Johnson Matthey FY Profit Surges

Johnson Matthey PLC (ADR) JMPLY reported a gain in its profit for the year-ended March 31. Johnson Matthey's net profit for the fiscal year surged to 427.3 million pounds ($651.8 million), versus a year-ago profit of GBP338.7 million. Its profit before tax rose 22 percent to 495.8 million pounds from 406.6 million pounds. Underlying profit before tax gained 3 percent to 440.1 million pounds from 427.3 million pounds, while underlying EPS climbed 6 percent to 180.6 pence. Its revenue declined to GBP10.06 billion from GBP11.16 billion. The company's board recommended a final dividend of 49.5 pence per share. Underlying operating profit at its Emission Control Technologies division rose 21 percent, while underlying operating profit at its Precious Metal Products' business declined 21 percent. Robert MacLeod, Chief Executive said, "In 2015/16, Johnson Matthey's continuing businesses are expected to deliver good underlying growth. A strong performance in Emission Control Technologies and good progress in Fine Chemicals is likely to be partially offset by a weaker year for Precious Metal Products." Johnson Matthey shares gained 2.37 percent to close at $108.20 yesterday.