Report of the Directors
Business Review

Financial Review of Operations

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Precious Metal Products

Adding value to precious metals

Key Statistics
Capital expenditure £40.7 million
Capex / depreciation 1.7
R&D expenditure £21.9 million
Average invested capital £375 million
Employees 2,948
  Year to 31st March    
£ million
£ million
% at
Revenue 8,491 9,841 -14 -14
Sales excluding precious metals (sales) 548 582 -6 -5
Underlying operating profit 147.1 200.8 -27 -26
Return on sales 26.8% 34.5%    
Return on invested capital (ROIC) 39.2% 58.9%    


  • 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.

Divisional Sales
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Sales by Destination
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Divisional Underlying Operating Profit
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Go to summary

Applying our expertise in the chemistry and applications of precious metals to create products that deliver a wide range of environmental, health and social benefits.

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