Nippon Sheet Glass (NSG) has reported annual figures close to predictions. 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.
Nippon Sheet Glass (NSG), the Japanese-based parent company of St Helens glassmaker Pilkington, has seen its annual figures come in close to predictions.
The group estimated revenues of GBP 3.6bn for the year to 31 March, and a loss of GBP 107m.
Figures released by NSG confirmed that turnover reached GBP 3.55bn, while the pre-tax loss for the year stood at GBP 100m.
That compares with sales of GBP 3.05bn the previous year, and a loss of GBP 180m.
The group’s net debt rose slightly from GBP 2.12bn in 2014, to GBP 2.22bn this year.
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.