A good first half with continued strong growth in Catalysts & Chemicals. Pharmaceutical Materials established as a separate division

Results

• Operating profit excluding exceptional items up 14% to £94.4 million
• Profit before tax excluding exceptional items up 7% to £92.2 million
• Earnings per share excluding exceptional items up 7% to 29.5 pence
• Interim dividend increased by 7% to 7.5 pence

Business developments

• Strong performance from Catalysts & Chemicals shows the benefit of investment in new technology
• New fuel cell components factory under construction at Swindon
• Pharmaceutical Materials now a separate division. Good contribution from the Meconic and Pharm-Eco acquisitions
• Precious Metals ahead despite weaker platinum and palladium prices
• Colours & Coatings affected by economic slowdown
• Major investment programme in growth businesses continues despite more uncertain economic outlook

"The group has performed well in the first half, despite more difficult economic conditions, reflecting the overall strength of our business. Although the second half will be impacted by the slowdown in the US and weaker metal prices we expect both Catalysts & Chemicals and Pharmaceutical Materials to show continued good growth."

• Presentation to Analysts
  (Download presentation source - Interim2001.PPT)

• Review of Half Year Ended 30th September 2001
  (This file requires Adobe Acrobat Reader)

John Sheldrick
Group Finance Director
Johnson Matthey
+44 (020) 7269 8438

Gavin Anderson & Co