Pilkington says trading conditions remain tough in most of its major markets, however, according to Stuart Chambers, its group CE, recently completed transformation in manufacturing & operating efficiency means financial results for 2003/4 will be broadly in-line with expectations. "Like for like sales have remained steady & operating profit from group businesses will be maintained at last year's levels with a strong profit performance in automotive glass offsetting the decline in profits in building products," he said. "The robustness of our business will again enable us to report good progress in generating free cash flow leading to another substantial reduction in borrowings." In building products, markets remain generally weak with the exceptions of the UK and Australia. Price pressures are strong & are expected to cut profits by around 10%.
