LONDON (Alliance News) - Johnson Matthey PLC on Thursday said profit dipped in its financial year to the end of March in challenging markets and as it restructured its operations, though the platinum and chemicals company expects a better performance in the current year.
The FTSE 100 company, which makes emission control systems, catalysts and fine chemicals, said pretax profit was GBP386.3 million in the year that ended March 31, down from GBP495.8 million a year earlier, despite revenue rising to GBP10.71 billion from GBP10.06 billion.
Johnson Matthey was hit by challenging conditions for its Process Technologies and Precious Metal Products businesses, which offset a strong performance in its Emission Control Technologies arm and a solid year in its Fine Chemicals division.
Profit also took a hit from restructuring costs related to the Process Technologies unit and the company's fuel cells business.
Johnson Matthey declared a final dividend of 52.0 pence, taking its total dividend payout up 5.0% year-on-year to 71.5p, as it said it anticipates a strong performance in the current financial year, in line with market expectations.
"Johnson Matthey has delivered a robust performance overall in a year where conditions have been particularly tough in some of our markets," said Chief Executive Robert MacLeod.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Johnson Matthey (JMAT)