26 September 2007 12:34 [Source: ICIS news]
LONDON (ICIS news)--Johnson Matthey’s catalysts business’s operating profits increased 11% to £148.8m ($74.4m) for the financial year ending 31 March as a result of increased sales, the company said on Wednesday.?xml:namespace>
“The results were adversely affected by exchange translation. At last year’s rates sales excluding precious metals would have increased by 35% and operating profit would be 14% up,” the UK-based specialty chemicals company said in a report to its investors.
The catalysts division’s sales rose by 48% year on year to £2.2bn as a result of significantly higher prices for platinum, palladium and rhodium, the company added.
Environmental catalysts and technologies (ECT) experienced good growth in Europe, particularly for diesel oxidation catalysts and catalysed soot filters (CSFs), while there were increasing auto-catalyst sales in Asia and a welcome upturn in our North American business, the company said.
Johnson Matthey was also forecasting good growth in sales and profits for the 2007 financial year.
“Process catalysts and technologies (PCT) also achieved good growth in sales and profits in 2006/07,” said the company.
“The ammonia, methanol, oil and gas business was well ahead of last year with continued strong demand for catalysts and purification materials for industries where hydrogen or synthesis gas are key intermediates,” it added.
The company’s operating profits for all its sectors was up 18% at £226.5m.
($1 = £0.50)
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