QH acquisition boosts Klarius sales to €350m

Klarius has reported a positive six months of trading following its €300m acquisition of Quinton Hazell at the beginning of 2010.

The Group said that the acquisition has raised annual sales to over €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: “We 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.

“We were very pleased to have confounded even our own expectations and posted solid profits after just three months.”

Chief financial officer David Cheetham added that internal restructuring and repositioning of the business had been key.

“We have exceeded internal financial targets for reorganising the business, finding substantial efficiencies and reaching overall profitability ahead of schedule,” he said.

“This 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.”