GKN (LON:GKN) has updated investors on its half-year performance this morning.
Highlights from the company statement:
Sales up 15% (organic sales up 5%) and management eps increased 14%
Profit before tax (management basis) up 14% to £393 million (2016: £344 million), helped by currency
Reported profit before tax £559 million (2016: £182 million)
Free cash flow of £116 million (2016: £40 million)
Interim dividend increased 5% to 3.1 pence per share
Commenting on the results, Nigel Stein, Chief Executive of GKN said:
"We made progress in the first half and are on track for the full year. We are performing well against our key markets, demonstrating once again the strength of our businesses, strong market positions and leading technology. We continue to invest for growth and have made significant progress to address our UK pension deficit.
Our focus on innovation in key areas such as electrified drivetrains, additive manufacturing and Industry 4.0 is paying dividends and underpins our confidence in the longer term.
2017 is expected to be another year of growth. Our reputation for technological leadership in our key markets, our focus on driving flexibility and productivity through our manufacturing plants and our market leading position in all three divisions mean we are well placed for the future."