Strong
performance from core businesses in first half. Prospects
are encouraging.
Results
- Strong
operating performance with profits from continuing
businesses up 17% to £66.7 million, on sales
10% up
- Electronic
Materials sold for US$655 million in cash giving
an exceptional profit of £28.5 million after goodwill
write back
- Profit
before tax excluding exceptional items unchanged
from last year at £61.6 million (including exceptionals £90.0
million)
- Interim
dividend increased by 7% to 6.1p
- Net
cash at 30th September £172.6 million. Shareholders'
funds up £170.9 million to £723.7 million
Strategy
- First
stage of strategy announced last November successfully
completed with the sale of Electronic Materials
- All
the group's continuing businesses are delivering
good organic growth
- Rationalisation
programme announced for Colours & Coatings
will add £4 million to profits in the next financial
year and £7 million per year thereafter
- Cash
released from the sale of Electronic Materials
will enable the group to undertake earnings enhancing
acquisitions or return capital to shareholders
Commenting
on the results, Chris Clark, Chief Executive of Johnson
Matthey, said:
"We have continued
to make good progress in our strategy announced last
November to change the focus of the groups activities.
Electronic Materials Division has been sold for a
good price.
All the core businesses
performed strongly in the first half of the year
and prospects are encouraging."
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Enquiries:
Johnson
Matthey
Chris
Clark
Chief Executive
Johnson Matthey
+44 (020) 7269 8435
John Sheldrick
Group Finance Director
Johnson Matthey
+44 (020) 7269 8438
Gavin
Anderson & Co
Howard
Lee
Gavin Anderson & Co
+44 (020) 7457 2345
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