Johnson Matthey lifts full-year operating performance outlook
Sharecast
Published Nov 22, 2023 07:48
Updated Nov 22, 2023 08:11
Johnson Matthey lifts full-year operating performance outlook
Sharecast - For the year to the end of March 2024, the company now expects at least high single digit growth in operating performance at constant precious metal prices and constant currency, up from a previous forecast for at least mid single digit growth.
"This is underpinned by transformation benefits of circa £55m in the year," it said.
The improved guidance came as the company said revenue in the six months to the end of September declined 11% to £6.5bn, while pre-tax profit fell to £82m from £188m in the same period a year earlier.
The revenue fall was driven by lower average precious metal prices, it said. This was partly offset by strong growth in Hydrogen Technologies and further progress in Catalyst Technologies.
Chief executive Liam Condon said: "We are starting to see the benefits of the new strategy and transformation of Johnson Matthey (LON:JMAT). Against a backdrop of lower precious metal prices which affected headline profitability, we delivered good growth in underlying performance despite a challenging macroeconomic environment.
"Looking forward, we are on track to deliver good growth in underlying performance and I am excited about the opportunities that lie ahead. I am confident we will achieve our 2023/24 milestones and deliver on our strategy, creating sustainable shareholder value and benefits for all our stakeholders."
Read more on Sharecast.com
Get The App
Written By: Sharecast
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.