Group highlights
· Group sales up £683 million (13%) to £6.1 billion, an underlying increase of 10%
· Excluding net £19 million Gallatin charge:
· Trading profit of £487 million, up £76 million, an increase of 18%
· Group trading margin of 8.0%, up from 7.6%, and increased targets set for three divisions
· Profit before tax of £417 million (2010: £363 million), an increase of 15%. Reported profit before tax, £351 million (2010: £345 million)
· Earnings per share up 9% to 22.6 pence per share (2010: 20.7 pence per share)
· Return on average invested capital (excluding 2011 acquisitions) of 18.3% (2010: 17.0%), reflecting higher profitability
· Final dividend of 4.0 pence per share, giving a total for 2011 of 6.0 pence per share (2010: 5.0 pence per share), a 20% increase
· Net debt of £538 million (2010: £151 million), reflecting £444 million for new acquisitions
"2011 was a year of good growth. GKN achieved a strong financial performance with all four divisions at or near record profits. Each division has leading technology and market positions and out-performed their respective markets, with a strong pipeline of new business. GKN Driveline and GKN Land Systems were further strengthened with the two highly complementary acquisitions of Getrag Driveline Products and Stromag.
As a result of the strong performance and reflecting our confidence in the future, the Board is recommending a final dividend of 4.0 pence per share, making a total of 6.0 pence for 2011, an increase of 20%.
Looking forward, GKN expects 2012 to be another year of good progress for the Group."
