GKN reports sales increases of £683m during 2011

GKN has announced its results for 2011, with all four divisions contributing to an increase in sales of £683m to £6.1bn.

The company’s profit before tax was reported at £417m, an increase of 15 per cent and reported profit before tax stood at £351m compared with £345m in 2010.

Nigel Stein, GKN’s chief executive, said: ‘2011 was a year of good growth. GKN achieved a strong financial performance with all four divisions at or near record profits. Each division has leading technology and market positions and out-performed their respective markets, with a strong pipeline of new business.

‘GKN Driveline and GKN Land Systems were further strengthened with the two highly complementary acquisitions of Getrag Driveline Products and Stromag.

‘As a result of the strong performance and reflecting our confidence in the future, the board is recommending a final dividend of four pence per share, making a total of six pence for 2011 — an increase of 20 per cent.

‘Looking forward, GKN expects 2012 to be another year of good progress for the group.’