Announcement • Mar 21
The 600 Group Ordinary Shares Admission to Trade on AIM Market of LSE to Cancel Effective April 03, 2024 The 600 Group PLC announced a trading update for the financial year ended 31 March 2024 (‘FY24’) and provided a further update in respect of the Company's currently defaulted bank facilities. Whilst negotiations continue with potential acquirors for the operating businesses, there can be no assurance that a satisfactory deal will be concluded within a reasonable time frame or that the terms of any such transaction would enable the Company to repay the Facility. As a result, the Company is currently considering various alternatives including bankruptcy and/or dissolution under US laws for its US subsidiaries. The Board of Directors confirmed that the Group will not be able to publish the 2023 Annual Report and/or unaudited interim results for the six months ended 30 September 2023 prior to 31 March 2024. Pursuant to Rule 41 of the AIM Rules for Companies, the admission of the Company's ordinary shares to trading on the AIM market of the London Stock Exchange is due to be cancelled with effect from 3 April 2024, being the date falling six months from the date of suspension of trading in the Company's ordinary shares on 2 October 2023 (‘Cancellation’). Prior to Cancellation, and notwithstanding the prevailing suspension of trading in the Company's ordinary shares, the Company will continue to make announcements as and when there are any developments that require announcement in accordance with its obligations under the AIM Rules for Companies. Announcement • Jan 02
The 600 Group PLC Announces Retirement of Don Haselton as Director The 600 Group PLC announced that Don Haselton has retired, at the conclusion of his contract, as a director of the company with effect from 31 December 2023. Announcement • Dec 09
The 600 Group plc Announces Further Re Debt Facilities Further to the Company's announcement of 4 December 2023, The 600 Group PLC announces that the US Group companies have now received a notice from Bank of America of default and demand for payment in full of the Group's now expired and fully drawn USD 5.5 million facility (the "Facility") by 15 December 2023. The Group remains in dialogue with the lender in respect of an extension to the Facility, which it is not currently in a position to repay, and the Group is also in discussions with other financial institutions with regard to other potential funding alternatives. Announcement • Nov 01
The 600 Group PLC Announces Management Changes The 600 Group PLC announced, further to the announcement made on 1 September 2023, that Derek Zissman has resigned as a director of the Company on the appointment of a non-executive successor. The Company further announced that Stephen Fiamma, after over 8 years on the Board, has also decided to resign as a director with immediate effect. The Group announced that Mrs. Laura Moglestue-Blom has been appointed as a Non-Executive Director of the Company and as Chair of the Audit Committee with immediate effect. Laura has more than 20 years of executive experience in the UK, EU and the US in Finance Director roles and in leading the finance functions for SME business services and private equity-backed growth companies. Laura is the Co-founder and Director of Mogle & Partners Limited, a consultancy services contractor, working across a variety of sectors, including management consulting, biotech, healthcare and private equity. Prior to Mogle & Partners, Laura was Finance Director at Capital Systematics Limited, a boutique investment firm specialising in fintech, biotech, and other innovation-based industry sectors. Previously Laura was the Finance Director of Pasley-Tyler Holdings Limited, the Business services and serviced offices provider, between 2008 and 2017. Laura is a Fellow of the Institute of Chartered Accountants in England and Wales. In addition to her appointment as a Non-Executive Director of 600 Group, Laura Muriel Moglestue-Blom (nee Laura Muriel Blom and formerly Laura Muriel Fraser) aged 61, holds or has held directorships in the five years preceding her appointment at 600 Group plc as Current Directorships: Mogle & Partners Limited, Pasley-Tyler & Company Limited, Capital Systematics Ltd, Pasley-Tyler Holdings Limited and Pasley-Tyler Trustees Limited. Former Directorships: Interactive Pharma Management Services Limited and Capital Systematics Ltd. New Risk • Sep 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 8.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 53% per year over the past 5 years. Market cap is less than US$10m (UK£3.07m market cap, or US$3.80m). Minor Risks Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Shareholders have been diluted in the past year (8.4% increase in shares outstanding). Announcement • Sep 02
The 600 Group PLC, Annual General Meeting, Sep 29, 2023 The 600 Group PLC, Annual General Meeting, Sep 29, 2023. Announcement • Aug 17
The 600 Group PLC has completed a Follow-on Equity Offering in the amount of £0.5225 million. The 600 Group PLC has completed a Follow-on Equity Offering in the amount of £0.5225 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 9,500,000
Price\Range: £0.055
Transaction Features: Subsequent Direct Listing New Risk • Jun 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 53% per year over the past 5 years. Market cap is less than US$10m (UK£6.64m market cap, or US$8.45m). Minor Risks Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Share price has been volatile over the past 3 months (7.5% average weekly change). New Risk • Jun 26
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 53% per year over the past 5 years. Market cap is less than US$10m (UK£7.67m market cap, or US$9.75m). Minor Risk Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Announcement • May 24
The 600 Group PLC Provides Unaudited Earnings Guidance for the Year 2023 The 600 Group PLC provided unaudited earnings guidance for the year 2023 The unaudited financial year 2023 revenue is expected to be approximately USD 30 million, with gross profits of not less than approximately USD 11.5 million and an financial year 2023 operating loss of approximately USD 2.4 million. Reported Earnings • Dec 22
First half 2023 earnings released: US$0.011 loss per share (vs US$0.001 profit in 1H 2022) First half 2023 results: US$0.011 loss per share (down from US$0.001 profit in 1H 2022). Revenue: US$17.0m (up 12% from 1H 2022). Net loss: US$1.35m (down US$1.52m from profit in 1H 2022). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Senior Independent Director Derek Zissman was the last independent director to join the board, commencing their role in 2011. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 30
Full year 2022 earnings released: EPS: US$0.004 (vs US$0.022 loss in FY 2021) Full year 2022 results: EPS: US$0.004 (up from US$0.022 loss in FY 2021). Revenue: US$32.0m (down 40% from FY 2021). Net income: US$484.0k (up US$3.06m from FY 2021). Profit margin: 1.5% (up from net loss in FY 2021). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Announcement • Sep 07
The 600 Group PLC, Annual General Meeting, Sep 28, 2022 The 600 Group PLC, Annual General Meeting, Sep 28, 2022, at 14:30 Coordinated Universal Time. Location: 42 Berkeley Square London United Kingdom Price Target Changed • Apr 27
Price target increased to UK£0.30 Up from UK£0.26, the current price target is provided by 1 analyst. New target price is 94% above last closing price of UK£0.15. Stock is up 38% over the past year. The company is forecast to post earnings per share of US$0.029 next year compared to a net loss per share of US$0.022 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Senior Independent Director Derek Zissman was the last independent director to join the board, commencing their role in 2011. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 12
Timesavers, Inc. completed the acquisition of 600 UK Limited/Colchester GmbH/600 Machinery Australia Pty Ltd/Clausing Industrial Inc from The 600 Group PLC (AIM:SIXH). Timesavers, Inc. agreed to acquire 600 UK Limited/Colchester GmbH/600 Machinery Australia Pty Ltd/Clausing Industrial Inc from The 600 Group PLC (AIM:SIXH) for $21 million on March 7, 2022. The cash consideration is subject to adjustment (up or down) in respect of the actual working capital in the Disposal group at closing compared to the amount estimated in the sale and purchase agreement. Transaction is subject to approval from The 600 Group PLC shareholders approval. As of March 24, 2022, transaction has been approved from The 600 Group's shareholders. As of April 11, 2022 all remaining conditions are met. The transaction is expected to be completed on April 8, 2022. Ben Jeynes, Max Gould, Alex Pollen and Henry Nicol of Cenkos Securities plc (AIM:CNKS) acted as financial advisor to The 600 Group PLC.
Timesavers, Inc. completed the acquisition of 600 UK Limited/Colchester GmbH/600 Machinery Australia Pty Ltd/Clausing Industrial Inc from The 600 Group PLC (AIM:SIXH) on April 11, 2022. The $21 million of cash consideration has been received and the Group now retains a net cash position. Reported Earnings • Nov 18
First half 2022 earnings released: EPS US$0.015 (vs US$0.009 loss in 1H 2021) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2022 results: Revenue: US$34.0m (up 34% from 1H 2021). Net income: US$1.78m (up US$2.88m from 1H 2021). Profit margin: 5.2% (up from net loss in 1H 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 03
Full year 2021 earnings released: US$0.022 loss per share (vs US$0.005 profit in FY 2020) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2021 results: Revenue: US$53.6m (down 20% from FY 2020). Net loss: US$2.57m (down US$3.17m from profit in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Announcement • Jul 24
The 600 Group PLC Reaffirms Earnings Guidance for the Fiscal Year 2021 The 600 Group PLC reaffirmed earnings guidance for the fiscal year 2021. The Group re-confirms its expectations of fiscal year 2021 performance announced by the Group on 15 April 2021. Announcement • Apr 15
The 600 Group plc Provides Earnings Guidance for the Financial Year Ended 31 March 2021 The 600 Group PLC provided earnings guidance for the financial year ended 31 March 2021. Despite the exceptional impact of COVID-19 on the Group's businesses and world economy, the Group is expected to report revenues of approximately $53 million, down over 20% on the prior year. Despite this reduction in revenues, the Group expects to report underlying EBIT of approximately $2.5 million for the full year due to the implementation of operational cost savings and government assistance programmes. Executive Departure • Feb 11
CFO & Director has left the company On the 10th of February, G. Krasny's tenure as CFO & Director ended after less than a year in the role. We don't have any record of a personal shareholding under Krasny's name. A total of 2 executives have left over the last 12 months. Announcement • Feb 10
The 600 Group plc Announces Resignation of G. Mitchell (Mitch) Krasny as Director The 600 Group PLC announced that G. Mitchell (Mitch) Krasny, Chief Financial Officer, has stepped down as a director of the Group with immediate effect by mutual agreement. Announcement • Dec 24
The 600 Group PLC Announces CFO Changes The 600 Group PLC announced that Neil Carrick, CFO, after deciding that for personal reasons he will be unable to relocate to Orlando and leaves the company. G. Mitchell Krasny formerly CFO of technology companies, Ucell and Kcell, subsidiaries of Telia Company, Bulgaria Telecom, TV 3 Russia and CFO Eastern Europe and Russia for Millicom and Metromedia International succeeds Neil and is appointed as CFO of the company and will join the board with immediate effect. Reported Earnings • Dec 16
First half 2021 earnings released: US$0.009 loss per share The company reported a poor first half result with weaker earnings, revenues and control over expenses. First half 2021 results: Revenue: US$25.4m (down 29% from 1H 2020). Net loss: US$1.10m (down 203% from profit in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Announcement • Dec 01
The 600 Group PLC, Annual General Meeting, Dec 22, 2020 The 600 Group PLC, Annual General Meeting, Dec 22, 2020, at 16:00 Coordinated Universal Time. Agenda: To receive the Annual Report and Accounts for the period ended 28 March 2020; to re-elect Mr. Paul Dupee as an Executive Director of the Company; to discuss re-elect Mr. Derek Zissman as a Non-Executive Director of the Company; to re-appoint BDO LLP as auditor of the Company to hold office from the conclusion of the Annual General Meeting until the conclusion of the next meeting at which accounts are laid before the Company and to authorise the Directors to fix their remuneration; and to discuss other matters. Reported Earnings • Nov 21
Full year 2020 earnings released: EPS US$0.005 The company reported a soft full year result with weaker earnings and profit margins, although revenues were improved. Full year 2020 results: Revenue: US$67.2m (up 3.1% from FY 2019). Net income: US$595.0k (down 86% from FY 2019). Profit margin: 0.9% (down from 6.5% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Announcement • Nov 20
The 600 Group PLC Proposes No Dividends This Year The 600 Group PLC announced No dividends have been proposed this year. In the prior year a final dividend of 0.5p was paid on 30 September 2019 to holders on the register at 30 August 2019.