Higher profit for Johnson Matthey

10:20 PM, 23rd November 2011

LONDON, UK: Johnson Matthey is the world's largest supplier of catalytic converters, it had 24 percent rise in first-half profit, helped by higher average metals prices. It said it expects results from the second half to be stronger.

The speciality chemicals companies said it saw an improved return on sales, thanks to increased plant utilisation across the group and the effect of higher average precious metals prices over the period, which helped offset the impact of higher rare earth prices on parts of its auto catalyst business.

"The short term prospects for the auto catalyst business. are difficult to predict. Nonetheless we believe that Johnson Matthey is well placed and we currently anticipate that the group's results in the second half will be slightly ahead of those for the first six months of the year," said Neil Carson, Chief Executive, John Matthey.

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