Figures from Nippon Sheet Glass (NSG) showed its annual results come in close to predictions. The group said conditions in its major markets improved slightly, although activity levels in Europe remain at low levels.
Nippon Sheet Glass (NSG), the Japanese-based parent company of UK glassmaker Pilkington, has seen its annual figures come in close to predictions.
The group estimated revenues of £3.6bn for the year to March 31, and a loss of £107m. Figures released by NSG confirmed that turnover reached £3.55bn, while the pre-tax loss for the year stood at £100m. That compares with sales of £3.05bn the previous year, and a loss of £180m. Group net debt rose slightly from £2.12bn in 2014, to £2.22bn in 2014.
NSG said conditions in its major markets improved slightly, although activity levels in Europe remain at low levels, despite gradually strengthening towards the end of the financial year. Markets in Japan improved, while North American markets also showed further growth. Elsewhere, markets in South America improved, but NSG said they “demonstrated some weakening towards the end of the year”.
The group’s main markets are architectural, automotive and technical glass. The report said architectural, which represents about 40% of annual sales, saw significantly better operating results compared with the previous year, mainly due to the effects of NSG’s restructuring programme. It said revenues also improved due to a weaker Japanese yen.
Automotive, which makes up 50% of total turnover, saw a lift in revenues, again, due to the weaker Japanese yen, and market conditions generally improved against the previous year. Meanwhile, revenues in the technical glass business were similar to the previous year and profits fell slightly, “but remain at a satisfactory level”, the group said.
Looking ahead, NSG said it expects a further, gradual improvement in market conditions during its financial year to 2015. It said European markets are expected to continue to slowly recover, although they will still be “significantly below” pre-recession levels. NSG said it expects to record a further improvement in operating profitability during its new financial year.
Its medium term plan is to achieve financial sustainability, and transition to strategic growth in the longer term, based on value-added products and services