Cable and wiring harness supplier, Leoni, has increased its turnover by 23% to EUR586m in the first quarter this year.

In a statement the company said the strong result was underpinned by the general economic uptrend and strong demand in Europe and Asia. Just under a third of the growth came from recent acquisitions, namely the Studer Draht- und Kabelwerk AG and NBG Fiber-optic GmbH. A further third of the growth came from the increase in the price of copper.

Despite the growth in turnover, operating profit was flat at EUR34m. This was mainly due to increased raw materials.

Net profit was up 5% to EUR20.7m, thanks largely to lower levels of tax payable on foreign income.

For the full year the company is expected to report a turnover increase of around 5% on last year’s figure of EUR2.11bn. Full year operating profit should increase slightly from EUR120m to EUR125m.