GKN reports £15m profit in first half...GKN reports £15m profit in first half
GKN, UK-based parent of GKN Sinter
Metals and Hoeganaes Corporation, reported that its powder
metallurgy operations generally made good progress during
the first six months of 2007 with higher sales, profits, and
margins. The company expects PM to continue improving in the
second half. However, GKN also sounded a note of warning
saying that raw material and energy costs had hit
Hoeganaes’s profitability.
PM sales were £309 million compared with £313 in the same period
in 2006. However, excluding the impact of currency fluctuations,
there was an increase of £14 million. Growth was recorded in
Europe and Asia, but subsided in North America because of the
decline in vehicle production.
PM’s trading profit increased to £15 million. GKN Sinter Metals increased profits in North and South America and in Europe. Hoeganaes’ profitability fell, mostly based on higher raw-material and energy costs not fully recovered in the period.
The company reports that approximately £50 million of new business was booked during the first half of 2007, which should boost annual sales by 6 - 8 per cent for 2008 and beyond.
PM’s trading profit increased to £15 million. GKN Sinter Metals increased profits in North and South America and in Europe. Hoeganaes’ profitability fell, mostly based on higher raw-material and energy costs not fully recovered in the period.
The company reports that approximately £50 million of new business was booked during the first half of 2007, which should boost annual sales by 6 - 8 per cent for 2008 and beyond.
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