Engineering giant GKN has revealed an near-£600 million rise in sales after all four division recorded growth.
Redditch-based GKN turned over £6.1 billion in the 2011 calender year, which represents a 13 per cent rise on its £5.4 billion revenues in 2010.
The rise saw pre-tax profits increase by 15 per cent to £417 million, and dividend per share was increased from five pence to six pence.
Chief executive Nigel Stein said all four of the firm’s divisions had enjoyed a strong performance.
“2011 was a year of good growth,” he said. “GKN achieved a strong financial performance with all four divisions at or near record profits. Each division has leading technology and market positions and out-performed their respective markets, with a strong pipeline of new business. GKN Driveline and GKN Land Systems were further strengthened with the two highly complementary acquisitions of Getrag Driveline Products and Stromag.
“Looking forward, GKN expects 2012 to be another year of good progress for the group.”
A host of acquisitions – chiefly Getrag Driveline Products and Stromag – worth £444 million, pushed net debt up to £538 million, compared with £151 million in 2010.
GKN Driveline recorded a 10 per cent rise in revenue, to £2.7 billion across the year, and improved trading margins to 7.1 per cent.
GKN Powder Metallurgy recorded a 13 per cent rise, to £845 million, GKN Aerospace saw sales rise four per cent, to £1.5 billion, and GKN Land Systems revealed a 21 per cent increase, to £847 million.
