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Interim Results

GKN reported pre-tax profits soar

26 July 2017 07:45

GKN's reported pre-tax profits rose to £559m in the six months to the end of June - 207% up on a year ago.

The group said it was another period of growth delivering earnings momentum with sales up 15% (organic sales up 5%).

Other highlights:

- Profit before tax (management basis) up 14% to £393 million (2016: £344 million), helped by currency

- Free cash flow of £116 million (2016: £40 million)

- Interim dividend increased 5% to 3.1 pence per share

- UK defined benefit pension closed to future accrual, £250 million lump sum payment planned to address the deficit and reduce future deficit recovery payments

Chief executive Nigel Stein said: "We made progress in the first half and are on track for the full year.

"We are performing well against our key markets, demonstrating once again the strength of our businesses, strong market positions and leading technology.

"We continue to invest for growth and have made significant progress to address our UK pension deficit.

"Our focus on innovation in key areas such as electrified drivetrains, additive manufacturing and Industry 4.0 is paying dividends and underpins our confidence in the longer term.

"2017 is expected to be another year of growth. Our reputation for technological leadership in our key markets, our focus on driving flexibility and productivity through our manufacturing plants and our market leading position in all three divisions mean we are well placed for the future."

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