Acquisitions help boost GKN
Global engineering firm GKN said improvements in its markets and a strong performance from recent acquisitions helped push up profits in the first quarter of the year.
Global engineering firm GKN said improvements in its markets and a strong performance from recent acquisitions helped push up profits in the first quarter of the year.
Sales for the three months to the end of March totalled £1.74bn, a 17% increase over the comparable period in 2011, or an 8% increase on an underlying basis.
Pre tax profits were up 17% on the year before at £125m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The firm said that global light vehicle production had gone up 4% in the period, while civil aerospace had improved and there had been further growth in its agricultural and construction markets.
However, light vehicle production was a mixed picture on a regional level.
The firm saw good growth in Japan (+49%), North America (+15%) and India (+5%), which offset decline declines in Brazil (-10%), Europe (-8%), and China (-4%).
It added that the overall picture for GKN's markets remained in line with its February statement.
At that time the firm acknowledged that the macro-economic environment remained uncertain, while saying it expected 2012 to be a year of good progress.
In the current trading update Chief Executive, Nigel Stein,hailed an excellent start to the year.
"Last year's acquisitions, Getrag Driveline Products and Stromag, have been successfully integrated and both made a strong contribution," he said.
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."
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
How ‘Bed & ISA’ could save you £15,000 over a decade
Moving your investments into a tax-free wrapper through ‘Bed & ISA’ transactions could save you thousands over the long run by cutting your tax bill
By Katie Williams Published
-
House prices hit record high, says Halifax
UK house prices rose 3.9% over the past year, with a typical property now costing £293,999. We look at which regions are seeing the strongest growth, and whether the rally in house prices will continue next year
By Ruth Emery Published