Report of the Directors
Business Review

Group Performance Review

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Financial Performance

    Year to 31st March  
    2012 2011
% change
Revenue £ million 12,023 9,985 +20
Sales excluding precious metals (sales) £ million 2,679 2,280 +17
Operating profit £ million 433.4 279.9 +55
Profit before tax £ million 409.3 259.3 +58
Total earnings per share pence 148.7 85.2 +75
Operating profit £ million 450.1 366.2 +23
Profit before tax £ million 426.0 345.5 +23
Earnings per share pence 153.7 119.0 +29
Before amortisation of acquired intangibles, major impairment and restructuring charges, profit or loss on disposal of businesses and, where relevant, related tax effects.

Johnson Matthey has delivered another year of strong growth with a good contribution from all of its divisions. This performance was particularly enhanced by our leading position in heavy duty diesel catalysts, a very strong year from Davy Process Technology (DPT) and excellent progress in our North American API Manufacturing business.


Revenue for the year ended 31st March 2012 was 20% up on last year at £12.0 billion. The group’s sales were 17% higher than last year at £2.7 billion. Translated at constant exchange rates, revenue for the year was 21% ahead and sales grew by 18%.

Operating Profit

For the group as a whole, underlying operating profit (before amortisation of acquired intangibles, major impairment and restructuring charges) was 23% higher than last year at £450.1 million, while underlying profit before tax was also 23% up at £426.0 million. The group’s underlying return on sales increased to 16.8% from 16.1% last year, primarily due to operational leverage, particularly in our heavy duty diesel catalyst business, and the excellent performance from our higher margin DPT business.

The performance of the individual businesses is explained in more detail in the Financial Review of Operations section.

Group Sales by Division
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Divisional Sales
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Group Sales by Destination
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Divisional Underlying Operating Profit
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