LONDON (Alliance News) - Johnson Matthey PLC Wednesday said it expects its overall group performance in the current financial year to be "slightly ahead" of the previous year and reiterated it expects to deliver "good underlying growth".
The FTSE 100-listed oil services company said group sales totalled GBP797 million in the first quarter ended June 30, up 6% from the GBP749 million reported a year earlier, leading to a pretax profit before amortisation, impairments, restructuring charges and disposals of GBP94 million, slightly down from GBP95 million.
Operating profit before amortisation, impairments, restructuring charges and disposals came in at GBP103.6 million, which was flat from the previous year.
The company's emission control technologies division reported a 6% rise in sales year-on year to GBP478 million from GBP444 million, whilst the process technologies business saw a 9% lift to GBP130 million from GBP119 million.
The fine chemicals division reported flat sales totalling GBP78 million, but the precious metals product business saw sales fall 15% year-on-year to GBP85 million from GBP101 million.
The new businesses division, however, saw its sales double year-on-year to GBP38 million from GBP18 million.
"In line with our guidance from our preliminary results announcement on June 4, 2015, we continue to anticipate that Johnson Matthey's ongoing businesses will deliver good underlying growth in 2015/16, particularly in the second half of the year," said the company in a statement.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Johnson Matthey (JMAT)