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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Johnson Matthey Plc | LSE:JMAT | London | Ordinary Share | GB00BZ4BQC70 | ORD 110 49/53P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 8.00 | 0.45% | 1,786.00 | 1,786.00 | 1,788.00 | 1,805.00 | 1,773.00 | 1,805.00 | 142,034 | 15:33:20 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Chemicals & Chem Preps, Nec | 14.97B | 276M | 1.5064 | 11.86 | 3.27B |
From Apr 2019 to Apr 2024
TIDMJMAT
RNS Number : 3642M
Johnson Matthey PLC
28 July 2017
AGM Statement
First quarter trading in line with expectations and guidance for the full year unchanged
Johnson Matthey will hold the company's Annual General Meeting today at 11.00 am in London and has issued the following trading statement ahead of the meeting.
"The year has begun in line with our expectations. In the first quarter, we delivered low single-digit sales growth at constant rates and double-digit reported sales growth. The changes we have implemented are making the business more agile and efficient and our guidance for the full year is unchanged.
Sales performance was strongest in our Clean Air sector as we again outperformed vehicle production in most markets. Strong growth of our HDD catalyst business was the main contributor with continued growth in Asia and Europe and following the anticipated improvement of the US Class 8 truck market. In the quarter, global light duty vehicle production declined although we outperformed in Europe as a result of the new business wins and sales of higher value technology which we had outlined in our 2017 results presentation. As we said in June, this will drive stronger growth in our LDV catalyst business over the remainder of our financial year.
Sales in Efficient Natural Resources grew slightly. We delivered growth in our services businesses and while manufacturing sales declined we expect sales to recover in the second quarter. As anticipated, low levels of licensing activity and weak demand for equipment for use in the construction of formaldehyde plants led to lower sales in our chemicals business.
Our Health business grew slightly as sales of APIs for products launched last year offset the decline we expect in the first half in sales of APIs for the treatment of ADHD. The performance of our new API products is encouraging and development of a broader API product portfolio will be the driver of improved medium-term performance for the sector.
Changes introduced last year in China affected demand for our LFP battery materials and this led to the decline we saw in sales in New Markets. Our development of high nickel battery materials continues at pace and in addition, we have seen good growth in medical components as we look to build this business for the future.
Cash generation and disciplined management of working capital remain a key focus for the business and working capital days were reduced compared to the same period last year. We are implementing the restructuring programme we announced in June which will deliver GBP10 million of cost savings in the second half of this year, contributing to the stronger underlying operating performance we expect to see in the second half. Through this restructuring programme we will generate a further GBP15 million of cost savings in 2018/19. As part of our capital markets day in September we will update the market on the work we are doing to enhance our functional excellence, making the whole business more agile.
Our guidance for year ended 31(st) March 2018 is unchanged. We have momentum in sales and expect to build on this through the second quarter and into the second half to deliver our full year guidance. Our move to four sectors has improved our focus on the key growth trends and we remain confident that through inspiring science and enhancing life, Johnson Matthey will create value."
Ends
Notes:
Unless otherwise stated, commentary in this statement is based on sales for the quarter ended 30(th) June 2017 and compares this quarter with the quarter ended 30(th) June 2016 at constant rates.
Group structure
Johnson Matthey announced changes to the group structure on 20(th) April 2017 under which the group would be managed and report its results as four sectors. The results for the half year ended 30(th) September 2016 and year ended 31(st) March 2017 have been restated on the new basis of reporting sectors and are attached to this AGM statement.
2017/18 restructuring charge
In the year ending 31(st) March 2018 Johnson Matthey expects to take a restructuring charge as part of the further changes it will make to improve efficiency. The charge is expected to be in the range of GBP50 million to GBP65 million, of which over half will be cash. It is expected to generate savings of around GBP25 million in a full year and benefit 2017/18 by approximately GBP10 million.
In the preliminary announcement of results for the year ended 31(st) March 2017 on 1(st) June 2017 Johnson Matthey gave the following outlook for the year ending 31(st) March 2018:
-- Sales growth, at constant rates, is expected to be broadly in line with the 6% growth delivered in the second half of the year ended 31(st) March 2017
-- The combination of stronger sales growth together with additional cost savings is expected to be offset by comparison against the 2016/17 US post-retirement medical benefit credit and by higher non-cash pension charges in 2017/18
In the same announcement Johnson Matthey gave the following guidance for foreign exchange:
-- At current exchange rates (GBP:$ 1.289; GBP:Euro 1.149; GBP:RMB 8.84) translational foreign exchange movements are expected to increase revenue by GBP133 million, sales by GBP66 million and operating profit by GBP13 million in the year ending 31(st) March 2018
There has been no material change to this guidance.
Capital markets day
Johnson Matthey will hold a capital markets day in London on 21(st) September 2017. Further details will follow shortly.
Enquiries:
Hot Features
Premium
Investor Relations Head of Investor Relations 020 7269 8235
Simon McGough Head of Investor Relations 020 7269 8426
Investor Relations
Sarah Armstrong Analyst 020 7269 8444
Katharine Burrow
Director of Corporate
Media Relations 020 7269 8407
Sally Jones Tulchan Communications 020 7353 4200
David Allchurch/Latika
Shah
www.matthey.com
Group Structure
Restatement of results for the half year ended
30th September 2016
Reported Restated Movements
GBPm GBPm
Sales excluding precious
metals
Emission Control
Technologies 1,054 Clean Air 1,054
Excludes medical
components sales of
GBP29m
and GBP5m of
Efficient Natural intra-sector sales
Process Technologies 265 Resources 420 (note 1)
Precious Metal
Products 189
Excludes catalysis
and chiral
technologies
Fine Chemicals 133 Health 110 (CCT) sales of GBP23m
Includes medical
components and CCT
sales
and GBP4m of
inter-sector sales
New Businesses 88 New Markets 144 (note 2)
Eliminations (53) Eliminations (52)
Total 1,676 Total 1,676
--------------------- ---------------------
Underlying operating
profit
Emission Control
Technologies 151.9 Clean Air 151.9
Excludes medical
components operating
Efficient Natural profit
Process Technologies 39.3 Resources 73.4 of GBP6.8m
Precious Metal
Products 40.9
Excludes CCT
operating profit of
Fine Chemicals 26.9 Health 20.7 GBP6.2m
Includes medical
components and CCT
operating
New Businesses (8.5) New Markets 4.5 profit
Corporate (14.4) Corporate (14.4)
Total 236.1 Total 236.1
--------------------- ---------------------
Restatement of results for the year ended
31st March 2017
Reported Restated Movements
GBPm GBPm
Sales excluding precious
metals
Emission Control
Technologies 2,224 Clean Air 2,224
Excludes medical
components sales of
GBP61m
and GBP10m of
Efficient Natural intra-sector sales
Process Technologies 587 Resources 919 (note 1)
Precious Metal
Products 403
Excludes catalysis and
chiral technologies
Fine Chemicals 284 Health 236 (CCT) sales of GBP48m
191 308 Includes medical
components and CCT
sales
and GBP8m of
inter-sector sales
New Businesses New Markets (note 2)
Eliminations (111) Eliminations (109)
Total 3,578 Total 3,578
--------------------- ---------------------
Underlying operating
profit
Emission Control
Technologies 318.2 Clean Air 318.2
Excludes medical
components operating
Efficient Natural profit
Process Technologies 90.4 Resources 163.0 of GBP13.8m
Precious Metal
Products 86.4
Excludes CCT operating
Fine Chemicals 64.5 Health 51.7 profit of GBP12.8m
Includes medical
components and CCT
operating
New Businesses (14.4) New Markets 12.2 profit
Corporate (31.8) Corporate (31.8)
Total 513.3 Total 513.3
--------------------- ---------------------
Notes
1. Sales between Process Technologies and
Precious Metal Product divisions
2. Medical component and CCT sales previously within
Precious Metal Product and Fine Chemicals divisions
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGMOKODKOBKDBOB
(END) Dow Jones Newswires
July 28, 2017 02:00 ET (06:00 GMT)
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