Glass giant Pilkington has slashed its £861M debt by nearly a quarter and achieved a record cash performance in a tough market, full-year results have revealed. The St Helen's-based firm cut borrowing nearly £200M to £664M in the year ending 31 March by keeping down costs and improving efficiency. Turnover for the year rose from £2,410M to £2,440M, with operating profit up from £175M to £179M and pre-tax profit up from £145M to £151M. Free cash flow was up to £207M from £135M. The sale of Pilkington Aerospace, leaving the group to focus on its building products and automotive businesses has been among changes, which have helped significantly to reduce overhears. There have been some job cuts, but these were less than 1000 around the globe and it was likely that new jobs would be created in the near future.
