Catalysts
and Pharmaceutical Materials drive growth in profits
Summary
Results
| |
Year
to 31st March |
| |
2004
|
2003(1)
|
%change
|
| Turnover |
£4,493m
|
£4,324m
|
+4
|
| Sales
excluding precious metals |
£1,224m
|
£1,159m
|
+6
|
| Operating
profit |
£188.3m
|
£167.9m
|
+12
|
| Profit
before tax |
£178.0m
|
£173.5m
|
+3
|
| Earnings
per share |
56.0p
|
55.4p
|
+1
|
| |
|
|
|
| Before
Exceptional Items and Goodwill Amortisation: |
| Operating
profit |
£206.0m
|
£189.2m
|
+9
|
| Profit
before tax |
£195.7m
|
£189.9m
|
+3
|
| Earning
per share |
64.0p
|
61.8p
|
+4
|
| |
|
|
|
| Dividend
per share |
26.4p
|
25.5p
|
+4
|
1
Restated for FRS 17
- Operating
profit before exceptional items and goodwill amortisation
up 9% to £206.0 million, despite impact of
weak US dollar
- Earnings
per share before exceptional items and goodwill
amortisation up 4% to 64.0 pence. Dividend for
the full year increased by 4% to 26.4 pence in
line with earnings growth
- Strong
operating cash flow. Net borrowings reduced by £8.0
million despite acquisition of AMC for $43 million
- UK
pension fund surplus increased to £43.3 million
Business
Progress
- Catalysts'
profits up 15% to £109.2 million
- Environmental
Catalysts and Technologies (ECT) achieves good
growth in Asia and increased contribution from
heavy duty diesel products
- Process
Catalysts and Technologies (PCT) well up benefiting
from a good contribution from the former Synetix
businesses
- AMC,
the leading supplier of Sponge Nickel™ catalysts,
acquired in March 2004
- Fuel
Cells R&D to benefit from UK Government support
- Pharmaceutical
Materials' profits up 15% to £42.3 million
with strong growth in opiates and platinum pharmaceuticals
- Precious
Metals' profits reduced by 8% to £44.2 million
reflecting weak trading conditions and impact of
renewed Anglo Platinum contracts. Trading conditions
now improving
- Colours & Coatings'
profits up 6% to £26.7 million with good
growth in glass coating products
Commenting
on the results, Chris Clark, Chief Executive of
Johnson Matthey said:
“ Johnson
Matthey has continued to make good progress in 2003/04
with strong growth in both Catalysts and Pharmaceutical
Materials. The outlook for both these divisions remains
encouraging, with growth over the years ahead driven
by investment in new technology.
We
sense that our markets are generally improving. We
are well positioned in the industries we supply and
we remain confident that this, together with our
focus on technology, will serve us well in the future."
|
Enquiries:
Johnson Matthey
Chris Clark
Chief Executive
Johnson Matthey
+44 (020) 7269 8435
John Sheldrick
Group Finance Director
Johnson Matthey
+44 (020) 7269 8438
Howard
Lee
The HeadLand Consultancy
+44 (020) 7036 0369
Laura
Hickman
Gavin Anderson & Co
+44 (020) 7554 1400
|
