NSG Group reported a decline in revenue in fiscal year 2020, largely due to the COVID-19 pandemic.
According to the NSG Group Integrated Report 2020, the company’s 2020 revenue was nearly $5.4 billion USD*, down from approximately $5.9 billion in 2019.
The company’s trading profit was $222 million in 2020, compared to nearly $374.5 million in 2019.
The profit before taxation was a $130.7 million loss in 2020. The last time the company saw a loss in this category was in 2016.
Last year’s profit before taxation amount was approximately $219.2 million.
The automotive business segment recorded sales of $2,708 million and had an operating profit before exceptional items of $58.8 million.
According to the financial report, the automotive business’ revenues and profits were below the previous year. The company attributes this to the impact of foreign exchange movements, together with a decline in new car production in Europe.
The Americas represent 33% of the company’s automotive sales; its revenue also fell due to the translational impact of foreign exchange movements and weakening market conditions, particularly towards the end of the year, with a significant impact from the COVID-19 pandemic, as noted in the financial report.
In North America, despite OE volumes being slightly below the previous year, profits strengthened, benefitting from...