Pilkington announced a strong set of results for the year to 31 March/05. Operating profit from Group businesses increased by £15M to £195M. Operating profits from joint ventures & associates increased from £33M to £36M. Overall operating profit increased by 8% from £213M (as restated) to £231M in 2005. Profit before goodwill amortisation, exceptional items & taxation increased from £152M to £180M, with lower interest charges on reduced borrowings contributing, as well as improved profits from operations. After deducting goodwill amortisation of £8M (£8M/04) & exceptional items arising principally from the sale & termination of operations of £7M, profit before tax was £165M, a 20% increase on the £137M (restated) achieved in 2004. Focussing on cash generation has enabled Pilkington to reduce net debt, falling from £664M (04) to £572M (05).
