Redditch-based British engineer GKN Plc says it should meet expectations for 2008 as the aerospace market continues to be buoyant.
GKN also claims to be making good progress in talks with Airbus about the acquisition of the wing structures manufacturing facility at Filton, in Bristol, and "a potential significant work package award for the A350".
GKN, whose products range from auto drive shafts to aerospace structures, said the pound's recent weakening had boosted its first-quarter profit.
"Conditions in our major markets in the first quarter have been broadly as anticipated at the time of our February outlook statement," the company said.
GKN said first-quarter car and light vehicle production was about 3 percent higher in its major markets -- Europe, North America, Japan, Brazil, China and India -- and forecast to be 2.5 percent higher in the year as a whole.
On the downside, GKN said "Prices for scrap steel, which is surcharged on our steel purchases and forms the base raw material for Powder Metallurgy, have risen to record levels in recent months and look likely to remain both high and volatile for the balance of the year".
