NGF Europe, has suffered a fall in turnover and profit.
Now owned by Nippon Sheet Glass, the firm’s accounts for the year ended March 31, 2015, revealed it suffered from a downturn in its worldwide markets. Turnover fell by 8% to £46.3, while profits on ordinary activities before exceptional items plunged by 68% to £4.6m. Operating profits before exceptional items fell by 26% to £4.4m.
However, directors report in the accounts filed at Companies House, says the company was “satisfied” with the performance of the business in 2014/15.
The report added that “Company turnover has decreased by 8%, reflecting the downturn in our worldwide markets. “Operating profit before exceptional items decreased by 26% due to a general downturn in business trading volume in the year.”
The Japanese group owns former St Helens glass giant Pilkington, which it bought in 2006, making it one of the four biggest glass companies in the world.
In a report last August the group said it expected a gradual improvement in market conditions during the remainder of financial year 2016.