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[December 2005]
Johnson Matthey Half-Year Financials
Revenues for Johnson Matthey PLC for the six months to 30 September 2005 were down 7% to £2.283 billion and resulted in profit before tax up 20% at £106.4 million. The dividend per share was 9.1p, up from 8.7p.
Sales excluding precious metals were up 9%, from £586 million to £637 million.
The Ceramics Division was shown as a stand alone business for the first time, following the restructuring of JM's Colours & Coatings Division. That restructuring included the sale of the Pigments & Dispersions business, transfer of the Colour Technologies business to Precious Metals Products Division and closure or consolidation of a number of smaller manufacturing units.
The net impact was to significantly reduce the cost base which improved operating profit and margins. Ceramics Division also successfully grew its sales by 11% to £90 million. Operating profit rose by 17% to £10.8 million.
The division is headquartered in Spain and is a global supplier of decorative materials to the ceramic industry, particularly tile manufacturing. Sales were strong in China, where the tile market continues to grow rapidly. JM said the division was realising the benefits of the investments made in recent years to position it as one of the lowest cost global producers.
With capital expenditure below depreciation in the half year, the division was highly cash generative. JM said that it expected Ceramic Division's second half to be similar to the first with continued good cash generation.
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ENDS