Johnson Matthey profits fall on lower PGM prices, inflation
Johnson Matthey
1,508.00p
16:35 05/11/24
-0.26%
-4.00p
Johnson Matthey reported a fall in annual profit on Thursday as lower average precious metal prices and higher costs hit the bottom line.
Chemicals
7,487.49
16:59 05/11/24
-0.71%
-53.47
FTSE 100
8,172.39
17:14 05/11/24
n/a
n/a
FTSE 350
4,502.88
16:59 05/11/24
n/a
n/a
FTSE All-Share
4,460.27
16:39 05/11/24
n/a
n/a
The specialist technology group said underlying operating profit came in at £465m the year to end-March, down 21% from a year earlier, but higher than the £455.1m forecast in company-compiled estimates. Revenue fell 7% to £15bn.
“The main factors driving performance were lower precious metal prices - £55m - and lower auto related volumes in Clean Air and PGM Services. The cost inflation of £150m suffered in the year, particularly energy, raw materials and labour was almost completely recovered through pricing of £95m and transformation savings of £45m.
Reporting by Frank Prenesti for Sharecast.com