Pilkington plc has just published its results for the year to 31 March 1999. Operating profits were up by 20% on 1998 figures at £214m, before exceptional items and including Pilkington's share of joint ventures and associates. This is equivalent to £223m at constant exchange rates. Profit before exceptional items and tax at constant exchange rates was £154m, against £120m in 1998. Turnover was "2.7bn, down 8% at constat exchange rates, largely as a result of the disposal of less profitable businesses. In his statement, Sir Nigel Rudd said that in the 1998-9 period the Group had made significant progress in its plans to make Pilkington fully cost competitive in its industry and that it was a "leaner, fitter group, positioned for profitable growth." Overhead costs have been reduced by more than £160m over two years.
