Continued growth in earnings and dividends despite weak markets

Results

• Operating profit before exceptional items and goodwill amortisation up 6% to £205.7 million, despite adverse exchange translation of £10.0 million
• Profit before tax, exceptional items and goodwill amortisation up 3% to £192.5 million
• Earnings per share before exceptional items and goodwill amortisation up 4% to 62.6 pence
• Dividend for the year increased by 4% to 25.5 pence

Business Progress

• Catalysts’ profits up 10% to £104.4 million led by good growth in autocatalysts
• Synetix achieves good results since acquisition and substantially strengthens Johnson Matthey’s position in the global catalyst market
• New production capacity being installed at fuel cell components factory at Swindon
• Strong growth in Pharmaceutical Materials with profits up by 18% to £36.9 million. All parts of the division achieving good growth
• Precious Metals’ profits reduced by 10% to £50.1 million as a result of lower average prices and subdued trading conditions for palladium and rhodium. Platinum demand remains strong
• Colours & Coatings’ profits up by 12% to £28.5 million benefiting from cost savings and good growth in coatings for the glass industry
• Johnson Matthey’s UK pension fund in surplus on an FRS 17 basis at 31 March 2003. Group to adopt FRS 17 for 2003/04

“Johnson Matthey has again delivered increases in earnings and dividends despite a substantial fall in the US dollar and lower prices for palladium and rhodium. Market conditions will remain challenging in 2003/04 but the group’s investment in its growth businesses leaves us well positioned for the future.”

• Presentation to Analysts
  (Download presentation source - Prelims03.PPT)
  
  
• Review Year Ended 31st March 2003 (html)
  
  
• Review of Year Ended 31st March 2003
  (This file requires Adobe Acrobat Reader)

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

Gavin Anderson & Co