The group through a SENS announcement said the trading conditions were being experienced due to the just-ended labour disruptions.
(READ MORE: Battery market proves favourable for Metair)
[DATA MTA:Metair Investments Limited] manages an international portfolio of companies that manufacture and distribute products predominantly for the automotive industry.
“Catch-up plans to recover volumes lost during the strike have been introduced by the group’s OEM customers and are progressing in line with expectations,” read the group operational update.
The company’s operations have also been boosted by deal to supply Renault with Enhanced Flooded Battery Start-Stop batteries.
“Metair is pleased to advise Shareholders that it has successfully secured a number of Start-Stop related OEM contracts,” read the statement.
“In Turkey, the group secured a contract to supply Renault with Enhanced Flooded Battery Start-Stop batteries. Metair has also secured a contract to supply Enhanced Flooded Batteries for the first time to a major South African OEM.”
(READ MORE: Metair to buy Turkish battery maker)
The group said it had entered into an international brand distribution agreement for the supply of Start-Stop starter batteries. Through this brand’s international distribution network Metair will be able to access a large portion of the central European vehicle aftermarket.
Metair also allayed shareholders fears on the group’s alleged Competition Commission’s investigation into alleged collusion within the South African automotive component industry.
“Shareholders are advised that no member of the group has been implicated with regards to or listed in connection with the Investigation,” the company assured.
“Although we cannot predict the course that the Investigation will follow, it is our understanding that the products produced by the group do not fall within the scope of the Investigation.”
Metair remains committed to executing its strategy and achieving it key performance criteria.