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600 Group drops as it takes hit from coronavirus delays; US trading worse

The machine tools and lasers producer flagged disrupted shipping from Asia and volatile markets in the US

600 Group - 600 Group takes more hits from coronavirus delays, worse US trading

600 Group PLC (LON:SIXH) shares topped the fallers list in London on Friday after warning on profits once again, with the firm citing the indirect consequences of coronavirus and a worsening of trading in the US.

In mid-morning trading, shares in 600 Group were down 19.6% at 11.25p.

In a trading update, the machine tools and lasers maker said the virus pandemic has disrupted shipping from Asia and, although it has few links to China, as a result, delayed deliveries are pushing sales beyond the current financial year to end-March.

READ: 600 Group boosts profits after UK re-launch and acquisition

The group also noted that trading in the US has gotten worse since its last alert two months ago, as markets there have remained volatile due to the General Motors strike and the Boeing 737 Max aircraft grounding, which continues to hit “hundreds of thousands of suppliers”.

The AIM-listed firm has seen some respite from its UK operations, with orders up over 100% on the last financial year, and it said it plans to sell a site in the south of England for US$500,000 to reduce debt.

 -- Adds share price --

Quick facts: 600 Group

Price: 8.75 GBX

Market: AIM
Market Cap: £10.28 m

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