Dowlais’ half year results

Dowlais Group, which owns GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen, has reported on its half year 2023 financial results.

The company had adjusted revenue of £2,830 million, up 10% on 2023 on a constant currency basis, it said. Adjusted operating profit was £177 million, an increase of 40%.

Dowlais says that its Powder Metallurgy business had a revenue growth of 2%.

"Dowlais had a strong first half of the year, trading ahead of our expectations, with double digit revenue growth, significant margin expansion in a period of high inflation, and better than expected free cash flow generation,” said Liam Butterworth, CEO. “We remain fully on track as we progress towards our margin target and are excited by the group's future."