GKN in £5.4bn sales boost
Aeroplane parts manufacturer GKN said trading profit leapt by £255m for the year ending 31 December. The Redditch-based company also said sales had increased by almost a quarter to £5.4bn.
Sales rose 22 per cent from £975m in the year previous, said the company this morning.
Trading profit soared from £156m to £411m in the 12 month period.
Both driveline and powder metallurgy sales were up 35 per cent and 48 per cent respectively. However, the company did have a slight decline in aerospace sales, which dropped 2 per cent.
The company said that it won $1.5bn of new contracts in its aerospace division over the year.
Despite a strong set of results, GKN’s chief executive, Sir Kevin Smith, said that the aerospace market remained “subdued”.
Sir Kevin said: "GKN has continued to make strong progress in financial performance and in building the future of our global market-leading businesses. The aerospace market has remained subdued although civil aerospace is now moving into a strong growth phase with volume increases on existing platforms and new aircraft moving into production.”
