The FY13 results, recently announced, demonstrated the impact of the difficult market conditions which the NSG Group faced last year. However, the company reacted with energy and determination to introduce measures to reduce their cost base and to improve performance. As a consequence, the company has made progress in many areas, including: Completion of an important step in refinancing the Company's debt; Implementation of restructuring and implementation of Profit Improvement Plans (PIP); Reduction of Working Capital (WC); Reduction of overhead costs; Implementation of savings through the Operational Cost Saving (OCS) initiative. As a consequence of these achievements, FY13 financial results were in line with expectations. This achievement has been well received by NSG's banks and investors. The external environment in the new financial year remains tough. Nevertheless, because of the on-going efforts being made throughout the Group, the company was able to announce significant improvements in financial targets for FY14. This year is not expected to be any different from the previous one in the sense that NSG will need to work hard and intelligently to achieve challenging targets.
