by the Group to constitute inside
information. With the publication of this announcement, this
information is now considered to be in the public domain.
2 March 2021
The 600 Group PLC
PPP Loan Forgiveness and Additional Funding
The 600 Group PLC (the "Group"), the diversified industrial
engineering company (AIM: SIXH), announces that its three USA
operations have all been granted forgiveness of their initial loans
under the USA Government Paycheck Protection Program ("PPP") which
in total amounts to $2.2 million. It is expected that these amounts
will be included in other income in the Consolidated Income
Statement for the year to 31 March 2021.
Second round funding under the PPP scheme for an additional $2.2
million has been applied for. From this application, two of the
three entities have so far received their allocation, amounting to
$1.6 million, with the remaining $0.6 million expected to be
received in the coming weeks. The new PPP loans are on the same
terms as the initial PPP loans, and thus will be eligible for
forgiveness from September 2021 onwards dependent on employment
numbers, payroll expenditure and certain facility costs, with any
amount not forgiven repayable over a two year term with an all-in
interest rate of 1.0%.
Group net debt (excluding IFRS16 leases) following the
forgiveness of the first round PPP loans and including the second
round funding loans is currently $12.8 million.
Current Trading
Order intake has continued to improve each month since the COVID
pandemic first broke, with February intake up nearly 40% on the
prior year. The orderbook currently sits at $12m, which is now back
to pre -pandemic levels.
Paul Dupee commented:
"The PPP loan forgiveness and the Government furlough assistance
in the UK and Australia have helped the operating businesses to
largely maintain their financial results despite an overall volume
reduction for the financial year of over 20%. This has meant the
Group has maintained employment and skills at a level which has
allowed the businesses to react immediately to the increased
activity we are currently seeing."
Enquiries:
The 600 Group PLC Tel: 01924 415000
Paul Dupee, Executive Chairman
Instinctif Partners Tel: 020 7457 2020
Mark Garraway
Rosie Driscoll
Cenkos Securities plc (Nominated Adviser Tel: 020 7397 8900
and Broker)
Ben Jeynes / Max Gould (Corporate Finance)
Alex Pollen (Sales)
About The 600 Group PLC
The 600 Group PLC is a distributor, designer and manufacturer of
industrial products with three principle areas of activities:
Machine Tools
The business has a strong reputation in the market for metal
turning machines. Products range from small conventional machines
for education markets, CNC workshop machines and CNC production
machines. Selected outsourcing partners support the manufacturing
of these machines and they are marketed through the Group's wholly
owned international sales organisation and a global distribution
network.
Precision Engineered Components
Machine spares are distributed to customers globally to help
maintain the installed base of group machines which number in
excess of 100,000. Additionally, work holding products are sold via
specialist distributors to OEMs, including other machine
builders.
Industrial Laser Systems
Industrial laser systems cover laser marking and processing
including cutting, drilling, ablation and a host of other niche
applications in the marking and micro machining sectors. They
require no consumables and can operate on a continuous high speed
basis and can be integrated into customers' production lines. The
businesses have their own technology and proprietary software.
Customer applications are diverse and range from aerospace to
medical and pharmaceuticals. The requirement for increased product
and component traceability is one of the market drivers.
More information on the Group can be viewed at:
www.600group.com
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END
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