On 26th May, Pilkington plc announced its results for the year to 31st March 2004. Chairman, Sir Nigel Rudd, commented: 'This is a strong set of results that shows Pilkington achieving management's objectives. Our focus on keeping down costs has enabled Pilkington to report substantially maintained profits despite challenging conditions in some of our biggest markets. Operational and manufacturing efficiency improvements achieved over the past few years have resulted in a record cash performance – our prime objective for this stage of our strategy. Group borrowings were reduced by 23 per cent over the year. Pilkington remains on track with its strategy and is delivering on its promises.'
  • Operating profit from Group businesses up to £179 million from £175 million

  • Profit before goodwill amortisation, exceptional items and taxation on a like-for-like basis up to £151 million from £145 million (2003)

  • Net debt reduced by nearly one quarter in the year, from £861 million to £664 million

  • Final dividend 3.25 pence, maintaining 5.0 pence in total for the full year

    Pilkington is implementing a clear three-stage strategy, 'Cash for Growth'

  • First - improve the operational fitness of the businesses

  • Second - produce net free cash from operations, initially to reduce debt, and
  • Third - invest surplus cash in future profitable growth.

    Chairman, Sir Nigel Rudd commented: 'I am pleased to be able to report another set of strong results from Pilkington. As anticipated, challenging conditions continue to prevail in most of the markets in which the Group operates. Despite this, Group sales held up well and the Group's operating profit excluding joint ventures and associates rose from £175 million to £179 million, with the strong profit performance in Automotive offsetting the reduction in Building Products. Our share of profits in joint ventures and associates, affected by currency weakness in Mexico, fell from £42 million to £33 million.

    • Source

    Glass Age