Johnson Matthey 1Q Sales Excluding Precious Metals Up 32%

21st Jul 2010 07:10

LONDON (Dow Jones)--Johnson Matthey PLC (JMAT.LN), an advanced materials technology group, said Wednesday it has made a good start to the financial year with first quarter sales excluding precious metals 32% ahead of the same period last year and slightly up on those in the fourth quarter of fiscal 2010. MAIN FACTS: -First quarter benefiting from a continuation of the positive trends seen in its major markets during the second half of FY10. -In the three months to June 30 underlying profit before tax was 47% ahead of the first quarter of last year and in line with that in the previous three months. -The group's financial position remains strong. -The second quarter will also be significantly stronger than the same period last year. -However, Co. expects that 2Q results will be lower than those in the first quarter due to normal seasonal factors, an expected end to recent stock building by the car companies and the potential impact on consumer confidence of economic uncertainty, particularly in Europe. -Outlook for the second half of the year still remains harder to predict but, if demand remains at current levels full year results will be well ahead of last year. -Shares closed Tuesday at 1600 pence. -By Tommy Stubbington, Dow Jones Newswires; 44-20-7842-9268; [email protected] (END) Dow Jones Newswires July 21, 2010 02:10 ET (06:10 GMT)