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Our Performance
Johnson Matthey performed well in the financial year 2009/10. The year started in the depths of a global recession and in the first half of the year revenue and underlying profit before tax were both well down. However, the second half saw a gradual improvement in the economic climate supported by government efforts to stimulate the economy, particularly through various car scrappage schemes, and continued Chinese investment in the development of their energy resources and infrastructure.
Financial Summary
| Year to 31st March | |||
|---|---|---|---|
| 2010 | 2009 | % change | |
| Revenue | £7,839m | £7,848m | – |
| Sales excluding precious metals | £1,886m | £1,797m | +5 |
| Profit before tax | £228.5m | £249.4m | -8 |
| Total earnings per share | 77.6p | 82.6p | -6 |
| Underlying*: | |||
| Profit before tax | £254.1m | £267.9m | -5 |
| Earnings per share | 86.4p | 89.6p | -4 |
| Dividend per share | 39.0p | 37.1p | +5 |
* Before amortisation of acquired intangibles, major impairment and restructuring charges and profit or loss on disposal of businesses.
Revenue for the year ended 31st March 2010 was in line with last year at £7.8 billion, although performance was biased towards the second half of the year due to the increase in activity and precious metal prices; first half revenue was £3.6 billion and second half revenue was £4.2 billion. Despite the economic background, the group’s sales excluding precious metals held up well and were 5% higher than last year at £1,886 million. Translated at constant exchange rates, revenue for the year fell by 3% and sales excluding precious metals grew by 1%.
Underlying operating profit (before amortisation of acquired intangibles, major impairment and restructuring charges) was 9% lower than last year at £271.8 million while underlying profit before tax was 5% down at £254.1 million. The group benefited from the weakness of sterling and at constant exchange rates underlying operating profit would have been 13% lower than last year.
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