Automotive sub-assemblies specialist Wagon has flagged up its intention to expand operations outside its UK base with more European acquisitions.
Chief executive Nick Brayshaw said that although acquisitions in southern Europe were a high priority, it would not happen until Aries Industries, bought for £77m in September, was fully integrated.
He was speaking at the unveiling of half-year profits of £10.2m, boosted by a three-month contribution from Ymos in Germany. The company’s turnover rose from £161m to £169m.
Wagon became Europe’s largest supplier of car doors and body structures with the Aries deal, which saw it buy the 80% balance it did not already own in the firm. The deal expanded its customer base beyond Rover and Peugeot’s UK car plants to cover Renault’s European operations. It also supplies VW and Audi since buying Ymos last June.
Brayshaw hopes to eventually cut the UK share of turnover to below 20%.