LONDON, June 6 (Reuters) - Johnson Matthey, theworld's largest maker of catalysts to control car emissions,reported a smaller-than-expected drop in annual profit, as itsexposure to a recovering U.S. auto market helped offset theimpact of weak precious metals prices.
The speciality chemicals company - which makes catalyticconverters and also refines and recycles platinum group metals -posted an underlying pre-tax profit of 389.2 million pounds($599 million) for the year to the end of March, down 9 percent.
That compares to a consensus analyst estimate of 379 millionpounds, according to Thomson Reuters I/B/E/S.
The group said it expected "steady progress" in the 2013-14financial year, as a loss of revenue from its contract withplatinum producer Anglo Platinum is offset by tightervehicle emissions legislation in Europe.