30 January 2013 10:12 [Source: ICIS news]
LONDON (ICIS)--Johnson Matthey’s underlying profit before tax for the three months to 29 January fell by 19% year on year, on the back of weak precious metals products sales volumes and a shifting business mix for its environmental technologies division, the UK-based specialty chemicals firm said on Wednesday.
The company’s pre-tax profits fell to £84.3m (€98m, $134m) during the quarter, while sales excluding precious metals products were down 2% year on year at £635m.
Net debt during the period increased by £44m during the quarter to £739m, primarily due to the company’s £22m acquisition of automotive battery technology company Axeon in October 2012.
Johnson Matthey added that it expected overall performance for the second half of its fiscal year will be similar to the first half – the six months to 30 September 2012 – when pre-tax profits fell 6% year on year to £191.2m.($1 = €0.74, $1 = £0.63, €1 = £0.86)
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