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BRIEF-GKN expects higher FY management profit before tax
October 13, 2017 / 6:18 AM / 2 months ago

BRIEF-GKN expects higher FY management profit before tax

Oct 13 (Reuters) - Gkn Plc:

* TRADING UPDATE FOR PERIOD SINCE HALF YEAR RESULTS ANNOUNCEMENT ON 26 JULY 2017​

* NOW EXPECTS MANAGEMENT PROFIT BEFORE TAX FOR 2017 TO BE SLIGHTLY ABOVE 2016​

* ‍HAS BEEN MADE AWARE OF TWO PROBABLE CLAIMS WHICH ARE EXPECTED TO RESULT IN A CHARGE OF AROUND £40 MILLION IN Q4​

* MADE AWARE OF TWO PROBABLE CLAIMS WHICH ARE EXPECTED TO RESULT IN A CHARGE OF AROUND £40 MILLION IN Q4 OF 2017​

* ‍ONE RELATES TO GKN AEROSPACE AND OTHER GKN DRIVELINE​

* ‍OVERALL IN Q3, GROUP ACHIEVED GOOD ORGANIC SALES GROWTH​

* ‍BOTH CLAIMS ARE COMMERCIALLY SENSITIVE WITH NO ADDITIONAL INFORMATION DISCLOSABLE AT THIS TIME​

* ‍CLAIMS ARE COMMERCIALLY SENSITIVE WITH NO ADDITIONAL INFORMATION DISCLOSABLE AT THIS TIME.​

* ‍WITH GKN DRIVELINE CONTINUING TO OUTPERFORM MARKET AND GKN AEROSPACE DELIVERING SALES SLIGHTLY UP ON PRIOR YEAR​

* ‍GROUP TRADING MARGIN IN Q3 WAS LOWER THAN COMPARABLE PERIOD IN PRIOR YEAR​

* ‍GROUP TRADING MARGIN IN Q3 WAS LOWER THAN COMPARABLE PERIOD IN PRIOR YEAR​

* ‍IN COMMERCIAL AEROSPACE, Q3 SALES WERE MARGINALLY DOWN WHILST MILITARY SALES WERE UP COMPARED TO PRIOR YEAR​

* ‍GKN DRIVELINE CONTINUED TO DELIVER GOOD Q3 SALES WELL AHEAD OF GLOBAL INDUSTRY PRODUCTION RATES THAT WERE UP 2%​

* ‍GKN AEROSPACE. CURRENT TRADING IN Q3 HAS BEEN DISAPPOINTING​

* ‍GKN POWDER METALLURGY‘S ORGANIC SALES GROWTH CONTINUED IN Q3​

* ‍GKN DRIVELINE‘S TRADING PROFIT CONTINUES TO BEAR ADDITIONAL COSTS OF RAW MATERIALS AND EDRIVE INVESTMENTS​

* ‍GKN DRIVELINE‘S TRADING MARGIN FOR 2017 IS EXPECTED TO BE SIMILAR TO PRIOR YEAR​

* ‍GKN AEROSPACE - SEEN A SIGNIFICANT REDUCTION IN MARGIN CAUSED BY ON-GOING PRICING PRESSURE, CONTINUING OPERATIONAL CHALLENGES AND IMPACT OF PROGRAMME TRANSITIONS.​

* ‍GKN AEROSPACE NORTH AMERICA WILL INCUR A £15 MILLION NON-CASH CHARGE AT ITS ALABAMA, USA FACILITY​ Source text for Eikon: Further company coverage:

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