HIGHLIGHTS

Results

• Profits before tax excluding exceptionals up £1.0 million to £131.2 million
• Earnings per share excluding exceptionals unchanged at 44.3 pence (Including exceptionals 46.1 pence)
• Dividend for the year up 7% to 19.0 pence
• Operating profits of the three core divisions up 20% (Catalysts & Chemicals up 15%; Precious Metals up 12%; Colours & Coatings up 56%)
• Electronic Materials profits down by 45% reflecting difficult conditions in global semiconductor markets
• Cash flow from operations up 13% to £176.0 million. Free cash flow strongly positive at £26.0 million
• Gearing down to 39%, interest cover 9 times

Strategy

• New group structure will deliver greater focus, clarity and value
• Catalysts & Chemicals is the primary focus for growth
• Electronic Materials Division established as a stand alone US company. Options for realising value currently being reviewed

"We have made good progress on our strategy announced last November to change the focus of the group's activities. Electronic Materials has been established as a stand alone entity and we expect to make a further announcement on its future within the next few months. There are excellent opportunities in all Johnson Matthey's core businesses. New product developments and rigorous attention to costs will provide the group with a firm basis for future growth".

• Presentation to Analysts
  (Download presentation source - Prelim99.PPT)

• Review of Year Ended 31st March 1999
  (This file requires Adobe Acrobat Reader)

Enquiries:

Johnson Matthey

John Sheldrick
Group Finance Director
Johnson Matthey
+44 (0)171 269 8438

Gavin Anderson & Co