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GKN's aerospace trading 'disappointing', faces external claims
October 13, 2017 / 6:19 AM / 4 days ago

GKN's aerospace trading 'disappointing', faces external claims

LONDON, Oct 13 (Reuters) - British engineering group GKN said trading in its aerospace business was “disappointing” in the third quarter as pricing pressure hit margins and operational challenges took a toll.

The company also said on Friday it was aware of two external claims, one in aerospace and one in driveline, that were expected to result in a 40 million pound ($53 million)charge in the fourth quarter.

As a result of the claims and the operational challenges in its North American Aerospace unit, it now expected management profit before tax for the year to be slightly above 2016.

​ ($1 = 0.7532 pounds) (Reporting by Paul Sandle; editing by Kate Holton)

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