GKN keeps profits steady but sees revenues fall
GKN, the automotive and aerospace parts maker, posted a pre-tax profit of £36m in the third quarter and said considerable uncertainty remains in a number of its markets.
“In Automotive, the full impact on vehicle production of the phasing out of a number of incentive schemes in Europe and North America will not become evident for a number of months,” it said yesterday.
Pretax profit was unchanged from the year earlier, while sales dipped three per cent to £1.1bn.
The company expects sales in the fourth quarter to be similar to those achieved in the third quarter.
Net debt stood at £374m at the end of September as a result of a rights issue and positive cash flow in the third quarter.
It added that good progress continues to be made with its restructuring programme.