Pilkington Reports Next Week

Investors will be looking for news on a cost-cutting drive when glassmaker Pilkington issues its first half-trading update on Thursday.

The company is targeting cost savings of $35m (£21m) by March 2004 through its 'step change' programme as it battles against falling glass prices in Europe and North America.Around half of its earnings come from Europe, but the continued pressure on prices and the weakness of other currencies look likely to have offset gains from the strong euro.Analysts are predicting pre-tax profits of around £153m in the year to March 31.

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