Growth businesses drive increase in earnings in first half

Results

• Operating profit before exceptional items and goodwill amortisation up 5% to £99.3 million
• Profit before tax, exceptional items and goodwill amortisation up 3% to £95.0 million
• Earnings per share before exceptional items and goodwill amortisation up 4% to 30.7 pence
• Interim dividend increased by 4% to 7.8 pence
  

Business Progress

• Good growth from Catalysts & Chemicals with profits up 7% to £48.3 million despite adverse exchange translation
• Acquisition of Synetix for £260 million will substantially strengthen Johnson Matthey's position in the global catalyst market and provides significant new opportunities for growth
• First phase of fuel cell component factory at Swindon complete
• Strong growth in Pharmaceutical Materials with profits up 45% to £19.0 million and all parts of the division performing well. Acquisition of Cascade Biochem will add to new product growth
• Precious Metals' profits reduced by 13% to £25.4 million as a result of lower average prices and subdued trading conditions for palladium and rhodium. Platinum demand remains strong
• Colours & Coatings' profits 8% down on the first half of last year at £13.3 million but 21% up on the second half as the benefits of the rationalisation programme announced in January come through
  

"Johnson Matthey has again delivered increases in earnings per share and dividends. We expect the group, including a first-time contribution from the recently acquired Synetix business, to make continued progress year-on-year despite the weaker US dollar and lower prices for palladium and rhodium."

• Presentation to Analysts
  (Download presentation source - Interim2002.PPT)

• Review of Half Year Ended 30th September 2002 (html)

• Review of Half Year Ended 30th September 2002
  (This file requires Adobe Acrobat Reader)

John Sheldrick
Group Finance Director
Johnson Matthey
+44 (020) 7269 8438

Gavin Anderson & Co