"Johnson Matthey has made a good start to the new financial year with profit before tax, exceptional items and goodwill amortisation for the first quarter ahead of last year.

Catalysts & Chemicals Division continues to deliver good growth with our autocatalyst business benefiting from the worldwide introduction of the group's precision coating technology. Our commitment to R&D has ensured a stream of new products which enable Johnson Matthey to offer customers the most cost efficient emission controls systems in the industry.

Precious Metals Division's profits were below last year reflecting lower average prices for Platinum and Palladium compared with the high levels seen in the first quarter of 2001/02.

Colours & Coatings Division's profitability has improved since the latter half of 2001/02 as the benefits of the rationalisation programme announced in January have started to come through.

Pharmaceutical Materials Division achieved strong growth benefiting from good sales of the new products launched at the end of last year and good contributions from Macfarlan Smith and Pharm-Eco which were acquired in the first half of 2001/02.

Both Catalysts & Chemicals and Pharmaceutical Materials are well placed to deliver further growth this year."