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Annual Results

GKN sales and profits rise

28 February 2017 07:47

GKN's sales and profits rose in the year to the end of December.

On a management basis sales rose by 22% to £9,414m and operating profits were up 14% at £773m.

Pre-tax profits were up 12% at £678m and earnings per share rose by 12% to 31.0p.

On a reported basis, sales were up 22% at £8,822m, operating profits were up 4% at £335m and pre-tax profits rose by 19% to £292m.

The dividend of 8.85p per share is up 2%.

Chief executive Nigel Stein said: "This is a good set of results with GKN continuing to make underlying progress in line with our expectations.

"We performed well against our key markets, overcoming some demand weakness and demonstrating once again the strength of our businesses, strong market positions and leading technology.

"Strategically we made good progress, including smoothly integrating Fokker and completing the disposal of Stromag - evidence of our sharper focus on capital allocation towards Aerospace and Automotive markets.

"We expect 2017 to be another year of further growth, helped by the benefits of the actions taken in 2016 and GKN's constant focus on continuous improvement."

Story provided by StockMarketWire.com

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