One of Shropshire’s biggest employers, engineering group GKN, today more than doubled pre-tax profits after its aerospace division overcame delays to the Airbus superjumbo programme.With GKN benefiting from work on the US Joint Strike Fighter project and the new Boeing 787, underlying pre-tax profits soared to £182 million for 2006, up from £73 million the previous year.

Pre-tax profits rose eight per cent to £221 million on flat sales of £3.65 billion. Shares were up eight per cent following the results announcement.

“We have entered 2007 with our four major businesses – Driveline, Powder Metallurgy, OffHighway (based at Hadley, Telford with 1,200 employees) and Aerospace – in great shape and all well positioned to drive growth,” said chief executive Kevin Smith.

The group’s aerospace division, which supplies airframes, components and engineering services to manufacturers, saw an 11 per cent increase in sales and lifted trading profits 30 per cent to £70 million.

The division was also buoyed by the acquisition of US aerospace group Stellex last September which added £51 million to sales and boosted GKN’s position in titanium aircraft and engine structures.

The company said it was unaffected by the delays to the Airbus A380 programme due to its broad range of projects as Stellex had secured positions on programmes including the US Joint Strike Fighter project and the new Boeing 787.