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GKN issues profit warning over mystery charges

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GKN workersImage copyright GKN

One of the UK’s biggest engineering firms, GKN, has warned that full-year profits will only be slightly above last year.

GKN blamed “operational challenges” in its North American aerospace business and a £40m charge resulting from “two significant external claims”.

It said the claims were “commercially sensitive” and gave no further details.

In July, GKN said it expected sales growth to beat the overall market, but did not give a profit forecast.

Shares in GKN fell 9% at the start of trading.

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