Birmingham-based engineer TransTec has put on ice plans announced in March this year to add a further division to join its manufacturing and controls operations.
The group will instead aim for growth through smaller acquisitions for its existing businesses.
TransTec saw interim pre-tax profits up 69% to £7.6m in the first half of the year, with sales up 43% to £162.6m. The figures reflect the first full six months contribution from automotive aluminium castings plant BSK, bought last year for £54.8m
Manufacturing operating profits were up 62% to £6.9m, with strong demand in the automotive sector for casting and machining.