Car Components Group Wagon Rolls Towards Pounds 49m Rights Issue ; Automotive

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West Midlands car components group Wagon yesterday proposed a 10- for-1 rights issue at 4p per share to raise pounds 49 million - and posted a higher full-year underlying pretax profit as revenues rose from higher-than-expected volumes.

However, the company, whose corporate headquarters are at Birmingham Business Park, said it expects the current sales volumes, which are in line with its expectations, to be hit in the current year due to OEM schedules, model changeovers and general market conditions.

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Car Components Group Wagon Rolls Towards Pounds 49m Rights Issue ; Automotive

For the year-to-end March 2008, Wagon said its pretax profit excluding nonrecurring items rose to pounds...

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