22nd Oct 2013 08:12
LONDON (Alliance News) - Engineering business GKN PLC Tuesday said sales increased in the third quarter, reflecting a strong performance across the business.
In an interim management statement, the company said total sales for the three months ended 30 September increased to GBP1.87 billion, compared with GBP1.60 billion in the third quarter 2012, while pretax profit jumped to GBP131 million, from GBP98 million.
The aerospace division saw sales grow to GBP555 million, from GBP392 million in the third quarter 2012, while its automotive manufacturing division, Driveline, recorded a 9% increase in sales to GBP842 million, from GBP773 million.
The Land Systems division, however, saw sales dip 4% to GBP208 million, from GBP216 million as its markets remained "weak," particularity for construction and industrial equipment.
GKN said its trading margin increased to 8.2%, from 7.0% as a result of improved profitability in the underlying business and a GBP21 million contribution from GKN Aerospace Engine Systems
Net debt at the end of the period stood at GBP973 million, up from GBP928 million in June, following the payment of the interim dividend and the final payment for GKN Aerospace Engine Systems.
The group intends to issue its 2013 full year results announcement on February 25 2014.
GKN shares were trading at 370.20 pence Tuesday morning, up 2.12%, making it the third biggest gainer on the FTSE100.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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