Johnson Matthey delivers good growth in challenging markets

Results

• Operating profit before exceptional items and goodwill amortisation up 10% to £193.3 million
• Profit before tax, exceptional items and goodwill amortisation up 4% to £187.2 million
• Earnings per share before exceptional items and goodwill amortisation up 6% to 60.4 pence
• Dividend for the year increased by 6% to 24.6 pence

Business developments

• Strong year from Catalysts & Chemicals with profits up 17% at £94.7 million showing the benefit of the major investment in new technology
• Construction of new fuel cell components factory at Swindon well underway
• Pharmaceutical Materials makes a strong start as a new division with first year profits of £31.3 million. Both Meconic and Pharm-Eco acquisitions achieve good results
• Precious Metals' profits only slightly down at £55.9 million despite significantly lower average metal prices, with continuing good demand for platinum
• Colours & Coatings' profits of £25.5 million affected by weak demand for Tableware products. Major site rationalisation programme underway to reduce costs
• Continued investment in research and development and new manufacturing facilities to support the future growth of the group

"The growth achieved by Johnson Matthey this year in difficult market conditions emphasises the resilience of the group. We continue to see excellent opportunities for our growth businesses despite uncertain economic conditions. The outlook for platinum demand remains encouraging. Both Catalysts & Chemicals and Pharmaceutical Materials are well placed to deliver further growth in the current year."

• Presentation to Analysts
  (Download presentation source - Prelims02.PPT)

• Review of Year Ended 31st March 2002
  (This file requires Adobe Acrobat Reader)

Enquiries:

Johnson Matthey

John Sheldrick
Group Finance Director
Johnson Matthey
+44 020 7269 8421

Gavin Anderson & Co