LONDON (dpa-AFX) - GKN plc (GKN.L) said its first-quarter profit before taxation was 125 million pounds, up 17% from the comparable period a year ago.
Helped by a strong performance from both the 2011 acquisitions, trading profit increased to 142 million pounds, representing a 19% increase, with a margin of 8.2%. Margin improvement was achieved in all four divisions, the company noted.
Sales for the quarter grew 17 percent to 1.74 billion pounds from 1.49 billion pounds in the prior-year quarter.
GKN stated that market conditions in the first quarter have been consistent with expectations at the time of its 28 February 2012 statement, with global light vehicle production up 4%, civil aerospace improving and further growth in the agricultural and construction/mining markets.
Overall, the outlook for GKN's markets remains in line with its February statement.
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© 2012 AFX News
