20 September 2017 – AGM statement/fund raising
At today’s AGM the group will confirm that trading continues to be in line with expectations with current order books for machine tools up 60% on last year with orders for industrial lasers up 36%. The group has also revealed that it has raised £1.1m before expenses through a private placing of 8.6m shares at 13p. The proceeds will be used to reduce debt and provide working capital for the company. The group has expressed confidence about the prospects for the second half and we maintain our recommendation of BUY.