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LONDON, Jan 30 (Reuters) - Catalyst maker Johnson Matthey appointed a new CEO on Thursday and was positive on itssecond-half outlook after reporting a 16 percent rise inthird-quarter profit thanks to tighter vehicle emissions rulesin Europe.
Neil Carson, CEO for a decade, will step down at the Britishspeciality chemicals company after annual results in June andRobert MacLeod, who joined the company as finance director in2009, will succeed him.
"We like what Robert has done as a finance director. He isknown for being a straight-talking, focused individual so I haveno doubt the business will be run tidily under his stewardship,"Liberum Capital analyst Adam Collins, said.
Carson will remain on the board until the end of Septemberto ensure a smooth handover.
Johnson Matthey, the world's leading manufacturer ofcatalysts to control car emissions, said its outlook hadimproved, boosted by a better than expected performance at itsEmission Control Technology (ECT) division, which focuses onautocatalysts and represents more than half of group sales andalmost 40 percent of operating profit.
It now expects second-half results to be slightly ahead ofthe first half's 212.9 million pounds underlying profit beforetax, excluding the impact of the end of a long-standing platinumbuying contract and other arrangements with Anglo AmericanPlatinum.
"Our guidance is ticking up a little bit in the second half because the ECT division is a bit stronger that we thought butthat's partially offset by weakness in precious metals," financedirector MacLeod said.
Analysts had expected the second half to be broadly in linewith the first half.
Underlying profit before tax for the third-quarter to Jan.30 stood at 96 million pounds ($159 million), up 16 percent from82.7 million pounds in 2012/13 and slightly ahead of analysts'forecasts.
The company benefited from higher demand for products tomeet the new Euro VI vehicle emission legislation that came intoforce on Jan. 1 in Europe.
"The figures were slightly better than the market expectedbut there was an expectation that these would be solid results.If there are changes they will be modestly upwards," Collinssaid.
Sales, excluding precious metals, were 12 percent higher at708 million pounds.
Sales of the Precious Metal Products division, which makesup about 16 percent of group sales, fell slightly to 95 millionpounds from 97 million as a result of weak precious metalprices.
Shares in the company were down 0.5 percent by 1030 GMT at3,284 pence.
