(MENAFN) UK's engineering company has warned that the whole year profits will slightly go above last year's level, blaming "operational challenges" in its aerospace company in North America, and a 40m pound charge came from "two significant external claims".
3 months ago, GKN said it anticipated sales growth to top the overall market, without giving any profit estimation.
GKN declared that trading at its aerospace business had been "disappointing", it puts the blame on lower profit margins and "operational challenges".
Aerospace analyst at Liberum Capital said that profit margins at GKN's aerospace business have been pressured as "customers have become increasingly focused on price".
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