Luxury cars drive GKN

City A.M. Reporter
BRITISH car and plane parts maker GKN said first-half profit rose by a third, driven by strong growth at its automotive business on the back of robust luxury car sales.

The group’s Driveline unit, which makes products such as driveshafts, chassis and axles, reported a 29 per cent rise in profit in the six months to the end of June.

The company said yesterday pre-tax profit rose 33 per cent to £266m in the six months to the end of June, as revenues rose 16 per cent to £3.46bn.

GKN increased its interim dividend by 20 per cent to 2.4 pence.