Sales at GKN for the three months ended 31 March 2013 totalled £1,891 million, a 9% increase over the comparable period in 2012 (£1,742 million).
Trading profit reduced slightly to £139 million, and included a £23 million charge for restructuring and a £19 million contribution from acquisitions. Trading margin was 7.4%, or 8.6% excluding the restructuring charges. Profit before taxation was £119 million, a 4% reduction over the comparable period in 2012.
Nigel Stein, Chief Executive, GKN plc, stated, “We have met our expectations for the first quarter against the backdrop of challenging end markets. Last year’s acquisition, GKN Aerospace Engine Systems (formerly Volvo Aero), is performing well against our restructuring and integration plan and made a strong financial contribution. With restructuring charges now largely behind us, we expect the remainder of the year to show improvement, supported by our market leadership positions, advanced technology and extensive global footprint.”
GKN Powder Metallurgy’s first quarter 2013 sales were broadly flat at £235 million. After including restructuring charges of £4 million, trading profit was £20 million. Trading margin was 8.5%, or 10.2% excluding restructuring. In 2012 the division reported sales of £874 million for the year, with profit of £87 million, trading margin for 2012 was reported at 10%.
Posted by: Paul Whittaker, Editor ipmd.net, [email protected]