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GKN keeps profits steady but sees revenues fall

GKN, the automotive and aerospace parts maker, posted a pre-tax profit of &pound;36m in the third quarter and said considerable uncertainty remains in a number of its markets.<br /><br />&ldquo;In Automotive, the full impact on vehicle production of the phasing out of a number of incentive schemes in Europe and North America will not become evident for a number of months,&rdquo; it said yesterday.<br /><br />Pretax profit was unchanged from the year earlier, while sales dipped three per cent to &pound;1.1bn. <br /><br />The company expects sales in the fourth quarter to be similar to those achieved in the third quarter.<br /><br />Net debt stood at &pound;374m at the end of September as a result of a rights issue and positive cash flow in the third quarter.<br /><br />It added that good progress continues to be made with its restructuring programme.