3rd May 2007 11:28
3 May 2007
GKN CHAIRMAN'S AGM STATEMENT
Conditions in our major markets in the first few months of the year have been broadly as we outlined in February. In Automotive, North American production has been slightly softer than expected, although output in Western Europe has been slightly higher and developing markets continue to see good growth. The Aerospace sector has remained strong and OffHighway markets have also shown signs of improvement.
All major businesses have continued to see a healthy rate of new business wins and the acquisition of the Teleflex Aero engine components business is expected to complete around mid-year.
Raw material cost increases have been higher than expected, with costs having risen sharply in the last two months, and currency translation effects have also been unfavourable, with most of the major currencies in which we operate being weaker against Sterling than in the same period of 2006.
Notwithstanding these factors, the Group has made progress in the year to date and the outlook for the year as a whole remains in line with earlier expectations.
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