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Johnson Matthey first-half results

UK chemical coatings concern Johnson Matthey made good progress in the first half of 2001/2002 with profits comfortably ahead of last year. Most of the growth was generated by Catalysts & Chemicals an…

UK chemical coatings concern Johnson Matthey made good progress in the first half of 2001/2002 with profits comfortably ahead of last year. Most of the growth was generated by Catalysts & Chemicals and the newly formed Pharmaceutical Materials Division. Despite the more uncertain economic outlook, the group is continuing to invest significantly in new production facilities and in research and development in its growth businesses. In the six months to 30 September 2001 Johnson Matthey“s profit before tax and exceptional items rose by 7% to GBP 92.2 million. Earnings per share excluding exceptionals also rose by 7% to 29.5 pence. Total sales fell by 7% to GBP 2.6 billion reflecting lower prices for platinum and palladium, particularly in the second quarter. Sales excluding the value of precious metals rose by 16% to GBP 559 million, with double digit organic growth in Catalysts & Chemicals. Pharmaceutical Materials benefited from the contribution from acquisitions. Operating profit excluding exceptionals rose by 14% to GBP 94.4 million. The group had a net interest charge of GBP 2.2 million in the period compared with a net credit of GBP 3.3 million last year. This change reflects the funding costs of the major investments and share buy-backs undertaken in the period, and higher interest paid on gold and silver leases. The interim dividend has been increased by 7% to 7.5 pence.

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