LONDON (Reuters) - Johnson Matthey (L:JMAT), the world's largest autocatalyst manufacturer, posted a rise in annual profit slightly ahead of expectations, helped by tighter rules on emissions which boosted its sales of catalysts for heavy duty vehicles in Europe.
The speciality chemicals company - which makes catalysts to control car emissions and also refines and recycles platinum group metals - posted an underlying pretax profit of 427.3 million pounds for the year ended March, up 12 percent on the year before.
That compared with analysts' average estimate of 417 million pounds, according to Thomson Reuters I/B/E/S.
The company said it expected its 2014/15 performance to be in line with its 2013/2014 financial year as growth across the group would be offset by the adverse impact of the loss of a commission revenue from Anglo American Platinum (Amplats)
Johnson Matthey is being negatively impacted by the end of a long-standing buying deal which had included a discount and marketing arrangements with Amplats, the world's largest platinum producer.
In May, it signed a five-year refining and sales contract with U.S. platinum and palladium producer Stillwater Mining
(Reporting by Silvia Antonioli; Editing by Mark Potter)