8th Apr 2021 09:08
(Alliance News) - Johnson Matthey PLC said on Thursday that its operating performance for its recently-ended financial year will be "around the top end of market expectations" and announced a strategic review of the health business.
Shares were up 3.8% to 3,216.00 pence in London.
The second half of the financial year ended March 31 was materially stronger than the first, with tight cost management and increased activity in key markets such as autos, the chemicals company said.
Analysts expect underlying operating profit of GBP405 million to GBP502 million, down from GBP539 million year-on-year, according to Vara data included in the announcement.
FTSE 100-listed Johnson Matthey said it is carrying out a strategic review of its health business as part of an ongoing review of its portfolio. Operating performance at the unit, which makes ingredients for opioid addiction therapies, is set to be above the previous year's.
"We are driving cashflow from our more established businesses to invest in our suite of exciting sustainable technologies that will enable decarbonisation and enhance circularity," Chief Executive Robert MacLeod said.
The company is scheduled to announce its results on May 27.
By Ivan Edwards; [email protected]
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