Report of the Directors
Business Review

Financial Review of Operations
Precious Metal Products

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value to

Key Statistics
  Capital expenditure £31.6 million
  Capex / depreciation 1.4
  Average invested capital £341 million
  Employees 2,894
  Year to 31st March    
£ million
£ million
% at
Revenue 9,841 8,270 +19 +20
Sales excluding precious metals (sales) 582 541 +8 +8
Underlying operating profit 200.8 172.9 +16 +16
Return on sales 34.5% 31.9%    
Return on invested capital (ROIC) 58.9% 55.9%    


  • Leverage our deep understanding of:
    • Catalysis and pgm chemistry
    • Materials science and manufacturing
  • Provide customer solutions through investment in R&D
  • Offer first class services to our external and internal customers
  • Deliver superior growth

Through leveraging its deep understanding of catalysis, pgm chemistry, materials science and manufacturing, Precious Metal Products can apply expertise in the fundamentals of chemistry, materials and process design to ensure it continues to develop leading edge products and manufacturing routes.

The division is focused on providing customer solutions through investment in R&D. R&D is at the heart of all Johnson Matthey’s activities and whilst the division contains a mix of newer and more mature businesses, constant innovation means that a high proportion of its portfolio consists of products developed within the last decade.

Offering first class services to external and internal customers is an important element of the strategy. The division serves external customers and also provides vital services to other Johnson Matthey businesses either through the provision of precious metals or through refining and recycling spent process or customer material. Focusing on the quality and scope of the services it offers is key to maintaining a competitive position.

The division aims to deliver superior growth by targeting higher technology areas where its expertise in adding value to precious metals can generate growth at rates ahead of industry baselines.

Sales by Destination
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Divisional Sales
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Divisional Underlying Operating Profit
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Precious Metal Products’ sales increased by 8% supported by good demand across all of its businesses.

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