Autoparts and aerospace maker GKN said it “continued to make good progress” with sales for the three months ended 31 March 2012 up 17% to GBP1,742m.
Trading profit rose 19% to GBP142m with a margin of 8.2%. Pre-tax profit rose 17% to GBP125m.
Chief executive Nigel Stein said: “Last year’s acquisitions, Getrag Driveline Products and Stromag, have been successfully integrated and both made a strong contribution. 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.”
Global light vehicle production 4% in the first quarter to 20.4m vehicles with good growth in Japan (+49%), North America (+15%) and India (+5%) more than offsetting declines in Brazil (-10%), Europe (-8%), and China (-4%).
GKN Driveline’s first quarter sales increased 26% to GBP847m and the division outperformed global light vehicle production and achieved growth in every major market except Brazil. Trading profit increased 28% to GBP64m.