Catalytic Converter maker Johnson Matthey says 2010 results will be better than expected

Johnson Matthey - Profit For The Year Will Top Forecasts

Johnson Matthey – Profit For The Year Will Top Forecasts

The world’s biggest supplier of catalytic converters – Johnson Matthey said today that its full year earning will top its previous forecast, after third quarter profits rose by a third.

In a statement issued today, the platinum refiner and specialty chemical company said that its pretax profit in the October-December quarter rose by 34 percent over the same period last year, helped partly by higher price of precious metals.

“The group’s performance in the third quarter was strong as demand in our key markets remained robust,” the company said in a statement. “The group’s trading is expected to remain strong for the remainder of the year and underlying performance for the full year is therefore expected to be slightly ahead of our previous expectations”, the statement said.

The company’s fine chemicals business delivered a small growth, while the environmental technologies business group showed a profit growth of 14 percent, and the precious metals division’s operating profit grew by nearly a whopping 66 percent, the statement said.

The share price of the company had fallen by nearly 5 percent last month and at current price of 1,988p a share, the company is valued at nearly £4 billion.

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