GKN starts 2012 with sales up 17% in first quarter
April 18, 2012
GKN Plc, UK, has continued to make good progress with sales for the three months ended 31 March 2012 totalling £1,742 million, a 17% increase over the comparable period in 2011, or an 8% increase on an underlying basis. The increase in sales from acquisitions less divestments was £143 million.
Helped by a strong performance from its 2011 acquisitions, trading profit increased to £142 million, representing a 19% increase, with a margin of 8.2%. Margin improvement was achieved in all four divisions. Profit before taxation was £125 million, up 17% over the comparable period in 2011.
GKN 2011 Powder Metallurgy sales (courtesy GKN)
Nigel Stein, Chief Executive, GKN plc, commented: “GKN has made an excellent start to the year with sales up 17% and margin improvement in all four divisions. Last year’s acquisitions, Getrag Driveline Products and Stromag, have been successfully integrated and both made a strong contribution. Despite some macro-economic uncertainty, we expect 2012 to be a year of good progress for GKN based on our market leadership positions, advanced technology and extensive global footprint.”
Market conditions in the first quarter were consistent with the groups expectations, with global light vehicle production up 4%, civil aerospace improving and further growth in the agricultural and construction/mining markets.
GKN Powder Metallurgy
GKN Powder Metallurgy’s first quarter 2012 sales increased 9% to £236 million, benefiting from good growth in North American automotive production and new programme launches across the Division, stated the company. Trading profit was £22 million with the trading margin improving to 9.3%.
Posted by: Paul Whittaker, Editor ipmd.net, [email protected]
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