Engineering giant GKN has revealed a jump in revenue and profits on the back of strong automotive and aerospace demand.
The Redditch-based firm saw pre-tax profit rise by 22 per cent to £145 million in the first quarter of the year.
The group said it continued to make good progress with sales for the three months ended March 31, 2014 reaching more than £1.9 billion, a seven per cent organic increase which was offset by six per cent adverse currency translation, due to sterling’s strength against most major currencies.
“The commercial aerospace market remains strong while military aerospace demand is declining. global light vehicle production was up nearly five per cent with good growth in Japan, China, North America and Europe while markets in India and Brazil declined. Construction and industrial markets were broadly flat while demand for agricultural equipment fell,” it said.
GKN’s trading profit increased by 19 per cent to £166 million, while net debt at March 31, 2014 was £785 million.