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[September 2002]
Johnson Matthey CEO Delivers Trading Update
Johnson Matthey announced that it was hosting a visit to its Pharmaceutical Materials and Autocatalyst businesses in the US for chemicals stockbroking analysts over 16-17 September 2002, at which CEO Chris Clark was scheduled to give a brief update on current trading.According to Mr Clark, trading in Johnson Matthey's second quarter is in line with expectations. The progress of each of the group's divisions is similar to that in the first quarter of the year.
Precious Metals Division's profits are down on last year, reflecting lower average prices for platinum group metals (pgm) compared with last year and subdued trading conditions in the pgm markets.
Colours & Coatings Division's profitability has improved since the second half of last year as the benefits of the rationalisation programme announced in January come through.
The other divisions are achieving good growth.
The US dollar has weakened significantly against sterling in the last few months. This will have an impact on the translation of the group's US profits into sterling. Despite this adverse exchange translation and the lower average pgm prices experienced in the first half, the group still expects to deliver growth in profit before tax, exceptional items and goodwill amortisation for the six months to 30 September 2002 compared with the same period in 2001.
ENDS