Klarius Group Ltd.

Klarius Group Ltd.

September 23, 2010 11:24 ET

Klarius Group Financial Report Bolsters Confidence With Excellent Cash Flow and Profitability After Major Buyout

MANCHESTER, UNITED KINGDOM--(Marketwire - Sept. 23, 2010) -

Editors Note: There is a photo associated with this Press Release.

After completing the acquisition of EUR 300m Quinton Hazell Automotive from US-based Affinia in February this year, the Klarius Group has this week filed an extremely positive set of accounts for the period to 31st December 2009. In addition, key financial performance indicators for the 6 months following acquisition, including profitability and cash flow were recorded at over 50% above pre-acquisition expectations.

After making waves in the automotive aftermarket by publicising a policy of retaining a substantial manufacturing base in the UK and Mainland Europe, Board members went on record to support their decision and register their delight at exceeding targets within months of the acquisition, the second major buyout completed by the group in the automotive sector within the last three years.

Klarius Group Chief Financial Officer David Cheetham confirmed that the Group is posting solid and substantial profits. 'We have exceeded internal financial targets for reorganising the business, finding substantial efficiencies, and reaching overall profitability ahead of schedule. 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.'

Tony Wilson, Group Chairman and CEO, speaking from the new Group HQ offices at Voyager Manchester this week confirmed, '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, so we were very pleased to have confounded even our own expectations and posted solid profits after just three months".

Wilson continues, 'The QH portfolio included two large manufacturing sites in the UK and Spain and we have been very pleasantly surprised by the robustness of the sales operation internationally, and by the quality and value within these manufacturing plants, both of which have received substantial investment since the acquisition and will be retained within the group as they are already contributing to profitability.'

The overall financial picture is described as "extremely positive" and pointing towards further acquisition to provide the group with increased market leverage in key product sectors.

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