LONDON (dpa-AFX) - Engineering group GKN Plc (GKN.L), which serves the aerospace, automotive and land systems markets, Tuesday reported first-half pre-tax profit of 224 million pounds, up 76 percent from 127 million pounds last year.
On a management basis, pre-tax profit was 296 million pounds, up 6 percent from 278 million pounds a year earlier.
Profit attributable to owners of the parent climbed to 183 million pounds or 11.0 pence per share from 89 million pounds or 5.4 pence per share last year. The company has restated its prior-year results.
Sales for the period declined 2 percent to 3.57 billion pounds from 3.65 billion pounds a year ago. Sales increased 6 percent organically. On a management basis, sales edged down 1 percent to 3.83 billion pounds.
Looking ahead to the full year, the company said the strength in sterling will adversely affect reported results. However the Group's underlying progress is expected to continue due to benefits of its diverse exposure to global markets, strong customer positions and healthy order books.
The company also declared an interim dividend of 2.8 pence per share, up 8 percent from last year.
Copyright RTT News/dpa-AFX