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Annual Results

Johnson Matthey profits up after improved H2

01 June 2017 07:21

Johnson Matthey's operating profits rose by 18% to £493.2m in the year to the end of March.

The group said results were in line with expectations following an improving performance with a stronger second half

Revenues were 12% up at £12,031m and pre-tax profits rose by 19% to £461.6m.

Underlying operating profits were 14% up at £513.3m and pre-tax profits were 15% higher at £481.7m.

Chief executive Robert MacLeod said: "This has been a year of further progress; strengthening our business, implementing our strategy and delivering financial results in line with our expectations.

"Across each of our businesses we are applying our world class science and technology strengths to help customers solve problems, enabling Johnson Matthey to contribute to a cleaner, healthier world.

"Underlying sales growth has come from the application of our leading technologies.

"We have invested over £440 million in capex and R&D combined, underpinning our commitment to science in the UK and internationally.

"In ECT in Europe, our technology strengths delivered strong sales growth by providing customer focused solutions to meet increasing emissions standards.

"We have broadened our platforms, especially in our pipeline of new active pharmaceutical ingredients and in high energy battery materials.

"Our cost saving programme has increased efficiency, primarily in Process Technologies and Fuel Cells, and we have improved our agility and are capturing greater synergy across the divisions.

"Cash generation has improved through our disciplined management of working capital.

"For the full year 2017/18, sales growth, at constant rates, is expected to be broadly in line with the 6% growth delivered in the second half of this year.

"Improving operating performance at constant rates, with stronger sales growth and further efficiency savings, is expected to be offset as there will be no US post-retirement medical benefit credit and there are higher non cash pension charges in 2017/18.

"At current exchange rates, reported results in 2017/18 will benefit from the positive impact of translational foreign exchange.

"Beyond 2017/18, our stronger business platform and operational momentum will deliver sustained sales growth and margin expansion."

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