Johnson Matthey first half profits down 36%

Pre-tax first half profits at specialist chemicals company Johnson Matthey fell 36% to £210m on revenues of £5.6bn, down 2%.

Underlying pre-tax profits rose rose 5% to £219.6m. The interim dividend was lifted 5% to 20.5p.

Chief executive Robert MacLeod said the company had a “solid first half, supported by favourable exchange rates, and our health and safety performance improved".

"Trading for the group during the period was in line with our expectations in our continuing businesses on a constant currency basis. We have increased our interim dividend by 5% reflecting our confidence in the medium term,” he said.

“Our guidance for the full year remains unchanged for our continuing businesses on a constant currency basis; that we expect the group's performance to be slightly ahead of last year. In addition, the group will benefit from favourable exchange rates if current rates are maintained.”