20th Jul 2016 06:41
LONDON (Alliance News) - Platinum and chemicals company Johnson Matthey PLC on Wednesday affirmed expectations for its financial year to the end of March 2017 following a robust trading performance in the first quarter.
The FTSE 100 constitutent - which makes emission control systems, catalysts and fine chemicals - said sales grew 6.0% year-on-year in its first quarter to the end of June and rose 2.0% in constant currencies, with the group getting a benefit from the strength of the dollar against sterling.
Emission Control Technologies performed well in the quarter, with sales rising 9.0% year-on-year, while Process Technologies and Precious Metal Products also delivered robust growth. Sales in the Fine Chemicals business were flat in the quarter.
Johnson Matthey said underlying profit, in constant currencies and stripping out one-off acquisition and restructuring-related charges, was broadly in line year-on-year in the quarter.
The group said its full-year outlook in constant currencies remains unchanged. It added that, while too early to forecast the long-term impact of Brexit, it does not believe the UK leaving the EU will have a significant effect on its business, and its strategic plans are unchanged.
By Sam Unsted; [email protected]; @SamUAtAlliance
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