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[November 2004]
Johnson Matthey Half-Year Summary
For the six months ended 30 September 2004, Johnson Matthey recorded a
turnover up 14% at £2.473 billion. Profit before tax, exceptional items and
goodwill amortisation was up 6% at £103.3 million despite adverse exchange
translation. Earnings per share before exceptional items and goodwill
amortisation was up 6% at 33.6p. The interim dividend increased by 6% to
8.7p.There was a strong operating cash flow. Net borrowings reduced by £31.33
million to £363.2 million. Exceptional costs of £30.7 million comprised
acquisition integration costs (£3 million); loss on disposal of Pigments &
Dispersions (£15.3 million); and cost of closing the UK gold and silver
bullion refinery (£12.4 million).The Colours & Coatings division recorded an operating profit up 23%, from
£10.4 million to £12.8 million - the best growth of the manufacturing
divisions.Chief Executive Neil Carson said that all divisions had shown good
underlying growth in the first half and the group expected to achieve
continued growth in earnings per share before exceptional items and goodwill
amortisation in the second half.
ENDS