The increase in sales from acquisitions less divestments was £145 million.
“Market conditions and the group’s performance in the third quarter have been consistent with expectations at the time of our 30 July 2013 statement,” GKN said. “Commercial aerospace was strong while military aerospace and spares showed a continuation of the weaker demand evidenced in the first half. Global light vehicle production increased 4% with good growth in China and North America whilst Europe and Japan improved slightly. The weakness in construction and industrial markets continued while agricultural equipment demand remained broadly flat.
In Q3, trading profit increased to £152 million (2012: £113 million).
"The third quarter showed good progress, supported by automotive demand in China and North America and sustained high output levels in commercial aerospace,” said Nigel Stein, chief executive, GKN plc. “GKN Aerospace Engine Systems made a strong contribution to the Group’s 34% growth in profit before tax."
GKN Aerospace markets showed strong organic growth in commercial aerospace partly offset by the continuing decline in military sales. Overall sales increased 42% to £555 million, with organic growth of 3%.
Global light vehicle production in the third quarter of around 20.0 million vehicles was 4% ahead of the comparable period in 2012 with good growth in China (+9%) and North America (+6%) and more modest growth in Europe (+2%) and Japan (+2%). Brazil (+7%) and India (+5%) continued to be volatile.
GKN Powder Metallurgy’s third quarter sales increased 13% to £234 million (2012: £208 million), with organic sales growth of 10%, outperforming automotive production in both Europe and North America. Trading pfrfrofit increased to £23 million (2012: £20 million) at a margin of 9.8% (2012: 9.6%).
