Pilkington: Trading up-date

Stuart Chambers, group chief executive commented: "Overall, trading remains in line with our expectations, with a good performance in Automotive and Building Products holding up.Together with lower interest costs and an improved profit contribution from joint ventures and associates, this should lead to an increase in pre-tax profits of around 15 per cent.

"The Group continues to benefit from ongoing cost reduction and further improvements in operational efficiency, helping to mitigate the effects of variable trading conditions in our markets around the world. Energy surcharges on Building Products deliveries in Europe and North America have helped to alleviate the significant cost push from rising energy prices. Another year of focus on cash generation will again enable Pilkington to report a reduction in net debt.

"Pilkington remains on track to transition into the third phase of its strategy over the course of the next financial year, when we will begin to invest surplus cash generated into profitable growth opportunities."