Common problem

T&N and GKN have found some unwanted common ground after legal costs slashed profits of both groups. T&N’s £540m charge against future asbestos claims cut £120m pre-tax profits to £388m pre-tax losses last year. GKN’s £363m damages in a US lawsuit threatened to wipe out last year’s profits but a £270m provision softened the blow.

T&N and GKN have found some unwanted common ground after legal costs slashed profits of both groups. T&N’s £540m charge against future asbestos claims cut £120m pre-tax profits to £388m pre-tax losses last year. GKN’s £363m damages in a US lawsuit threatened to wipe out last year’s profits but a £270m provision softened the blow.