LONDON--Johnson Matthey PLC (JMAT.LN) reported Thursday a 19% rise in full-year pretax profit, reflecting cost-control and improved sales, as it continues to restructure its business. Johnson Matthey, which manufactures measuring devices, made a pretax profit of 461.6 million pounds ($593.6 million) in the fiscal year ended March 31, up from GBP386.3 million a year earlier. The company said sales growth in the current fiscal year, at constant rates, "is expected to be broadly in line with the 6% growth" delivered in its second half. The board recommended a final dividend of 54.5 pence a share, bringing the total payout to 75 pence a share. The company said that thanks to the restructuring program, costs were reduced by GBP26 million in the year.
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LONDON (Reuters) – Johnson Matthey, a world leader in making catalysts for car emission-control devices, on Thursday reported a 12 percent rise in full-year revenue and 18 percent growth in operating profit after a restructuring and cost-cutting programme. It recommended a final dividend of 54.5 pence per share, up 5 percent, which it said reflected "confidence in the group's medium-term prospects". (Reporting by Barbara Lewis and Justin George Varghese; Editing by David Goodman)
It rates Johnson Matthey "equal weight" or hold citing "a lack of near-term earnings impetus". Shares in Johnson Matthey were down 0.6 percent at 3,091 pence, lagging an FTSE-100 Index <.FTSE> up 0.29 percent at 0945 GMT. Some analysts are also predicting a quicker-than-expected uptake in electric vehicles, which do not use catalytic converters. Shutterstock photoUPDATE 2-Johnson Matthey expects higher catalysts demand after profit rises* Sees Asia leading higher demand * Also looking to pharmaceutical ingredients, batteries * Profit up 18 pct, revenue up 12 pct (Updates with CFO, detail) By Barbara LewisLONDON, June 1 (Reuters) - Johnson Matthey expects increased efforts to curb vehicle pollution to boost demand for its catalysts in the medium to long term, it said on Thursday, after reporting an 18 percent rise in annual operating profit and boosting its dividend. "Over a five-year period that market (catalysts) is going to grow almost irrespective of electric vehicles given the size of the base," Johnson Matthey Chief Financial Officer Anna Manz told Reuters, referring to the still small percentage of the market that has gone electric.
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Johnson Matthey reports rise in profit after cost-cutting
LONDON (Reuters) – Johnson Matthey, a world leader in making catalysts for car emission-control devices, on Thursday reported a 12 percent rise in full-year revenue and 18 percent growth in operating profit after a restructuring and cost-cutting programme. It recommended a final dividend of 54.5 pence per share, up 5 percent, which it said reflected "confidence in the group's medium-term prospects". (Reporting by Barbara Lewis and Justin George Varghese; Editing by David Goodman)
It rates Johnson Matthey "equal weight" or hold citing "a lack of near-term earnings impetus". Shares in Johnson Matthey were down 0.6 percent at 3,091 pence, lagging an FTSE-100 Index <.FTSE> up 0.29 percent at 0945 GMT. Some analysts are also predicting a quicker-than-expected uptake in electric vehicles, which do not use catalytic converters. Shutterstock photoUPDATE 2-Johnson Matthey expects higher catalysts demand after profit rises* Sees Asia leading higher demand * Also looking to pharmaceutical ingredients, batteries * Profit up 18 pct, revenue up 12 pct (Updates with CFO, detail) By Barbara LewisLONDON, June 1 (Reuters) - Johnson Matthey
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