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Johnson Matthey profit hurt by one-off costs from clean air division

By BFN News | 07:18 AM | Thursday 21 November, 2019

Chemicals company Johnson Matthey said profit fell in the first half of the year pressured by one-off costs associated with additional freight costs and manufacturing inefficiencies in its clean air division. For the six months ended 30th September 2019, pre-tax profit fell 8% to £225m on-year and revenue rose 37% to £6.8bn. Profit was hurt by £15m of one-off costs in its clean air division. Clean air sales were up 4%, but operating profit was impacted by the phasing of completion of its new plant in Poland, the company said. Capital expenditure was £186m in the first half and estimated to be up to £500m in the current fiscal year, in line with previous guidance, it added. Looking ahead, Johnson Matthey said it expected to deliver operating performance for the current fiscal year that would meet market expectations of £595m amid a stronger second half due 'to the absence of one-off costs, seasonality in catalyst technologies and efficiency gains in Pgm services.' Story provided by

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