February 27, 2018 / 7:26 AM / 4 months ago

Takeover target GKN posts surge in annual profits

LONDON, Feb 27 (Reuters) - British engineering group GKN , which is attempting to fend off a 7 billion-pound hostile bid from Melrose Industries, reported a surge in annual pretax profits on Tuesday to 658 million pounds ($919.3 million )from 292 million pounds a year earlier.

GKN said that its statutory profits jumped in 2017 because of foreign exchange movements in derivative contracts. Sales climbed by 10 percent to 9.7 billion pounds. ($1 = 0.7158 pounds) (Reporting by Ben Martin, editing by Louise Heavens)

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