|Pilkington helped by cost cutting|
Rigorous cost cutting and a concentration on driving cash generation, helped Pilkington report an 11 per cent rise in underlying interim profits.
Free cash flow, excluding the contribution from disposals rose from £47m to £89m in the half year, cutting borrowing by 10 per cent to £775m.
Sir Nigel Rudd, chairman said the results were in line with the group's stated objective of strengthening Pilkington's financial position.
In the six months to September 30 underlying profits before goodwill, amortisation and exceptional items rose from £76m to £84m, but were flattered by reduced production last year as the group was forced to carry out routine repair work on its machinery.
Pre-tax profits fell by £1m from £72m to £71m and were hit by exceptional charges of £9m related to the closure of the automotive glass replacement operations in New Zealand and some operations in Brazil.
In early trading, shares in Pilkington were up 1.7 per cent at 88p.
|November, 17th, 2003|