GKN plc reports 'good' first half in 1H2016, expects continued growth in 2016

GKN plc revenue up 17% - financial highlights* for six months ended 30-Jun-2016:

• Revenue: GBP4518 million, +17% year-on-year;
• • GKN Aerospace: GBP1631 million, +39%;
• Operating profit: GBP390 million, +13%;
• Trading profit: GBP362 million, +13%;
• • GKN Aerospace: GBP161 million, +21%;
• Profit before tax: GBP344 million, +12%. [more - original PR]

*Management basis

GKN plc: "This is a good set of first half results with GKN continuing to make underlying progress in line with our expectations. Each division has continued to deliver against our strategy. GKN is in good shape with excellent technology and strong positions in the aerospace and automotive markets. Capital allocation will continue to be focussed on these divisions, with greater emphasis on internal productivity. We expect 2016 to be another year of growth, helped by currency translation and Fokker. To increase momentum going into 2017, we will reduce our fixed costs by GBP30 million," Nigel Stein, CEO. Source: Company statement, 26-Jul-2016.