UK's Johnson Matthey Q1 pre-tax underlying profit up 2% at £99.9m

25 July 2012 09:02  [Source: ICIS news]

SINGAPORE (ICIS)--Johnson Matthey’s underlying profit before tax rose by 2% year on year to £99.9m ($156m) in its fiscal first quarter, which started 1 April 2012, the UK-based specialty chemicals firm said on Wednesday.

Sales, excluding revenues from precious metals, totalled £657m in the period, up 6% from the previous corresponding period, the company said in its interim management statement.

“Good growth in operating profit from our environmental technologies and fine chemicals divisions was offset by a substantial reduction in operating profit from precious metal products division which was particularly impacted by the effect of lower precious metal prices,” it said.

Looking ahead, the company said that demand for the group's products would be steady, with growth in North America and Asia offsetting “softer” European markets.

“If market conditions and precious metal prices remain as they are today, the outlook for the group in the second quarter of 2012/13 is expected to be broadly similar to that of the first quarter,” it said. 

“For the year as a whole, we expect that growth in environmental technologies and fine chemicals divisions will be offset by continued weakness in precious metal products division,” Johnson Matthey said.

($1 = £0.64)

By: Nurluqman Suratman

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