First-half sales at GKN Aerospace dipped by 1.5% to £723 million, though trading profit held flat at £80 million. Chief executive Kevin Smith referred to a subdued aerospace market, which "overall remains positive driven by recovery of civil aircraft production and a generally stable defence sector".
For GKN, aerospace sales are expected to show a small increase in the second half with increased sales from civil aircraft being partially offset by seasonality factors in Europe. The division "should return to its strong growth trend in 2012," says Smith.
Sales for the half were split 58% civil and 42% defence. Generally, the rundown of the Lockheed Martin F-22 programme and decreased output of Boeing's C-17 programme will lead a small reduction in US military aircraft sales, though GKN will benefit from its position on most Airbus and Boeing civil programmes as the big airframers increase output.
GKN will also enjoy the eventual production ramp-up of the Boeing 787 programme, to which it is a significant composites supplier. GKN also makes key composite wing components for the Airbus Military A400M, another delayed programme that is moving towards its production phase, and is a main supplier to the in-development Airbus A350 long-haul jetliner.
Source: Flight International
