Klarius has reported a positive six months of trading following its â‚¬300m acquisition of Quinton Hazell at the beginning of 2010.
The Group said that the acquisition has raised annual sales to over â‚¬350m in the first half of the year, and that profitability and cash flow are more than 50% above expectations.
Speaking from the new Group HQ offices at in Manchester, Tony Wilson, chairman and CEO, said: â€œWe went into this acquisition deal with a very pragmatic picture of the short-to-mid-term growth and profitability prospects for the new parts of the business.
â€œWe were very pleased to have confounded even our own expectations and posted solid profits after just three months.â€
Chief financial officer David Cheetham added that internal restructuring and repositioning of the business had been key.
â€œWe have exceeded internal financial targets for reorganising the business, finding substantial efficiencies and reaching overall profitability ahead of schedule,â€ he said.
â€œThis positive situation has allowed us to bring plans for further acquisitions forward, based on a solid fiscal base coupled with predicted organic growth also exceeding expectations.â€