The NSG Group reported its 2013 fiscal-year results this week, and company officials note that while “challenging market conditions persist, [there are] signs of improvement in some areas.”
The company reports cumulative group revenues of $5.1 billion U.S. (521.3 billion yen), 6 percent below the previous year. The company’s architectural revenue for the fiscal year was reported as $2.1 billion U.S. ($215.7 billion yen).
Company officials note both the North American architectural and automotive markets continued to improve, while its European architectural and automotive markets remain challenging and its Japan architectural markets gradually improved.
The company completed a restructuring program during the fiscal year and realized savings through the program of $97.6 million U.S. (10 billion yen), “approximately double the amount previously targeted.” Additionally the company reduced its number of employees by 3,000 during the course of the fiscal year as part of its profit improvement program.
“[The] restructured NSG will be well positioned to take advantage of future market upturns,” writes the company in its fiscal-year report.
For fiscal-year 2014, the company expects its key European markets to remain at low levels, while other markets are expected to fare better with growth in some areas.