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Johnson Matthey 6-month Profit Plunges On Lower Demand In Clean Air

Johnson Matthey plc (JMAT.L) reported profit before tax of £26 million for the 6-month period ended September 30, 2020, compared to £225 million last year, hit by lower demand in Clean Air and major impairment and restructuring charges of £78 million.

Underlying profit before tax declined 53% to £109 million from £231 million in the prior year period, primarily affected by Clean Air.

On a per share basis, reported earnings plunged 87% to 12.3 pence from 91.8 pence reported in the same period last year, reflecting lower reported operating profit and higher net finance charges. Underlying earnings decreased 50% to 47.7p per share from 95.8p per share in the previous year.

Revenue for the period improved 2% £6.98 billion from £6.82 billion generated a year ago, driven by higher average precious metal prices.

Underlying sales declined 20%, primarily driven by weaker demand in Clean Air. Sales in Efficient Natural Resources and New Markets also declined whilst Health grew.

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