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[November 2002]
Johnson Matthey Interim Results
Johnson Matthey reported that operating profit before exceptional items and goodwill amortisation for the six months ended 30 September 2002 was up 5% to £99.3 million. Profit before tax, exceptional items and goodwill amortisation was up 3% to £95 million. Earnings per share (on the same basis) was up 4% to 30.7 pence. The interim dividend increased by 4% to 7.8 pence.Colours & Coatings Division (which includes supplies to the ceramic industry) increased its sales by 1% to £132 million. Operating profit fell by 8% to £13.3 million compared with the first half of last year but showed a 21% increase on the second half as the benefits of the rationalisation programme announced in January started to come through.
The Structural Ceramics sector, which sells largely to the tile industry, achieved good sales growth but margins continued to be under pressure, particularly in Asia due to the weakness of the dollar against the euro, and profits were down on the first half of last year.
Glass performed very well with strong growth in sales and market share.
Speciality Coatings also performed well with continuing weakness in the tableware market offset by strong sales into the plastics and surface coatings industries.
JM said that the rationalisation programme in Staffordshire was on track and would save approaching £4 million in the current year and £7 million next year. The closure of the major site at Meir in Stoke-on-Trent was on schedule for the end of the financial year.
ENDS