Growth in Powder Metallurgy In the automotive sectors, including the group’s powder metallurgy business, overall demand during the third quarter remained at similar levels to the second quarter, with the European seasonal decline less than normal and strong demand in North America and Asia. Sales increased by 34% compared with last year, to £800 million (2009: £598 million), up 28% on an underlying basis.
Overall, Automotive trading margin was 6.9%, with Powder Metallurgy trading margin at 7.9% and Driveline at 6.6%. Driveline’s profits were held back somewhat during the quarter as a result of additional temporary labour costs in Europe to meet higher than expected customer demand during the holiday season and increased raw material costs which should largely be recovered over coming months.
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