Demand for greener cars boost Johnson Matthey
The early take-up of devices to reduce car emissions prompted catalysts specialist Johnson Matthey to sound a upbeat note on prospects today.
Johnson reported increased demand from many leading car companies in Europe for soot filters removing particulates from exhaust emissions, even though laws requiring their introduction do not come into force until 2010.
The UK company commissioned a new factory to manufacture the filters, while it is also supplying manufacturers with products to meet standards relating to heavy duty diesel (HDD) vehicles, due in October.
Johnson today raised expectations on the value of the market for catalysts for HDD vehicles to $700m (£375.2m/€550m) and said it expected to achieve a leading share of the sector in the years ahead.
Announcing its annual results, Johnson said profits from the catalysts division rose 10% to £134.2m (€105m) in the year to March 31.
Elsewhere, continued strong demand for platinum helped the company’s precious metals division to post a 20% rise in profits to £62.2m (€49m), offsetting a 15% fall for its pharmaceuticals materials arm at £33.8m (€26.5m).
Overall, group profits rose 28% to £213.8m (€168m) with the figure before one-off costs showing an 8% gain to £219.8m (€173m).
Chief executive Neil Carson said: “Johnson Matthey performed well last year and prospects for future growth are very encouraging.”
