Encouraging prospects for continued growth
Summary
Results (IFRS basis)
| |
Year
to 31st March |
|
|
2006 |
2005 |
%
change |
| Revenue |
£4,756m
|
£4,626m
|
+3
|
| Sales excluding precious metals |
£1,341m
|
£1,188m
|
+13
|
| Profit before tax |
£213.8m
|
£167.4m
|
+28
|
| Total earnings per share |
70.8p
|
53.2p
|
+33
|
|
|
|
|
| Before
impairment and restructuring costs: |
| Profit before tax |
£219.8m
|
£204.1m
|
+8
|
| Earning per share |
72.7p
|
67.0p
|
+9
|
|
|
|
|
|
|
|
|
| Dividend per share |
30.1p
|
27.7p
|
+9
|
- Sales excluding precious metals up 13% at £1.3 billion
- Profit before tax, impairment and restructuring costs up 8% to £219.8 million
- Total earnings per share up 33% to 70.8 pence. Before impairment, restructuring and disposal costs, earnings per share up 9% to 72.7 pence
- Dividend up 9% to 30.1 pence
Divisional Performance
Operating Profit (before impairment and restructuring costs)
| |
Year to 31st March |
£m |
2006 |
2005 |
% change |
2006 at 2005 exchange rates |
%
change |
| Catalysts |
134.2 |
122.5 |
+10 |
132.1 |
+8 |
| Precious Metal Products |
62.2 |
52.0 |
+20 |
61.2 |
+18 |
| Pharmaceutical Materials |
33.8 |
39.8 |
-15 |
33.5 |
-16 |
| Ceramics |
21.3 |
18.8 |
+13 |
20.8 |
+11 |
| Corporate |
(16.8) |
(16.5) |
|
(16.9) |
|
|
|
|
|
|
| Operating Profit |
234.7 |
216.6 |
+8 |
230.7 |
+7 |
|
|
|
|
|
-
Operating profit, before impairment and restructuring costs, up 8% to £234.7 million
-
Catalysts up 10% with good growth in diesel products in Europe, good sales in Asia and strong sales of hydrogen production and purification catalysts
- Precious Metal Products up 20% benefiting from favourable trading conditions and growth in manufacturing businesses
- Pharmaceutical Materials down 15% following expiry of carboplatin patent
- Ceramics up 13% with strong cash generation
Business Prospects
- Heavy duty diesel (HDD) catalysts poised for significant growth with Johnson Matthey to achieve leading market position
- Continuing good growth in light duty diesel (LDD) products expected in Europe particularly catalysed soot filters
- Autocatalyst demand in Asia continues to grow with increased vehicle sales in China and India. Further expansion planned
- High oil prices to support growth of sales in process catalysts
- Outlook for platinum group metals demand remains strong
- Pharmaceutical Materials well positioned for recovery in 2006/07
- Ceramics’ encouraging performance should continue with good cash generation
- Investment of £200 million over two years on bolt-on acquisitions and / or share buy-backs
Commenting on the results, Neil Carson, Chief Executive of Johnson Matthey said:
“Johnson Matthey performed well last year and prospects for future growth are very encouraging. Our investment in new capacity to meet customer demand will continue and we remain optimistic about prospects for future performance. We expect growth in earnings to be stronger in the second half of the current year than in the first driven by increasing demand for our technology leading diesel catalyst products.”
Review
Year Ended 31st March 2006 (html)
Review
of Year Ended 31st March 2006
(This file requires Adobe Acrobat Reader)
|
Enquiries:
Ian Godwin
Director, IR and Corporate Communications
Johnson Matthey
+44 (0)20 7269 8410
John Sheldrick
Group Finance Director
Johnson Matthey
+44 (0)20 7269 8438
Howard Lee
The HeadLand Consultancy
+44 (0)20 7367 5225
Laura Hickman
The HeadLand Consultancy
+44 (0)20 7367 5227
|
