Continuing strong performance from core businesses. Prospects are very encouraging.

Results

• Strong performance from continuing businesses with operating profits up 17% to £146.5 million on sales up 27% at £3,769 million
• Profit before tax excluding exceptional items up 10% to £143.8 million (including exceptionals up 14% to £157.2 million)
• Earnings per share excluding exceptionals up 7% to 47.5 pence (including exceptionals up 4% to 51.4 pence)
• Dividend for the year increased by 7% to 20.3 pence
• Electronic Materials sold for US$655 million in cash giving an exceptional profit of £28.5 million after goodwill write back
• Shareholders' funds up £202.6 million to £755.4 million. Net cash at 31st March 2000 £165.8 million
• All the group's continuing businesses are delivering good organic growth

Strategy

• Focus on core business achieved with sale of Electronic Materials
• Significant investment programme in Catalysts & Chemicals Division on fuel cells, diesel emission control, homogeneous catalysts and pharmaceutical materials
• Precious Metals Division positioned to benefit from significant growth in demand for platinum group metals
• Rationalisation programme for Colours & Coatings Division to add £4 million to profits in the next financial year and £7 million per year thereafter
• Cash from sale of Electronic Materials released for investment and acquisitions

"Johnson Matthey performed well last year and prospects are very encouraging for the year just started. Investment in new technology will help us develop our businesses further and we are pursuing a number of opportunities to add to our core operations."

• Presentation to Analysts
  (Download presentation source - Prelim00.PPT)

• Review of Year Ended 31st March 2000
  (This file requires Adobe Acrobat Reader)

Enquiries:

Johnson Matthey

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

Gavin Anderson & Co