UK engineering group GKN has reported pre-tax profits of GBP224 million (USD380 million) for the first half of 2014, a 76% increase over the same period in 2013.
GKN's first half results, announced 29 July, showed reported sales of GBP3.565 billion, down 2% from 2013. According to the company the decline in revenue was a result of a GBP247 million "currency translation impact" on its sales figures.
GKN's military sales are housed in its GKN Aerospace division. In the first half of the year it increased the proportion of its GBP1.1 billion aerospace sales to 74% commercial, with military sales representing 26% as it moved away from what it views as a declining market.