Wagon plc reports half-year results

Wagon plc, the European automotive components group, has announced its interim results for the six months ended September 30, revealing a drop in sales from continuing operations of 7.4% to £204.2m.

Sales from manufacturing were 3.1% lower at £192.7 million, reflecting lower volumes, as Wagon had anticipated.

Operating margin before non-recurring items increased from 5.3% to 5.4%, in spite of expected volume reductions. Operating profit before non-recurring items reduced by 6% to £11m. After these, it dropped by 9% to £10m.

Net debt was lower than expected at £34.7m.

Wagon reported order intake higher than the equivalent period in last year's record bookings.