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Klarius Group Announces Positive 2011 Results(March 12, 2012)
MANCHESTER, UNITED KINGDOM -- (Marketwire) -- 03/12/12 --
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In the face of both a challenging economic climate and an extensive investment program, the Klarius Group has both reduced its net borrowing significantly and maintained positive earnings results for the 2011 financial year.
Group turnover for the core automotive aftermarket business remained stable at EUR200million while 2011 proved to be an eventful year for the company:
Dave Cheetham, Klarius Group Chief Financial Officer comments, "The business has never been highly geared in terms of debt versus value and company turnover, but it is satisfying to be able to reduce our net debt by EUR2million, taking the total down to EUR8.5 million, which adds stability and allows our long term investment plans to continue; that figure is in fact lower than the position before the Group's acquisition of Quinton Hazell in 2010, which is quite an achievement."
In keeping with the entrepreneurial style of the Group, Klarius Group Chairman, Tony Wilson was keen to emphasise the other positive highlights of 2011, "We are here to build the business and whilst others in the market have reduced activities, the Klarius Group has invested heavily in new European warehousing in Madrid and Amsterdam, we have invested in manufacturing at our shock absorber plant in Spain, at our water pump manufacturing site in Wales, and our rotating electrics plant in Germany.
"Our commitment to developing and improving the manufacturing base here in Europe has already paid dividends, and maintaining a comprehensive manufacturing capacity will continue to be part of our long-term strategy. A positive financial result in 2011, while the market actually contracted, just shows that the effort we are putting in to add to the value stream and increase the efficiency and competitiveness of our customers is a sound policy, providing us with the financial strength and flexibility to react to market needs and continue to grow."
The positive results were also attributed to a pro-active staffing policy and a strong and empowered management team, put in place across the group's entire international operations. A readiness to recognise the achievements of individuals, whilst also being prepared to introduce new blood with the appropriate skills for the next level of development was recognised as important in keeping the organisation healthy and dynamic.
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