Pilkington - 1997 First Half Results

Turnover in the half year to 30 September 1997 was £1.4bn, a reduction of £125m on the first half of last year. Operating profit before exceptional restructuring costs fell by £11m to £82m. £6m of this fall was due to the impact of currency translation. Profits before exceptional items and taxation were £67m (£82m). Earnings per share before expetional items were 3.2p (4.0p). Both operating profits and pre tax profits showed significant improvement on the results for the second half of last year. After taking account of capital expenditure, interest, tax and dividend payments, net borrowings increased by £155m to £679m at 30 Sept 1997, representing a debt: equity ratio of 62%. The interim dividend has been maintained at 1.75p/share.