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Johnson Matthey Release date: April 1, 2009
Johnson Matthey's financial year ended on 31st March 2009 and its preliminary announcement of full year results will be released on 4th June 2009. Prior to entering its closed period the company is today issuing the following update on current trading.
"Trading in the three months to 31st March 2009 has been in line with the outlook set out in our third quarter Interim Management Statement issued on 28th January 2009. Sales for the final quarter were below the same period in 2007/08, despite favourable exchange translation, as a result of much reduced demand for automotive products and lower platinum group metal prices.
Environmental Technologies Division experienced mixed trading conditions in the quarter, with sales of autocatalysts substantially down on last year as car companies continued to reduce production in response to falling car sales. However, Process Technologies achieved good growth as concerns over energy security and environmental issues continue to support demand for syngas catalysts and purification products.
Precious Metal Products Division's sales in the quarter were below last year. Prices for platinum group metals showed some improvement compared with the third quarter of 2008/09 but were well down on the record levels reached in the final quarter of last year. Fine Chemicals & Catalysts Division's sales excluding precious metals were ahead of the same period in 2007/08 helped by favourable exchange translation. Good sales of active pharmaceutical ingredients offset some weakness in catalysts and chemicals. We plan to close our small fine chemical facility in Ireland and consolidate manufacturing of prostaglandin products at our facility in the USA. The closure is expected to give rise to a restructuring charge of about £9 million in this year's accounts.
For the year as a whole, we expect that Johnson Matthey's underlying* earnings per share will be well within the guidance range of 85p to 90p given in the company's third quarter Interim Management Statement. Cash flow has been strong in the second half of 2008/09 with net debt estimated to be around £70 million lower than at 31st March 2008, despite the effect of adverse exchange translation on foreign currency borrowings."
*Before amortisation of acquired intangibles, gains and losses on sale of businesses and restructuring charges. The equivalent figure for 2007/08 was 89.5p.
Enquiries:
Ian Godwin
Director, IR and Corporate Communications
020 7269 8410
John Sheldrick
Group Finance Director
020 7269 8408
Howard Lee
The HeadLand Consultancy
020 7367 5225
www.matthey.com
Company Information:
Name: Johnson Matthey
Address: 400 Lapp Rd.
City: Malvern
State: PA
ZIP: 19355
Country: USA
Phone: 484-320-2136
FAX: 484-320-2152
http://www.jmssec.com
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