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Johnson Matthey reports profit growth on the back of global auto boom

Automotive News Europe -- February 3, 2011 06:01 CET
LONDON (Reuters) -- British catalytic converter supplier Johnson Matthey said full-year profit should beat its previous expectations, helped by the continued recovery of the global auto industry and higher precious metals prices.

The world's largest supplier of catalytic converters, which is also a platinum refiner and makes specialty chemicals, said on Wednesday underlying third-quarter pretax profit rose 34 percent and it expected good trading in its final quarter.

Operating profit grew almost two thirds at Johnson Matthey's precious metals division, while its environmental technologies business, which makes catalytic converters, delivered profit growth of 14 percent. Its fine chemicals unit delivered only slight growth, the company said.

"The group's trading is expected to remain strong for the remainder of the year and underlying performance for the full-year is therefore expected to be slightly ahead of our previous expectations," Johnson Matthey said.

"Johnson Matthey revealed continued progress in all main divisions, and follows on from the interims which benefited from a sharp recovery in the automotive end markets," said JP Morgan analyst Martin Evans.

The company said its debt increased in the quarter as working capital grew due to the growth in sales and higher precious metal prices.

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