Sales and profits rise at Johnson Matthey

Announcing results for the six months to 30 September, chief executive Neil Carson (pictured) said: "Johnson Matthey performed well in the first half of 2008/09. With global car sales expected to fall in the second half we have taken action to reduce costs and protect our margins in emission control technologies. The outlook for our other catalyst businesses remains good underpinned by environmental legislation and concerns over energy security. “The long term drivers for our business remain firmly in place. With our strong balance sheet and investment in new technology the group is in a good position to weather the current economic downturn." Revenue for the period was up 24% to £4.4 billion as a result of volume growth and higher precious metal prices in the first quarter while pre-tax profit rose 20% to £144.9 million. Looking ahead, Johnson Matthey said global car sales were expected to show a significant decline in the second half of its financial year compared with last year which would reduce sales of autocatalysts. Actions had been taken to reduce costs and benefit operating profit, it said.