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Wednesday, 16 December 2020 22:47

What COVID Did to NSG

Written by Emmariah Holcomb, glassBYTEs.com

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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...


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