GKN plc has reported group sales for the three months ended 31 March 2014 reached £1,915 million. This represented a 7% organic increase which was offset by 6% adverse currency translation due to sterling’s strength against most major currencies. Trading profit for the group during the first quarter increased 19% to £166 million, with a trading margin of 8.7%.
“We have delivered a strong performance in the first quarter despite adverse currency translation impacting the reported sterling results. Looking forward to the rest of the year, tougher prior year comparators mean that organic growth is likely to be more modest. However, our market leading positions, advanced technology and extensive global footprint should make 2014 another year of progress,” stated Nigel Stein, Chief Executive, GKN plc.
GKN’s Powder Metallurgy division, incorporating GKN Sinter Metals and Hoeganaes Corporation, also showed a strong first quarter. Sales of £237 million were reported for the first quarter, representing organic sales growth of 8% but offset by 7% adverse currency translation. Trading profit increased 30% to £26 million at a margin of 11.0%.