Johnson Matthey's financial year ends on 31st March 2004 and its preliminary announcement of the full year results will be released on 3rd June 2004. Prior to entering its closed period the company is today issuing the following update on current trading:

"Trading in the second half of Johnson Matthey's financial year has been in line with expectations. For the year as a whole Catalysts and Pharmaceutical Materials divisions have achieved good growth in operating profit while Precious Metals division has been impacted by subdued trading conditions and the revised terms of the renewed contracts with Anglo Platinum.

The exchange rate for the US dollar has averaged 1.77/£ so far for the second half of the financial year compared with 1.62/£ for the first half. Dollar weakness will have an adverse effect on the group's reported results but earnings per share (before exceptional items and goodwill amortisation) are still expected to be ahead of last year and in line with market expectations."

Enquiries:

Johnson Matthey

Ian Godwin
Group Corporate Communications Manager
020 7269 8410

John Sheldrick
Group Finance Director
020 7269 8438

Gavin Anderson & Co