Wagon, the car parts maker, suspended trading in its shares after issuing a profits warning only a week after listing on Aim.

The company, majority-owned by US billionaire investor Wilbur Ross, supplies components for Ford, Peugeot, Citroën, Renault, Fiat, Audi and Mercedes Benz. It said a “recent and steep deterioration” of the European automotive market had led it to believe profits would be “materially below its previous expectations”. It would not say what those expectations were but in the year to March it suffered losses of £1.9m.