Strong sales boost aerospace and automotive group GKN's profits
STRONG sales of parts for airliners and cars boosted first quarter profits and sales at aerospace and automotive group GKN.
It said strong demand from jet-makers such as Airbus and Boeing lifted aerospace profits 4 per cent to £56million, helping it offset falling military demand and the strong pound.
Automotive business GKN Driveline, which supplies the likes of Volkswagen, GM and Ford, revved up profits by 39 per cent to £71million, driven by good Chinese sales.
Group profit rose 19 per cent to £166million.
Chief executive Nigel Stein said GKN’s growth in the rest of 2014 was likely to be more modest than in 2013.
He said: “Our market-leading positions, advanced technology and global presence should make 2014 another year of progress.”
The shares were steady at 374p.
