ONE of the biggest employers in the Engineering firm GKN employs around 3,000 staff in the
GKN agreed to take over the site from airplane manufacturer Airbus five years ago.
And the decision is starting to reap major benefits for the firm which traditionally specialised in making parts for the car industry.
The firm saw its profits increase thanks to the success of its
The pair increased production targets to record levels and are on track to build more than 1,200 aircraft this year between them. And, as a result, GKN also saw a big increase in business while other sectors such as defence and motor cars struggled to keep pace.
According to figures released yesterday, the firm saw a higher- than-expected 12 per cent growth in sales growth to Pounds 3.9 billion.
The biggest increase came in the aviation sector which jumped by 46 per cent.
The firm has been gradually shifting its focus in the aviation sector from defence to commercial and has also been involved in researching the latest composite materials technology at its factory in
Trading profits were better than market analysts predicted and grew by five per cent to Pounds 278 million.
Despite the good news pre-tax profit fell 52 per cent to Pounds 134 million. The hit came because the firm took a Pounds 91 million hit as a result of volatile currency exchange rates.
GKN's car parts business supplies manufacturers across the world. The division also enjoyed a boost as a result of the global increase in production particularly in
The company's Land Systems division, which supplies parts for industrial machinery, was disappointing.
Sales fell five per cent to Pounds 487 million, while trading profits slumped 13 per cent to Pounds 45 million due to weaker construction, mining, European and industrial markets according to the firm. For the first time in GKN's history, our aerospace division was the largest profit contributor of our four divisions, said
This was boosted by our recent acquisition of engine systems - the renamed
GKN's aerospace division makes wing and body parts for commercial planes and its parts can be found in such jets as the new Boeing Dreamliner 787.
Shares in the firm jumped by almost eight per cent following the announcement.
ONE of the biggest employers in the
Engineering firm GKN employs around 3,000 staff in the