Summary Results
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Half year to 30th September |
|
| |
|
2010 |
2009 |
%
change |
|
| Revenue |
£4,562m |
£3,577m |
+28% |
|
| Sales excluding precious metals |
£1,104m |
£883m |
+25% |
|
| Profit before tax |
£144.1m |
£109.5m |
+32% |
|
| Total earnings per share |
49.2p |
37.4p |
+32% |
|
| |
|
|
|
|
|
| Underlying*: |
|
| Profit before tax |
£164.3m |
£114.4m |
+44% |
|
| Earnings per share |
56.3p |
39.1p |
+44% |
|
| |
|
|
|
|
|
| Dividend per share |
12.5p |
11.1p |
+13% |
|
* before amortisation of acquired intangibles, major impairment and restructuring charges and profit or loss on disposal of businesses
Johnson Matthey performed well in the first half with:
- Revenue up 28% at £4.6 billion
- Sales excluding precious metals (sales) 25% ahead at £1.1 billion
- Underlying profit before tax and earnings per share ahead of growth in sales, both up 44%
- Balance sheet remains strong with net debt of £525.9 million and net debt (including post tax pension deficit) to EBITDA of 1.5
- Interim dividend up 13% to 12.5p, reflecting continued confidence in the group's long term prospects
Business Overview:
- Environmental Technologies Division performed well with sales and underlying operating profit up 29% and 41% respectively
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- Emission Control Technologies' sales grew by 29% with good growth in both light duty and heavy duty diesel catalysts across all regions
- Further good growth in Process Technologies with sales up 25% driven principally by demand for methanol catalysts and continued good performance from Davy Process Technology
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- Precious Metal Products Division saw good growth in all of its manufacturing businesses as their global markets recovered and also benefited from higher platinum group metal prices. Its sales were up by 25% and underlying operating profit was 65% ahead
- Fine Chemicals Division had a good first half with sales increasing by 8% and underlying operating profit, excluding the one-off benefit from the launch of the generic version of ADDERALL XR®, up by 25%
Commenting on the results, Neil Carson, Chief Executive of Johnson Matthey said:
"Johnson Matthey performed well in the first half, a significant improvement on the results achieved in the comparable period last year. The group benefited from improved economic conditions and management actions taken within the business during the downturn. Underlying profit before tax of £164.3 million was 44% higher than that in the first half of last year and represents a record performance for the group.
The outlook for the second half of the year for the group is good and we expect that the results will be broadly in line with those of the first half."
Presentation to Analysts (ppt)
Read the full News Release (pdf)
(This file requires Adobe Acrobat Reader)
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Enquiries:
Ian Godwin
Director, IR and Corporate Communications
Johnson Matthey
+44 (0)20 7269 8410
Robert MacLeod
Group Finance Director
Johnson Matthey
+44 (0)20 7269 8484
Howard
Lee
The HeadLand Consultancy
+44 (0)20 7367 5225
Tom Gough
The HeadLand Consultancy
+44 (0)20 7367 5228
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