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GKN's aerospace trading 'disappointing', faces external claims

13 Octobre 2017

Trading in the third quarter has been "disappointing", GKN said, due to a significant reduction in margin caused by on-going pricing pressure and continuing operational challenges. Analysts had forecast profits of £765 million for 2017, up from £678 million, and shares in the company fell as much as 8 per cent in early trading.

The company also said on Friday it was aware of two external claims, one in aerospace and one in driveline, that were expected to result in a 40 million pound ($53 million) charge in the fourth quarter.

Redditch-headquartered engineering giant GKN has said that its full-year profits will only be "slightly above" the levels in 2016 after its USA aerospace arm faced difficulties and two costly legal claims.

Despite a decline in United States automotive production rates, the Powder Metallurgy division saw organic sales growth in the third quarter, benefiting from currency translations and acquisitions in China and Turkey.

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Nigel Stein, chief executive, said: "GKN continues to grow well against its end markets although recent margin performance has not met our expectations".

"In light of the trading performance in North American Aerospace, we are redoubling our efforts to improve our operational performance in that business, as well as developing actions to accelerate margin improvement plans across the group, including through the broader adoption of Industry 4.0".

He added: "With our excellent market positions and leading-edge technologies, I am confident that the Group is in a strong position and has a bright future".

GKN will publish its full-year results on February 27.

GKN's aerospace trading 'disappointing', faces external claims