GKN powers on in first half – MoneyWeek

Thisallowedthecompanytopushuptheinterimdividend20%ontheyearbefore,to2。

4p。

However,theresultswereflatteredbytheimpactofthe2011fireattheGallatinmetalplantinTennessee,wherefivepeoplewerekilled。

Excludingtheimpactthathadonthe2011results,pre-taxprofitswereup19%。

Firsthalftradingsawsalesriseandmarginsimproveineachofthecompanysfourdivisions。

ThefirmsaidrecentacquisitionsStromagandGetragDrivelineProductswereperformingwell,withthelatterperformingaheadofexpectations。

Themacroeconomicenvironmentcontinuestobeuncertain,withincreasingheadwindsinEuropeanautomarkets,saidChiefExecutiveNigelStein。

However,withthebenefitofagoodfirsthalfandthegroupsbroadexposuretoglobalmarkets,ourexpectationsfor2012remainunchanged。

ThecompanysaidthatitstakeoverofVolvoAerowasexpectedtocompletearoundtheendofthethirdquarter。

GKNispayingABVolvoaround£633mforVolvoAero,whichdesigns,engineersandmanufacturescomponentsforaircraftengineturbines。

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