UK-based engineering group GKN has posted 2013 operating profit up 20% helped by strong organic growth in its automotive businesses.
The company posted overall underlying pretax profit of GBP578n for the year, ahead of analyst estimates and up 17% on the previous year.
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Nigel Stein, GKN Chief Executive, said that GKN has made good good progress in-line with its strategy to grow a market-leading global engineering business. “We expect the group’s progress to continue in 2014,” he said.
GKN’s higher profits were driven by a strong performance in its automotive business, with demand in China and North America boosting trading profit in GKN’s Driveline business by 5%.
GKN Driveline operations also benefited from continued expansion Mexico and a joint venture in China was broadened to include all-wheel drive (AWD) products
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