British engineering firm GKN has reported an eight per cent increase in profit before tax, largely boosted by aerospace sales.
The aerospace division saw 2006 sales rise by 11 per cent and profits hike 30 per cent while the trading profit of the company's powder metallurgy market more than doubled.
Speaking about the results, chief executive Kevin Smith said the report showed "GKN making excellent progress with results ahead of expectations" with £177 million profit after tax.
Looking to the future, the Redditch–based firm reported plans to continue investment and development in fast-developing China and India.
Commenting on the eastern ventures, Mr Smith said: "Acquisitions have secured technology leadership in aerospace titanium structures, increased our exposure to the civil aviation sector, provided an entry into the China off-highway market and enlarged our presence in the construction sector."
He added: "We continue the rapid development of our business in high growth markets with three new plants becoming operational in China and two new plants in India."
Although the firm admitted to "some uncertainty around the strength of North American automotive demand" the company reported that the outlook across all of the firm's markets was "positive".
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