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Johnson Matthey Release date: July 21, 2009
Commenting on current trading at the Annual General Meeting to be held at 11.00 am today, Sir John Banham, Chairman of Johnson Matthey, will provide the following statement:
"Market conditions in the first quarter of our new financial year were similar to those in the final three months of 2008/09. Demand for automotive products was well down on the same period last year but sales in other parts of the group were less affected by the recession. The group's results were helped by favourable exchange translation and a lower interest charge compared with last year.
Johnson Matthey's sales excluding precious metals for the three months to 30th June 2009 were 11% below the same period in 2008, when market conditions were much more favourable. Revenue was 21% lower and profit before tax and amortisation of acquired intangibles was also 21% below last year.
Sales volumes of autocatalysts in April and May continued at the same level as in the previous three months and were more than 30% below the same period in 2008. Sales improved in June in both Europe and Asia, but were unchanged in North America. By contrast, demand for process catalysts and technologies continued to be encouraging throughout the quarter with good growth in China. Overall, Environmental Technologies Division's sales excluding precious metals were 15% lower than in the first quarter of last year.
Precious Metal Products Division's performance in the first quarter was also below the same period last year. The price of platinum averaged $1,180 per ounce which was $150 per ounce higher than in the previous three months but $860 per ounce below the same period in 2008. Demand for autocatalyst scrap recycling was weak which has affected the results of our platinum group metal refining and recycling business.
Fine Chemicals Division was well ahead of last year in the first quarter. Demand for the division's products has been less affected by the recession than some other parts of the group and we have received additional income from the generic version of ADDERALL XR® which was launched in April 2009.
We have maintained our strong focus on cash generation and net debt was further reduced in the quarter. If activity picks up in the next three months we would expect borrowings to rise a little by the end of September as we put in additional working capital to support growth in sales.
In the second quarter of last year Precious Metal Products Division achieved strong results benefiting from very volatile conditions in the platinum group metal markets, which are unlikely to be repeated this year. Overall, we would expect results for the second quarter of this year to be similar to those in the first quarter."
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
Issued by: Johnson Matthey Public Limited Company 40-42 Hatton Garden London EC1N 8EE Tel: +44 (0)20 7269 8400
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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