19th Jul 2005 12:00
Johnson Matthey PLC19 July 2005 For release at 12 noon on Tuesday 19th July 2005 Chairman's Statement At Johnson Matthey's AGM Commenting on current trading at today's Annual General Meeting, Michael Miles,Chairman of Johnson Matthey, said: "Johnson Matthey has made a good start to the new financial year with results inline with the outlook statement included in our preliminary announcementreleased on 2nd June and in our annual report. Earnings per share for the firstquarter were slightly ahead of last year, despite adverse exchange translation. Catalysts Division's profits were ahead of last year with EnvironmentalCatalysts and Technologies benefiting from increased sales of catalysts fordiesel cars in Europe, although demand for autocatalysts in North America wasdown. Prospects for sales of heavy duty diesel catalysts to original equipmentmanufacturers remain encouraging with increasing sales of pre-productionproducts in Europe. Process Catalysts and Technologies also had an encouragingfirst quarter with strong sales of catalysts for methanol synthesis and hydrogenpurification. Precious Metal Products Division was ahead of last year with good growth inprofits from manufacturing including Colour Technologies which was transferredfrom Colours & Coatings Division on 1st April. The division also benefited fromfavourable market conditions for platinum where the price has remained firm withcontinuing good demand from the automotive sector. As expected, profits in our Pharmaceutical Materials Division were lower thanlast year reflecting the reduced contribution from carboplatin and weakerrevenues in contract research. However, prospects for the new product launchesplanned for 2006 remain very encouraging. Ceramics Division, which will be shown in our half year results as a stand alonebusiness following the restructuring of Colours & Coatings Division, had a goodfirst quarter with profits ahead of last year benefiting from earlierrestructuring and improved margins. The average exchange rate for the US dollar used to translate our first quarterresults was $1.86/£ compared with $1.81/£ for the first quarter of last year.The average rate for the US dollar for the second quarter of last year was also$1.81/£. The recent strength of the dollar will benefit our second quarter ifit remains at current levels. The outlook for the rest of the year remains very much the same as we set out inour annual report. Last year the group's profits were higher in the first halfof the year than the second half. In the current financial year we expect thistrend to be reversed with most of the growth coming in the second half of theyear." Enquiries: Ian Godwin Group Corporate Communications Manager 020 7269 8410John Sheldrick Group Finance Director 020 7269 8438Howard Lee The HeadLand Consultancy 020 7036 0369Laura Hickman Gavin Anderson & Co 020 7554 1400 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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