GKN, the engineering business, has released an interim management statement for the period from 1 January (release). The firm said that global light vehicle production was down with deep declines in Europe and Japan while China and Brazil fared better. Profit before tax was £119m in the first quarter of 2013, a four per cent decline on the same quarter last year. The company said that construction and European industrial markets remained weak.
Chief executive Nigel Stein commented:
We have met our expectations for the first quarter against the backdrop of challenging end markets. Last year's acquisition, GKN Aerospace Engine Systems (formerly Volvo Aero), is performing well against our restructuring and integration plan and made a strong financial contribution. With restructuring charges now largely behind us, we expect the remainder of the year to show improvement, supported by our market leadership positions, advanced technology and extensive global footprint.