JM Pre Close Trading Update

Johnson,Matthey PLC
29 September 2004

                            For Release at 7.00 am Wednesday 29th September 2004


          Johnson Matthey Pre Close Trading Update for the Half Year -
                       Trading in line with Expectations


The first half of Johnson Matthey's current financial year ends on 30th
September 2004 and its interim results for the half year will be announced on
25th November 2004.  Prior to entering its close period the company is today
issuing the following update on current trading:

'Trading in the first half of Johnson Matthey's financial year has been in line
with expectations.  Conditions in the second quarter have been similar to the
first and divisional performance has continued the progress described in the AGM
statement made on 20th July.  At constant exchange rates all four divisions are
ahead of last year and the improvement in trading conditions in the platinum
group metal markets has continued.

The exchange rate for the US dollar has averaged $1.82/£ so far for the first
half of the current financial year compared with $1.62/£ for the same period
last year.  Dollar weakness will have an adverse effect on the group's reported
results 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.'


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