30 May 2019 – pension scheme buyout completion and trading update
The industrial engineering specialist has announced the completion of the buyout of its UK pension scheme liabilities and subsequent scheme wind up. All surplus funds, amounting to £6.3m gross and £4.1m net of tax, have now been returned to 600 Group. A trading update has also been announced ahead of the announcement of full year results for the year ended 30 March in late June or early July. Trading in the second half of the financial year was solid and the outcome for the full year will be in line with expectations. Enquiry and quotation activity have remained good with further progress in the orderbook. The shares look fundamentally undervalued and although some patience may be required a BUY rating is well justified.