GKN sees sales rise by 16pc

Engineering group GKN enjoyed a 16 per cent sales boost to £3.46bn in the first half of 2012, as global dem-and for its products soared.

The group, whose wheels and structures division has a base at Hadley in Telford, saw pre-tax profit rise by 31 per cent to £293m, compared to £224m last year.

The land systems division’s sales rose from £444m to £512m over the course of the year, thanks in part to organic growth of six per cent.

Chief executive Nigel Stein said: “The macroeconomic environment continues to be uncertain, with increasing headwinds in European auto markets.

“However, with the benefit of a good first half and the group’s broad exposure to global markets, our expectations for 2012 remain unchanged. We expect 2012 to be another good year of progress for GKN.”