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| Year to 31st March | ||||
|---|---|---|---|---|
| 2010 £ million |
2009 £ million |
% change |
% at constant rates |
|
| Revenue | 5,562 | 5,402 | +3 | – |
| Sales excluding precious metals | 420 | 447 | -6 | -11 |
| Underlying operating profit | 116.7 | 143.0 | -18 | -22 |
Description of the Business
Precious Metal Products Division’s activities comprise the marketing, distribution, refining and recycling of platinum group metals (pgms), fabrication of products using precious metals and related materials, pgm and base metal catalysts and pgm chemicals, and the refining of gold and silver. The division is organised into four businesses:
Platinum Marketing and Distribution
The business consists of our worldwide platinum marketing and distribution activities. Marketing is headquartered in Royston, UK with support facilities in Philadelphia, USA and Hong Kong. We are the world’s leading distributor of pgms and the sole marketing agent for Anglo Platinum, the world’s largest producer of platinum.
Noble Metals
Noble Metals produces a wide range of precious metal and other fabricated products for industrial and medical applications. Johnson Matthey is the market leader in pgm fabricated products for industrial applications. Manufacturing takes place in the UK and USA.
Catalysts, Chemicals and Refining
Catalysts, Chemicals and Refining manufactures precious and base metal catalysts, fine chemicals and electrochemical products. It also recovers pgms from spent catalysts and other secondary materials and refines primary pgms from global mining operations. The business also comprises our gold and silver refining and bullion manufacturing operations which serve the world’s mining industries and recycle secondary scrap material. Catalysts and chemicals manufacturing takes place in the UK, USA, Germany, India and China. Pgm refining facilities are in the UK and USA and gold and silver refining operations are located in the USA and Canada.
Colour Technologies
Headquartered in the Netherlands, our Colour Technologies business manufactures black obscuration enamels and silver conductive materials for automotive glass. It also makes colours, enamels and decorative precious metal products for other glass applications such as bottles and architectural glass as well as for tableware and other ceramic applications. Manufacturing takes place in the Netherlands, USA and South Korea.
Performance in 2009/10
Precious Metal Products Division’s revenue increased by 3% to £5,562 million, boosted by higher platinum group metal prices in the second half of the year. Sales excluding the value of precious metals were 6% lower at £420 million with reductions across most of the division’s businesses due to the effect of lower metal prices in the first half and the impact of the economic slowdown on its manufacturing businesses. Operating profit was also lower, down 18% at £116.7 million, following a difficult first half. Translated at constant exchange rates, sales excluding precious metals decreased by 11% and operating profit was 22% lower than last year.
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