Trading Statement

Johnson,Matthey PLC
26 January 2005





                              For Release at 10:15am Wednesday 26th January 2005


                         Johnson Matthey Trading Update


Johnson Matthey is hosting an analysts' visit today at its technology centre at
Sonning Common in the UK.  At the meeting Neil Carson, Chief Executive of
Johnson Matthey, gave the following update on current trading:


'Trading in the second half of Johnson Matthey's financial year is progressing
in line with expectations.  Catalysts Division continues to perform well with
Environmental Catalysts and Technologies benefiting from growth in the market
for diesel cars in Europe.  Demand for autocatalysts in China was down in the
final three months of 2004 but sales in other parts of Asia continued to grow.
Autocatalyst demand in North America is slightly down on last year.  Process
Catalysts and Technologies is benefiting from good growth in catalyst sales but
platinum group metal refining remains weak.


Trading conditions for Precious Metals Division continue to be favourable with
good volume growth and the platinum price rising to $880 per ounce in November
2004.  Pharmaceutical Materials Division's profits are slightly down in the
second half reflecting the anticipated drop in contribution from Carboplatin
which came off patent in October 2004.  The division continues to benefit from
good growth in controlled drugs.  Contract research revenues are down on last
year but the order book for the remainder of the year is good.  Colours &
Coatings Division has continued its recovery with both the glass coatings
business and the structural ceramics business performing well.


The US dollar has weakened further since the end of Johnson Matthey's half year
on September 30th, 2004.  Dollar weakness will have an adverse effect on the
group's results for the full year but earnings per share (before exceptional
items and goodwill amortisation) are still expected to be ahead of last year and
in line with market expectations.'


The presentation given to analysts today at Sonning Common is available on
Johnson Matthey's web site (www.matthey.com).


Enquiries:


Ian Godwin             Group Corporate Communications Manager      020 7269 8410

John Sheldrick         Group Finance Director                      020 7269 8438

Howard Lee             The HeadLand Consultancy                    020 7036 0369

Laura Hickman          Gavin Anderson & Co                         020 7554 1400

www.matthey.com




                      This information is provided by RNS
            The company news service from the London Stock Exchange