NSG Group, parent company to Pilkington, saw a 12% increase in revenue during the last quarter of 2021, which is the third quarter of its current fiscal year. NSG Group’s current fiscal year ends March 31, 2022.

NSG Group’s revenue in Q3 of its fiscal year was about $1.3 billion*, and operating profit was $15.6 million*, which maintained surplus, according to the report. The Group was impacted by component shortage for vehicle production and higher energy and material costs, but mitigated with sales price increase in architectural glass, mainly from Europe, and cost-saving efforts.

The architectural segment saw significantly improved revenue in all regions especially in Europe, which reflects strong demand, according to the report. The results detail solid profit exceeding Q3 of 2020, with prices increase and cost-saving efforts offsetting higher energy prices. The demand for solar energy glass also continued. Architectural glass includes the manufacture and sale of flat glass, various interior and exterior glazing products for commercial and residential applications, and glass for the solar energy market.

The company also announced a revision to its consolidated forecasts for the financial year ending on March 31, 2022.

The revisions reflect the conditions currently being faced by NSG’s subsidiaries in Europe, according to company information. Revenue was revised upward with strong demand, particularly in the architectural sector. “However, operating profit has been revised downward because automotive volumes continue to be severely impacted by a shortage of semi-conductor components at the group’s key customers,” the company says.

“High energy prices have increased the group’s cost base and whilst [NSG] has made efforts to increase selling prices, it has not been possible to fully recover the increased costs. The reduced operating profit forecast has been mitigated by continued strong results arising in the group’s joint ventures and associates, and also by a lower anticipated taxation charge.”