Profit boost for Pilkington

Glassmaker Pilkington has reported a 31% rise in interim pre-tax profits thanks to a massive restructuring and firmer glass prices.

Glassmaker Pilkington has reported a 31% rise in interim pre-tax profits thanks to a massive restructuring and firmer glass prices.

The company announced that profits for the half-year to September 30 had jumped to £79 million against £52 million last time.

Chairman, Sir Nigel Rudd said: "The fundamental restructuring undertaken over the last three years is now starting to unleash the real profit potential of this business."

The group is also expecting more growth for the second half f the year and is also concentrating on redeveloping its US business.

However, despite the results helping to push up shares, the company is still worried by a decline in share price since August. Investment house UK Active Value, which owns just over five percent of Pilkington, said today it would put pressure on the firm and its other shareholders for a share buyback to bost returns.