Half Yearly Report

RNS Number : 6990W

Johnson Matthey PLC

24 November 2010

For release at 7.00 am Wednesday 24^th November 2010

Half year results for the six months ended
30^th September 2010

Summary Results

	Half Year to 30^th September		%
	2010	2009	change

Revenue	£4,562m	£3,577m	+28%
Sales excluding precious metals	£1,104m	£883m	+25%
Profit before tax	£144.1m	£109.5m	+32%
Total earnings per share	49.2p	37.4p	+32%
Underlying*:
Profit before tax	£164.3m	£114.4m	+44%
Earnings per share	56.3p	39.1p	+44%
Dividend per share	12.5p	11.1p	+13%

*before amortisation of acquired intangibles, major impairment and restructuring charges and profit or loss on disposal of businesses

Johnson Matthey performed well in the first half with:

· Revenue up 28% at £4.6 billion

· Sales excluding precious metals (sales) 25% ahead at £1.1 billion

· Underlying profit before tax and earnings per share ahead of growth in sales, both up 44%

· Balance sheet remains strong with net debt of £525.9 million and net debt (including post tax pension deficit) to EBITDA of 1.5

· Interim dividend up 13% to 12.5p, reflecting continued confidence in the group's long term prospects

Business Overview:

· Environmental Technologies Division performed well with sales and underlying operating profit up 29% and 41% respectively

· Emission Control Technologies' sales grew by 29% with good growth in both light duty and heavy duty diesel catalysts across all regions

· Further good growth in Process Technologies with sales up 25% driven principally by demand for methanol catalysts and continued good performance from Davy Process Technology

· Precious Metal Products Division saw good growth in all of its manufacturing businesses as their global markets recovered and also benefited from higher platinum group metal prices. Its sales were up by 25% and underlying operating profit was 65% ahead

· Fine Chemicals Division had a good first half with sales increasing by 8% and underlying operating profit, excluding the one-off benefit from the launch of the generic version of ADDERALL XR^®, up by 25%

Commenting on the results, Neil Carson, Chief Executive of Johnson Matthey said:

"Johnson Matthey performed well in the first half, a significant improvement on the results achieved in the comparable period last year. The group benefited from improved economic conditions and management actions taken within the business during the downturn. Underlying profit before tax of £164.3 million was 44% higher than that in the first half of last year and represents a record performance for the group.

The outlook for the second half of the year for the group is good and we expect that the results will be broadly in line with those of the first half."

Enquiries:

Ian Godwin	Director, IR and Corporate Communications	020 7269 8410
Robert MacLeod	Group Finance Director	020 7269 8484
Howard Lee	The HeadLand Consultancy	020 7367 5225
Tom Gough	The HeadLand Consultancy	020 7367 5228
www.matthey.com

Review of Results

Johnson Matthey performed well in the first half of 2010/11 benefiting from good growth in most of its markets, especially catalysts for light duty vehicles in North America and Asia and a steady recovery in catalysts for heavy duty diesel. The increased demand for our products was reflected in stronger platinum group metal prices which also benefited the group.

The group's revenue increased by 28% to £4.6 billion, as a result of increased levels of activity in all of its major markets and higher precious metal prices. Sales excluding the value of precious metals (sales) were up by 25% to £1.1 billion, with Environmental Technologies 29% ahead and Precious Metal Products 25% up on the first half of last year. Fine Chemicals' sales were up 8%. At constant exchange rates, sales for the group grew by 22%.

Underlying operating profit (before amortisation of acquired intangibles, major impairment and restructuring charges) increased by 40% to £174.0 million with all of our divisions benefiting from much higher levels of activity than in the first half of last year. At constant exchange rates, underlying operating profit was up by 37%. The group's underlying return on sales increased to 15.8% from 14.0% in the same period last year as the group benefited from the improved economic conditions and management actions to reduce costs taken during the downturn.

The group's net finance costs reduced by £0.5 million to £9.7 million mainly due to the effect of lower interest rates. Underlying profit before tax (before amortisation of acquired intangibles, major impairment and restructuring charges and profit or loss on disposal of businesses) was 44% higher at £164.3 million. Profit before tax increased by 32% to £144.1 million.

Total basic earnings per share grew by 32% to 49.2 pence. Underlying earnings per share increased by 44% to 56.3 pence.

Dividend

The interim dividend has been increased by 13% to 12.5 pence. This increase is in line with our long term policy of growing dividends in line with earnings, while at the same time rebuilding dividend cover, which declined last year to 2.2 times, to about two and a half times.

Operations

Environmental Technologies

Half Year to 30^th September				%
	2010	2009	%	at constant
	£ million	£ million	change	rates
Revenue	1,261	919	+37	+34
Sales excl. precious metals	724	564	+29	+26
Underlying operating profit Return on sales (ex pms)	76.6 10.6%	54.5 9.7%	+41	+37

Environmental Technologies Division, which comprises our Emission Control Technologies (ECT), Process Technologies and Fuel Cells businesses, performed well in the first half benefiting from continued recovery in automotive markets and a good performance from Process Technologies. The division's revenue was up 37% to £1,261 million. Its sales were 29% ahead at £724 million and underlying operating profit was 41% up at £76.6 million.

Emission Control Technologies' sales grew by 29% to £567 million. This reflects good volume growth in both our light duty and heavy duty diesel (HDD) catalyst businesses worldwide. Despite the ramp up of production at our new facilities in Smithfield, USA and Macedonia, ECT's return on sales saw continued improvement in the first half.

In the six months to 30^th September 2010, global light duty vehicle sales were 8.9% higher than those in the first half of last year. Vehicle sales in North America were 7.4% ahead. In Europe, sovereign debt issues undoubtedly had an effect on consumer confidence in many of its vehicle markets. However, with fleet buyers returning to the market and an increase in the proportion of larger vehicles being purchased, vehicle sales in Europe were only 3.2% down on the first half of 2009/10. Sales of diesel powered cars grew more rapidly than those of petrol vehicles and represented 52% of Western European light duty vehicle sales in the first half. This reversed the trend seen in 2009/10 where government scrappage schemes encouraged the sale of smaller engined vehicles, where the economic benefits of diesel are less attractive. Light duty vehicle sales in Asia during the period were 19% up on the first half of last year with continued strong growth in China and India, up 18% and 33% respectively, and a good recovery in Japan, where sales were 17% ahead of the first half of last year.

Global light duty vehicle production was 20.6% up in our first half, with all regions strongly ahead of the same period last year. Global vehicle production in the first half was ahead of global sales as there was a modest element of restocking as economies emerged from recession. In North America, production was 46.3% up and in Europe it was 10.5% ahead, partly assisted by strong exports ofpremium vehicles to Asia, particularly China. Production in Asia was 22.1% up on the first half of last year with continued strong growth in China and India, up 19% and 33% respectively. Production was also well ahead of the first half of last year in Japan and Korea, both 20% up, benefiting from recovery of demand in their key export markets in North America and Europe.

Estimated Light Duty Vehicle Sales and Production

		Half Year to 30^th September
		2010 millions		2009 millions	Change
North America Europe Asia Global	Sales Production Sales Production Sales Production Sales Production		7.3 6.0 9.1 9.5 14.4 17.7 35.5 36.3	6.8 4.1 9.4 8.6 12.1 14.5 32.6 30.1	+7.4% +46.3% -3.2% +10.5% +19.0% +22.1% +8.9% +20.6%
Source: IHS Global Insight

Sales in our light duty emission control catalyst business were up 22% in the first half at £419 million, benefiting from good growth in vehicle production during the period, and in line with sales in the second half of last year. These represented 74% of ECT's sales. Sales in Europe of £256 million, some 61% of light duty catalyst sales, were up 12%, ahead of growth in vehicle production as sales of filters grew disproportionately reflecting increased fitment and diesel taking a higher share of total vehicles produced. Sales inNorth America were up by 41% at £84 million, slightly lower than growth in vehicle production in the region due to a change in our customer mix. Sales in Asia were up 45% at £79 million as our sales throughout the region continued to grow strongly and we improved our market share.

On 30^th September 2010, our new, highly efficient emission control catalyst manufacturing facility in Skopje, Macedonia manufactured its millionth catalyst, having commenced shipments less than a year earlier. We are making good progress with ramping up production at this new facility and it is currently operating at close to 50% of its initial design capacity.

Quotas imposed by the Chinese Government on exports of rare earth materials in recent months have resulted in significant increases in their prices as China has been the dominant producer since the 1990s. Certain rare earth oxides are used in three way gasoline catalysts, chiefly for oxygen storage. While significant amounts of these materials are used by the autocatalyst industry, their use is comparatively low compared with other industrial applications of rare earths. We are having no difficulty in obtaining supplies of these materials but there has been some impact on our costs. With further restrictions on Chinese exports expected next year, prices are likely to continue to rise. We are mitigating the situation by working on thrifting and substitution of these materials in our latest products.

Our HDD catalyst business also had a good first half compared with the same period in 2009/10 when the business was severely impacted by recession. Sales of HDD vehicles are historically more volatile than those of light duty vehicles as haulage and construction companies respond more rapidly to changes in the economic environment and adjust levels of investment accordingly. Our unit sales of HDD catalysts in the first half were almost double those in the same period last year. Growth was particularly strong in North America where the much tighter US 2010 HDD emission standards came into force at the beginning of this year requiring the use of more catalysts per vehicle. Sales for our HDD catalyst business grew by 72% in the first half to £128 million, of which £41 million was in Europe and £83 million was in North America. In the first half of last year, our HDD business was loss making but in the first half of this year it generated a modest profit benefiting from the expected operational leverage as its markets began to recover.

Estimated HDD Truck Sales and Production

		Half Year to 30^th September
		2010 thousands		2009 thousands	Change
North America EU	Sales Production Sales Production		137.6 132.4 110.5 151.1	117.2 105.9 104.9 89.6	+17.4% +25.0% +5.3% +68.6%
Source: JD Power

Currently we maintain a greater than 65% share of the HDD catalyst market and are in a strong position to benefit from continued recovery in HDD vehicle production and sales. The market for HDD catalysts is expected to show substantial growth over the next decade driven by tightening legislation in the developed markets of North America, Europe and Japan, the spread of legislation to developing markets, such as China, India and Brazil, and legislation covering non-road vehicles in Europe and North America which starts to be phased in from next year. It is still our expectation that the market for HDD catalysts will grow from around US $600 million today to about US $2.5 billion in sales excluding the value of precious metals by the end of our 2014/15 financial year.

Our Stationary Emissions Control (SEC) business, which manufactures catalysts and systems for reducing emissions in a wide range of applications including power generation, industrial processes and marine applications, had a difficult first half. It continues to be impacted by the deferral of major projects, particularly in the US and Europe, and by price competition. As a result the business made a small operating loss in the period. Its Powerplants business, which manufactures catalysts used to reduce emissions of oxides of nitrogen (NOx) from power stations, commissioned and opened its new manufacturing facility in Shanghai during the first half and has shipped its first orders of catalysts to coal fired power stations in China.

Process Technologies' sales were 25% ahead of those in the first half of the last financial year at £153 million. The first half has seen continued improvement in the business' major markets, some of which were impacted in the first half of last year by delays in projects due to the recession.

The Ammonia, Methanol, Oil and Gas (AMOG) business has had a good first half with sales 28% up on prior year at £86 million. It has seen particularly good demand for its methanol catalysts, especially in China where a number of new methanol plants using technology licensed by Davy Process Technology are coming on stream. One of these is the Shenhua Baotou methanol plant near Baotou City, Inner Mongolia which recently started production. This is currently the largest methanol plant in the world and uses coal feed gas. Demand for ammonia catalysts has also been strong, particularly in the Middle East where there has been continued expansion of ammonia production capacity to meet demand for fertiliser manufacturing. Sales of catalysts to generate hydrogen, primarily used in oil refineries to remove sulphur and to improve the quality of gasoline and diesel, were also ahead of those in the first half of last year as demand for transportation fuels and other refinery products began to recover from the recession.

The first half also saw the first commercial sales of Apico, our new patented methanol synthesis catalyst, which delivers a number of substantial performance benefits to customers. These included sales to a world scale methanol production plant in the Middle East.

Davy Process Technology, which develops and licenses chemical processes, had a strong first half with good licensing income, particularly from the substantial flow of projects won in China over the last few years. During the first six months of 2010/11 we have agreed two new licensing contracts in China, a further substitute natural gas (SNG) plant and a speciality chemicals plant for Sinopec Yizheng Fibres. A third licence was agreed for a natural detergent alcohols (NDA) plant in Indonesia.

During the first half we announced that, following consultation with employees on the future of our Vertec business which has been loss making for several years, subject to regulatory clearance we had agreed to sell the business' order book to Dorf Ketal Chemicals AG, a subsidiary of Dorf Ketal Chemicals (India) Pvt Limited for £4.6 million. As a consequence, our Haverton manufacturing site would close on 31^st March 2011. On 19^th November the Office of Fair Trading announced that it proposed to refer the transaction to the UK Competition Commission for further review. As a result we have terminated our agreement with Dorf Ketal and will now begin a structured closure of the Haverton site, which should be completed by the end of the financial year. The closure of the site gives rise to a loss of £15.8 million.

At the beginning of October we announced that we had agreed to acquire Intercat, Inc. and its subsidiaries from its private stockholders for approximately £34 million in cash plus acquired debt of approximately £20 million. Intercat is a leading supplier of fluid catalytic cracking (FCC) additives and addition systems, specialising in the development, manufacture, sale and technical support of both additives and addition systems for the refinery industry. This acquisition will strengthen Johnson Matthey's position in the refinery catalysts sector, which continues to grow strongly driven by increasing demand for transportation fuels, the technical requirements resulting from the use of dirtier feedstocks and tightening environmental legislation. The acquisition of Intercat was completed on 1^st November.

Precious Metal Products

Half Year to 30^th September				%
	2010	2009	%	at constant
	£ million	£ million	change	rates
Revenue	3,175	2,544	+25	+22
Sales excl. precious metals	258	206	+25	+22
Underlying operating profit Return on sales (ex pms)	81.2 31.5%	49.2 23.9%	+65	+63

Precious Metal Products Division's revenue increased by 25% to £3,175 million. Precious metal prices were significantly higher than in the same period last year when they were affected by the global recession. Sales also increased by 25% to £258 million, with good growth across all of the division's businesses. Operating profit was 65% ahead of the first half of last year at £81.2 million.

The division's Platinum Marketing and Distribution business achieved good growth, with sales up 40%, broadly in line with the improvement in platinum group metal (pgm) prices.

The platinum market is forecast to be in a small surplus in calendar year 2010, with recovering industrial demand largely offset by increased recycling, whilst mine production remained relatively flat. In this environment, supply-demand fundamentals were of secondary importance to the activity of investors who reacted to other events such as the soaring gold price, sovereign debt issues and the strength of the US dollar. The average price of platinum in the first half was $1,595/oz, up 32% compared to the same period last year.

The palladium market is expected to be close to balance in 2010, a significant change in the market after many years of substantial surpluses. Net demand is forecast to increase by 12% supported by strong automotive and industrial demand. The strong car market in China is particularly supportive of palladium demand as it is dominated by gasoline engines that use palladium based emission control catalysts. Industrial consumption has benefited from the modest recovery of global demand for consumer products, particularly in the electronics sector where palladium is a key component. Supply is expected to remain almost flat, with Russia continuing to sell significant quantities of palladium from state stocks. The price of palladium has responded to these favourable market fundamentals, averaging $497/oz for the first half of the financial year, up 95% compared to the same period last year.

The rhodium market is anticipated to be in modest surplus in 2010 as demand from the automobile industry has increased. Rhodium supply from mine sources is expected to fall, which has helped to tighten the market. Although the average rhodium price has increased by 63% to $2,460/oz compared to the same period last year, the market has not seen the volatility which took the price over $10,000/oz in 2008.

The division's fabrication business, Noble Metals, grew its sales by 20% benefiting from strong industrial demand for its products. Sales to the agrochemical sector, for products used in the production of nitric acid for fertilisers which account for about 20% of Noble Metals' sales, showed good growth as did sales to the medical components industry which represent approximately a third of sales. Noble Metals' results also benefited from the acquisition of the fabricated products business of our Australian partnership, AGR Matthey, on the dissolution of that partnership in March 2010. Colour Technologies' sales were also well ahead of the same period last year, up 19%, reflecting strong automotive demand. Automotive products account for over 40% of Colour Technologies' sales. Sales of decorative enamels were also robust. Overall, operating profit for the division's manufacturing businesses was significantly higher than in the first half of last year.

The performance of our Pgm Refining and Recycling business is affected by metal prices. When metal prices are high, intakes and refining margins increase as customers seek to recover metal that is in demand; the reverse is true when metal prices fall. Our Pgm Refining and Recycling business performed well in the first half of this year, with sales up 35% to £27 million, as the higher pgm prices seen in the first half boosted intakes, continuing the upward trend that commenced in the second half of 2009/10. Material from autocatalyst scrap continues to be a major part of our refining intake and while car scrappage schemes around the world have now largely come to an end, intakes of this material have remained strong.

For the division's gold refineries based in North America, the continued rise in gold and silver prices (up 29% and 32% respectively over those in the first half of last year) has meant that sales have continued to grow, up by 30% to £21 million, with good growth both from primary (mining) refining customers and from the secondary (jewellery scrap) refining market. A number of new gold and silver mines are scheduled to come on stream over the next five years which will support future growth of our business. Operating profit for all our precious metal refineries was well ahead of that in the first half of last year and initiatives are underway to improve plant efficiency and to make their performance more robust in the face of changes in metal prices.

Our Catalysts and Chemicals business manufactures precious and base metal catalysts and chemicals for a wide range of customers across many industries including automotive, chemical and pharmaceutical. During the first half, with growth in many of its end use markets, sales grew by 15% to £67 million and operating profit was substantially higher than the equivalent period of last year. This growth has been helped, in part, by restocking by some of our customers.

Fine Chemicals

Half Year to 30^th September				%
	2010	2009	%	at constant
	£ million	£ million	change	rates
Revenue	126	114	+10	+8
Sales excl. precious metals	122	113	+8	+5
Underlying operating profit Return on sales (ex pms)	28.8 23.7%	30.7 27.2%	-6	-9

Fine Chemicals Division had a good first half with revenue increasing by 10% to £126 million. Its sales were up 8% at £122 million and underlying operating profit, if the one-off benefit in the first half of 2009/10 of US $12 million from the launch of the generic version of ADDERALL XR^®is excluded, was 25% higher than last year. lf that one-off benefit is included in last year's comparator, underlying operating profit was 6% lower at £28.8 million.

Our active pharmaceutical ingredients (APIs) manufacturing businesses, Macfarlan Smith in the UK and Pharmaceutical Materials and Services in the USA, had a good first half with sales of £88 million, 5% up on the first half of last year. Operating profit was strongly ahead if the one-off benefit of the launch of ADDERALL XR^® in the first half of last year is excluded.

Growth at Macfarlan Smith was led by sales of bulk opiates and other controlled APIs. Pharmaceutical Materials and Services' strong performance was mainly due to continued good growth in sales of specialist opiates, amphetamines and platinum anticancer APIs. At the beginning of November, the business acquired a dedicated APIs manufacturing facility in Conshohocken, Pennsylvania, USA together with certain ongoing businesses, near its facility in West Deptford, New Jersey, from Lonza Inc. This facility will provide additional capacity and greater flexibility to continue to grow our North American controlled substances business.

Research Chemicals, which supplies speciality inorganic and organic chemicals to research institutes and other customers through a global catalogue, also had a good first half with sales up 15% to £34 million. Operating profit was also well ahead of last year.

Finance

Exchange Rates

The main impact of exchange rates on the group's results comes from the translation of foreign subsidiaries' profits into sterling.

Around a quarter of the group's underlying operating profit is made in North America, mainly in the USA. The average rate for the US dollar for the six months to 30^th September 2010 was $1.52/£ compared with $1.60/£ for the same period last year. This increased reported underlying operating profit by £1.5 million. A further 15% of the group's underlying operating profit comes from euro based countries. The euro was slightly weaker in the period averaging €1.19/£ compared with €1.14/£ in the first half of 2009 and this decreased the group's underlying operating profit by £0.5 million.

Interest

The group's net finance cost for the six months to 30^th September 2010 decreased slightly from £10.2 million to £9.7 million as a result of lower average interest rates during the period.

Taxation

The group's underlying tax charge increased by £11.6 million to £43.6 million. This is equivalent to an underlying tax rate for the year of 26.5%, down from 28.0% last year. This decrease in tax rate is primarily due to the reduction of 1% in UK corporate tax rates enacted this year and a further increase in the proportion of profits from lower tax countries.

Cash Flow

In the six months to 30^th September 2010, the group generated a net cash flow from operating activities of £47.7 million compared with £77.6 million in the first half of last year. This reduction was due to a further increase in working capital as the businesses grew strongly and higher tax payments. We continue to focus upon working capital management and the group's working capital days, excluding the component that relates to precious metals, reduced from 57 days at the start of the year to 55 days at 30^th September 2010. Working capital in respect of precious metal increased by £121.5 million due to increased activity and higher precious metal prices.

The cash outflow on capital expenditure was £56.9 million, which represents 0.9 times depreciation. Capital expenditure in the second half of the year is expected to increase as we invest in our manufacturing and R&D facilities, particularly in China and India. Nevertheless, we still expect that the ratio of capital expenditure to depreciation for the year as a whole will not exceed 1.2 times.

The group's free cash outflow (i.e. net cash inflow from operating activities less net purchases of non-current assets and investments and net interest paid) was £18.9 million compared with an outflow of £1.0 million in the same period last year. The cost of last year's final dividend payment was £59.4 million.

After taking account of the impact of exchange translation on foreign currency borrowings, net debt increased since the year end by £52.5 million to £525.9 million. The group's net debt (including the group's post tax pension deficit) to EBITDA for the last 12 months at 30^th September 2010 was 1.5 times compared to 1.6 times at 31^st March 2010.

Pensions

Despite the closure of the final salary section of the group's UK defined benefit pension scheme with effect from 1^st April 2010, the total pension charge for the period increased by £2.4 million to £15.7 million.

In order to reduce the UK pension scheme's actuarial deficit, which was estimated to be approximately £173.4 million as at 1^st April 2009, the company contributed £11.6 million in the period, the first tranche under the agreed funding plan. This plan requires the company to contribute £23.1 million each year for the next ten years.

Going Concern

The directors have assessed the future funding requirements of the group and are of the opinion that the group has adequate resources to fund its operations for the foreseeable future. Therefore they believe that it is appropriate to prepare the accounts on a going concern basis.

Outlook

The results for the group for the six months to 30^th September 2010 were good, driven by the continued economic recovery in our developed markets and further growth in emerging markets, particularly China. On a like-for-like basis, the group also benefited from reasonably easy comparatives due to the difficult external economic environment faced in the same period last year. The outlook for the second half of the year for the group is good and we expect that performance will be broadly in line with that of the first half, although the comparatives will be tougher as vehicle sales in the second half of last year benefited from government incentive schemes, particularly in Europe.

Environmental Technologies Division's performance in the second half of this year is currently expected to be ahead of the same period last year and broadly in line with the first half of this year. Global light duty vehicle demand remains stable but short term visibility continues to be limited. In the second half of the year we currently anticipate that vehicle demand in Europe will continue the slight downward trend seen in the first half, but this is expected to be balanced by growth in the emerging markets, particularly China. Heavy duty diesel vehicle sales in Europe and North America have improved over the last six months, but the dramatic recovery expected by some external commentators has yet to materialise. Whilst there are signs that point to an upcoming strong recovery in demand in North America, it is still difficult to predict when this pick up in demand will occur. We currently expect a gradual improvement in sales to continue throughout the second half of the year. Process Technologies is positioned for further growth in the second half of this year and will benefit from the inclusion of the newly acquired Intercat business. The order book continues to strengthen with demand for methanol catalysts and for refinery based catalysts, as demand for petroleum products has improved.

In the last few months, pgm prices have increased driven by continued investor activity and the steady improvement in industrial demand. Since 1^st October 2010, the price of platinum has averaged around $1,700/oz and if this price is maintained profit from our Platinum Marketing and Distribution business in the second half of the year is likely to be slightly ahead of the first half. Our manufacturing, refining and catalysts and chemicals businesses are performing well and this is expected to continue throughout the rest of the year. At current pgm prices, therefore, results for Precious Metal Products Division are expected to be slightly ahead of the first half.

Fine Chemicals Division continues to perform well but it will be impacted in the second half of the year by delays to customers' launch of new products. For the full year, the results for the division are, however, still expected to exceed last year's even if the one-off benefit associated with the launch of ADDERALL XR^® received in 2009/10 is included.

Risks and Uncertainties

The principal risks and uncertainties to which the group is exposed are unchanged from those identified in our 2010 Annual Report. The principal risks and uncertainties, together with the group's strategies to manage them, are set out on pages 26 and 27 of the Annual Report and cover the following areas:

· Technological change and patents

· Legislation

· Global, political and economic conditions

· Environment, health and safety

· Commercial relationships

· Foreign exchange

· Precious metal prices and controls

· Pensions

· Customer market dynamics

· Competitor risk

· Litigation and investigations

· Credit risk

Responsibility Statement of the Directors in respect of the Half-Yearly Report

The Half-Yearly Report is the responsibility of the directors. Each of the directors as at the date of this responsibility statement, whose names and functions are indicated below, confirms that to the best of their knowledge:

a) the condensed consolidated accounts have been prepared in accordance with International Accounting Standard (IAS) 34 - 'Interim Financial Reporting';

b) the interim management report included in the Half-Yearly Report on pages 3 to 15 includes a fair review of the information required by DTR 4.2.7 R of the United Kingdom Listing Authority Disclosure Rules and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year, and their impact on the condensed consolidated accounts; and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

c) the interim management report (note 10 on page 26) included in the Half-Yearly Report includes a fair review of the information required by DTR 4.2.8 R of theUnited Kingdom Listing Authority Disclosure Rules and Transparency Rules, being disclosure of related parties transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or the performance of the company during that period; and any changes in the related parties transactions described in the last annual report that could have a material effect on the financial position or performance of the company in the first six months of the current financial year.

The names and functions of the directors of Johnson Matthey Plc are as follows:

Sir John Banham	Chairman
N A P Carson	Chief Executive
Sir Thomas Harris	Non-executive Director
R J MacLeod	Group Finance Director
L C Pentz	Executive Director, Environmental Technologies
M J Roney	Non-executive Director
W F Sandford	Executive Director, Precious Metal Products
D C Thompson	Non-executive Director
A M Thomson	Non-executive Director, Senior Independent Director and Chairman of the Audit Committee
R J W Walvis	Non-executive Director, Chairman of the Management Development and Remuneration Committee

This responsibility statement was approved by the Board of Directors on 23^rd November 2010 and is signed on its behalf by:

Sir John Banham

Chairman

INDEPENDENT REVIEW REPORT
to Johnson Matthey Plc


Introduction
We have been engaged by the company to review the condensed consolidated accounts in the Half-Yearly Report for the six
months ended 30^th September 2010 which comprise the Condensed Consolidated Income Statement, the Condensed
Consolidated Statement of Total Comprehensive Income, the Condensed Consolidated Balance Sheet, the Condensed
Consolidated Cash Flow Statement, the Condensed Consolidated Statement of Changes in Equity and the related
explanatory notes. We have read the other information contained in the Half-Yearly Report and considered whether it
contains any apparent misstatements or material inconsistencies with the information in the condensed consolidated
accounts.

This report is made solely to the company in accordance with the terms of our engagement to assist the company in meeting
the requirements of the Disclosure and Transparency Rules (DTR) of the UK's Financial Services Authority (UK FSA).
Our review has been undertaken so that we might state to the company those matters we are required to state to it in this
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the company for our review work, for this report, or for the conclusions we have reached.

Directors' responsibilities
The Half-Yearly Report is the responsibility of, and has been approved by, the directors. The directors are responsible for
preparing the Half-Yearly Report in accordance with the DTR of the UK FSA.

The annual accounts of the group are prepared in accordance with International Financial Reporting Standards as
adopted by the European Union (EU). The condensed consolidated accounts included in this Half-Yearly Report have been
prepared in accordance with IAS 34 - 'Interim Financial Reporting' as adopted by the EU.

Our responsibility
Our responsibility is to express to the company a conclusion on the condensed consolidated accounts in the Half-Yearly
Report based on our review.

Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 -
'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices
Board for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit performed in accordance with International Standards on Auditing (UK and
Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated accounts
in the Half-Yearly Report for the six months ended 30^th September 2010 are not prepared, in all material respects, in
accordance with IAS 34 as adopted by the EU and the DTR of the UK FSA.


D V Matthews
for and on behalf of KPMG Audit Plc
Chartered Accountants
15 Canada Square, London
23^rd November 2010

CONDENSED CONSOLIDATED INCOME STATEMENT
for the six months ended 30^th September 2010

				Six months ended		Year ended
				30.9.10	30.9.09	31.3.10
			Notes	£ million	£ million	£ million


Revenue			2	4,562.3	3,576.6	7,839.4
Cost of sales				(4,255.9)	(3,343.1)	(7,325.4)
Gross profit				306.4	233.5	514.0
Operating expenses				(132.4)	(109.6)	(242.2)
Major impairment and restructuring charges			4	(15.8)	-	(11.3)
Amortisation of acquired intangibles			5	(4.5)	(4.9)	(9.9)
Operating profit			2,3	153.7	119.0	250.6
Finance costs				(16.2)	(18.6)	(30.5)
Finance income				6.5	8.4	11.1
Share of profit of associate				-	0.7	1.7
Dissolution of associate			10	0.1	-	(4.4)
Profit before tax				144.1	109.5	228.5
Income tax expense				(38.6)	(30.7)	(64.3)
Profit for the period				105.5	78.8	164.2

Attributable to:
Owners of the parent company				104.7	79.0	164.2
Non-controlling interests				0.8	(0.2)	-
				105.5	78.8	164.2

				pence	pence	pence


Earnings per ordinary share attributable to the equity holders of the parent company
	Continuing operations
		Basic	6	49.2	37.4	77.6
		Diluted	6	48.9	37.3	77.3

	Total
		Basic	6	49.2	37.4	77.6
		Diluted	6	48.9	37.3	77.3

CONDENSED CONSOLIDATED STATEMENT OF TOTAL COMPREHENSIVE INCOME
for the six months ended 30^th September 2010

				Six months ended		Year ended
				30.9.10	30.9.09	31.3.10
				£ million	£ million	£ million


Profit for the period				105.5	78.8	164.2
Other comprehensive income:
	Currency translation differences			(21.7)	(27.2)	(5.7)
	Cash flow hedges			8.4	19.5	27.0
	Fair value gains on net investment hedges			10.4	27.2	32.8
	Actuarial loss on post-employment benefits assets and liabilities			-	-	(124.6)
	Share of other comprehensive income of associate			-	0.2	0.2
	Tax on above items taken directly to or transferred from equity			(4.8)	(0.4)	34.1
Other comprehensive (expense) / income for the period				(7.7)	19.3	(36.2)
Total comprehensive income for the period				97.8	98.1	128.0

Attributable to:
Owners of the parent company				97.1	98.4	127.9
Non-controlling interests				0.7	(0.3)	0.1
				97.8	98.1	128.0

CONDENSED CONSOLIDATED BALANCE SHEET
as at 30^th September 2010

		30.9.10	30.9.09	31.3.10
	Notes	£ million	£ million	£ million


Assets
Non-current assets
Property, plant and equipment		893.7	913.4	921.6
Goodwill		507.9	507.8	513.8
Other intangible assets		128.2	129.8	131.6
Deferred income tax assets		51.6	24.0	57.1
Investments and other receivables		10.8	18.6	14.0
Swaps related to borrowings	8	30.0	20.1	19.3
Post-employment benefits net assets		4.5	2.4	4.6
Total non-current assets		1,626.7	1,616.1	1,662.0

Current assets
Inventories		562.3	451.3	390.1
Current income tax assets		13.1	30.6	12.9
Trade and other receivables		677.8	518.4	639.3
Cash and cash equivalents - cash and deposits	8	140.9	85.7	179.1
Other financial assets		8.3	9.3	6.5
Total current assets		1,402.4	1,095.3	1,227.9
Total assets		3,029.1	2,711.4	2,889.9


Liabilities
Current liabilities
Trade and other payables		(610.6)	(482.4)	(527.2)
Current income tax liabilities		(92.1)	(69.5)	(91.0)
Cash and cash equivalents - bank overdrafts	8	(14.8)	(2.1)	(14.7)
Other borrowings and finance leases	8	(128.6)	(77.6)	(98.8)
Other financial liabilities		(6.0)	(15.0)	(8.0)
Provisions		(13.3)	(6.6)	(8.7)
Total current liabilities		(865.4)	(653.2)	(748.4)

Non-current liabilities
Borrowings, finance leases and related swaps	8	(553.4)	(610.4)	(558.3)
Deferred income tax liabilities		(55.9)	(64.1)	(56.5)
Employee benefits obligations		(237.9)	(142.6)	(250.3)
Provisions		(19.5)	(15.0)	(19.6)
Other payables		(7.3)	(2.4)	(6.0)
Total non-current liabilities		(874.0)	(834.5)	(890.7)
Total liabilities		(1,739.4)	(1,487.7)	(1,639.1)
Net assets		1,289.7	1,223.7	1,250.8


Equity
Share capital		220.7	220.7	220.7
Share premium account		148.3	148.3	148.3
Shares held in employee share ownership trust (ESOT)		(32.3)	(53.7)	(30.7)
Other reserves		68.4	37.9	73.4
Retained earnings		883.1	869.8	837.7
Total equity attributable to owners of the parent company		1,288.2	1,223.0	1,249.4
Non-controlling interests		1.5	0.7	1.4
Total equity		1,289.7	1,223.7	1,250.8

CONDENSED CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 30^th September 2010

				Six months ended		Year ended
				30.09.10	30.9.09	31.3.10
			Notes	£ million	£ million	£ million


Cash flows from operating activities
Profit before tax				144.1	109.5	228.5
Adjustments for:
	Share of profit in associate			-	(0.7)	(1.7)
	Dissolution of associate			(0.1)	-	4.4
	Depreciation, amortisation, impairment losses and profit on sale of
		non-current assets and investments		71.4	61.4	140.3
	Share-based payments			4.0	0.7	4.7
	Changes in working capital and provisions			(148.2)	(106.3)	(120.5)
	Changes in fair value of financial instruments			4.5	(1.9)	1.3
	Net finance costs			9.7	10.2	19.4
Income tax (paid) / received				(37.7)	4.7	(0.7)
Net cash inflow from operating activities				47.7	77.6	275.7

Cash flows from investing activities
Dividends received from associate			10	3.5	0.6	0.6
Purchases of non-current assets and investments				(56.9)	(66.8)	(131.8)
Proceeds from sale of non-current assets and investments				0.1	0.1	0.3
Purchases of businesses and non-controlling interests				(2.5)	(0.3)	(5.7)
Net cash outflow from investing activities				(55.8)	(66.4)	(136.6)

Cash flows from financing activities
Net proceeds on ESOT transactions in own shares				(3.3)	3.3	18.4
Proceeds from borrowings and finance leases				31.2	68.4	30.1
Dividends paid to owners of the parent company			7	(59.4)	(54.9)	(78.4)
Dividends paid to non-controlling interests				(0.5)	-	-
Settlement of currency swaps for net investment hedging				12.1	(30.6)	(25.3)
Proceeds from non-controlling interests on share issue				-	0.3	0.3
Interest paid				(16.3)	(17.6)	(31.5)
Interest received				6.5	5.7	10.4
Net cash outflow from financing				(29.7)	(25.4)	(76.0)

(Decrease) / increase in cash and cash equivalents in period				(37.8)	(14.2)	63.1
Exchange differences on cash and cash equivalents				(0.5)	(2.0)	1.5
Cash and cash equivalents at beginning of period				164.4	99.8	99.8
Cash and cash equivalents at end of period			8	126.1	83.6	164.4


Reconciliation to net debt
(Decrease) / increase in cash and cash equivalents in period				(37.8)	(14.2)	63.1
Proceeds from borrowings and finance leases				(31.2)	(68.4)	(30.1)
Change in net debt resulting from cash flows				(69.0)	(82.6)	33.0
Borrowings acquired with subsidiaries				(0.1)	-	-
Exchange differences on net debt				16.6	32.7	28.0
Movement in net debt in period				(52.5)	(49.9)	61.0
Net debt at beginning of period				(473.4)	(534.4)	(534.4)
Net debt at end of period			8	(525.9)	(584.3)	(473.4)

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30^th September 2010

		Share	Shares				Non-
	Share	premium	held in	Other	Retained	controlling		Total
	capital	account	ESOT	reserves	earnings		interests	equity
	£ million	£ million	£ million	£ million	£ million		£ million	£ million


At 1^st April 2009	220.7	148.3	(61.8)	18.5	849.6		0.8	1,176.1
Total comprehensive income for the period	-	-	-	19.4	79.0		(0.3)	98.1
Dividends paid (note 7)	-	-	-	-	(54.9)		(0.1)	(55.0)
Share issue to non-controlling interest	-	-	-	-	-		0.3	0.3
Share-based payments	-	-	-	-	0.7		-	0.7
Cost of shares transferred to employees	-	-	8.1	-	(4.8)		-	3.3
Tax on share-based payments	-	-	-	-	0.2		-	0.2
At 30^th September 2009	220.7	148.3	(53.7)	37.9	869.8		0.7	1,223.7
Total comprehensive income for the period	-	-	-	35.5	(6.0)		0.4	29.9
Dividends paid (note 7)	-	-	-	-	(23.5)		(0.1)	(23.6)
Acquisition of non-controlling interest	-	-	-	-	-		0.4	0.4
Share-based payments	-	-	-	-	9.7		-	9.7
Cost of shares transferred to employees	-	-	23.0	-	(13.6)		-	9.4
Tax on share-based payments	-	-	-	-	1.3		-	1.3
At 31^st March 2010	220.7	148.3	(30.7)	73.4	837.7		1.4	1,250.8
Total comprehensive income for the period	-	-	-	(5.0)	102.1		0.7	97.8
Dividends paid (note 7)	-	-	-	-	(59.4)		(0.6)	(60.0)
Share-based payments	-	-	-	-	6.8		-	6.8
Cost of shares transferred to employees	-	-	4.3	-	(4.5)		-	(0.2)
Purchase of shares by ESOT	-	-	(5.9)	-	-		-	(5.9)
Tax on share-based payments	-	-	-	-	0.4		-	0.4
At 30^th September 2010	220.7	148.3	(32.3)	68.4	883.1		1.5	1,289.7

NOTES ON THE ACCOUNTS
for the six months ended 30^th September 2010

1	Basis of preparation

	The half-yearly accounts were approved by the Board of Directors on 23^rd November 2010, and are unaudited but have
	been reviewed by the auditors. These condensed consolidated accounts do not constitute statutory accounts within
	the meaning of section 435 of the Companies Act 2006, but have been prepared in accordance with International
	Accounting Standard (IAS) 34 - 'Interim Financial Reporting' and the Disclosure and Transparency Rules of the UK's
	Financial Services Authority. The accounting policies applied are set out in the Annual Report and Accounts for the
	year ended 31^st March 2010 except as detailed below. Information in respect of the year ended 31^st March 2010 is
	derived from the company's statutory accounts for that year which have been delivered to the Registrar of Companies.
	The auditors' report on those statutory accounts was unqualified, did not include a reference to any matters to which
	the auditors drew attention by way of emphasis without qualifying their report and did not contain any statement under
	sections 498(2) or 498(3) of the Companies Act 2006.

	The group has adopted the January 2008 revision to International Financial Reporting Standard (IFRS) 3 - 'Business
	Combinations' and amendment to IAS 27 - 'Consolidated and Separate Financial Statements'. These change the
	accounting for business combinations, transactions with non-controlling interests and the accounting in event of the loss
	of control over a subsidiary which occur from 1^st April 2010. These changes and the other amendments to standards and
	new interpretations which the group has adopted do not have a material impact on the reported results or financial
	position of the group.



2	Segmental information by business segment
			Precious
	Environmental		Metal	Fine
	Technologies		Products	Chemicals	Eliminations		Total
		£ million	£ million	£ million		£ million	£ million


	Six months ended 30^th September 2010
	Sales to external customers	1,261.3	3,175.1	125.9		-	4,562.3
	Inter-segment sales	2.5	518.9	0.7		(522.1)	-
	Total revenue	1,263.8	3,694.0	126.6		(522.1)	4,562.3
	External sales excluding the value of precious metals	724.3	257.7	121.6		-	1,103.6
	Segmental underlying operating profit	76.6	81.2	28.8		-	186.6
	Unallocated corporate expenses						(12.6)
	Underlying operating profit						174.0
	Major impairment and restructuring charges (note 4)						(15.8)
	Amortisation of acquired intangibles (note 5)						(4.5)
	Operating profit						153.7
	Net finance costs						(9.7)
	Dissolution of associate (note 10)						0.1
	Profit before taxation						144.1

	Segmental total assets	1,758.6	578.2	435.0		(71.0)	2,700.8

			Precious
	Environmental		Metal	Fine
	Technologies		Products	Chemicals	Eliminations		Total
		£ million	£ million	£ million		£ million	£ million


	Six months ended 30th September 2009
	Sales to external customers	918.6	2,544.0	114.0		-	3,576.6
	Inter-segment sales	2.6	250.1	1.0		(253.7)	-
	Total revenue	921.2	2,794.1	115.0		(253.7)	3,576.6
	External sales excluding the value of precious metals	563.6	206.0	113.0		-	882.6
	Segmental underlying operating profit	54.5	49.2	30.7		-	134.4
	Unallocated corporate expenses						(10.5)
	Underlying operating profit						123.9
	Amortisation of acquired intangibles (note 5)						(4.9)
	Operating profit						119.0
	Net finance costs						(10.2)
	Share of profit of associate						0.7
	Profit before taxation						109.5

	Segmental total assets	1,590.0	396.8	432.8		(40.6)	2,379.0

	Year ended 31st March 2010
	Sales to external customers	2,056.4	5,561.8	221.2		-	7,839.4
	Inter-segment sales	5.2	636.5	1.8		(643.5)	-
	Total revenue	2,061.6	6,198.3	223.0		(643.5)	7,839.4
	External sales excluding the value of precious metals	1,246.5	419.9	219.1		-	1,885.5
	Segmental underlying operating profit	120.9	116.7	55.8		-	293.4
	Unallocated corporate expenses						(21.6)
	Underlying operating profit						271.8
	Major impairment and restructuring charges						(11.3)
	Amortisation of acquired intangibles (note 5)						(9.9)
	Operating profit						250.6
	Net finance costs						(19.4)
	Share of profit of associate						1.7
	Dissolution of associate (note 10)						(4.4)
	Profit before taxation						228.5

	Segmental total assets	1,710.6	456.2	433.0		(80.6)	2,519.2

3	Effect of exchange rate changes on translation of foreign subsidiaries' external sales excluding the value of precious metals and operating profits


	Average exchange rates used for translation of results of foreign			Six months ended			Year ended
	Operations			30.9.10		30.9.09	31.3.10


	US dollar / £			1.520		1.595	1.595
	Euro / £			1.186		1.142	1.129
	South African rand / £			11.31		12.94	12.46

	The main impact of exchange rate movements on the group's sales and operating profit comes from the translation of
	foreign subsidiaries' profits into sterling. The one significant exception is the South African rand where the translational
	impact is more than offset by the impact of movements in the rand on operating margins. Consequently the analysis
	below excludes the translational impact of the rand.
		Six months		Six months ended 30.9.09			Change at
		ended		At last		At this	this year's
		30.9.10	year's rates		year's rates		rates
		£ million		£ million		£ million	%


	External sales excluding the value of precious metals
	Environmental Technologies	724.3		563.6		576.6	+26
	Precious Metal Products	257.7		206.0		210.9	+22
	Fine Chemicals	121.6		113.0		115.7	+5
	External sales excluding the value of precious metals	1,103.6		882.6		903.2	+22

	Underlying operating profit
	Environmental Technologies	76.6		54.5		55.9	+37
	Precious Metal Products	81.2		49.2		49.9	+63
	Fine Chemicals	28.8		30.7		31.5	-9
	Unallocated corporate expenses	(12.6)		(10.5)		(10.4)
	Underlying operating profit	174.0		123.9		126.9	+37



4	Major impairment and restructuring charges

	On 27^th May 2010 the group entered into consultation with employees of its Vertec business to look at the future options
	for that business. On 16^th August 2010 the group announced it had agreed to sell Vertec's order book to Dorf Ketal
	Chemicals AG for £4.6 million which was conditional upon regulatory clearance. As a consequence, the group's
	Haverton manufacturing site in Billingham, UK would close on 31^st March 2011. On 19^th November 2010 the Office of
	Fair Trading announced that it proposed to refer the transaction to the UK Competition Commission for further review.
	As a result, the group has terminated its agreement with Dorf Ketal and will begin a structured closure of the Haverton
	site which should be completed by 31^st March 2011. The closure of the site gives rise to an impairment and restructuring
	charge which is estimated to be £15.8 million. It is excluded from underlying operating profit.



5	Amortisation of acquired intangibles

	The amortisation of acquired intangible assets which arise on the acquisition of businesses is shown separately on
	the face of the income statement. It is excluded from underlying operating profit.

6	Earnings per ordinary share

	The calculation of earnings per ordinary share is based on a weighted average of 212,930,024 shares in issue (six
	months ended 30^th September 2009 - 211,172,503 shares, year ended 31^st March 2010 - 211,639,326 shares).
	The calculation of diluted earnings per ordinary share is based on the weighted average number of shares in issue
	adjusted by the dilutive outstanding share options and long term incentive plans. These adjustments give rise to an
	increase in the weighted average number of shares in issue of 1,088,449 (six months ended 30^th September 2009 -
	722,174 shares, year ended 31^st March 2010 - 885,913 shares).

	Underlying earnings per ordinary share are calculated as follows:
		Six months ended		Year ended
		30.9.10	30.9.09	31.3.10
		£ million	£ million	£ million


	Profit for the period attributable to owners of the parent company	104.7	79.0	164.2
	Major impairment and restructuring charges (note 4)	15.8	-	11.3
	Amortisation of acquired intangibles (note 5)	4.5	4.9	9.9
	Dissolution of associate (note 10)	(0.1)	-	4.4
	Tax thereon	(5.0)	(1.3)	(6.9)
	Underlying profit	119.9	82.6	182.9


		pence	pence	pence


	Basic underlying earnings per share	56.3	39.1	86.4



7	Dividends

	An interim dividend of 12.5 pence per ordinary share will be paid on 1^st February 2011 to shareholders on the register at
	the close of business on 3^rd December 2010. The estimated amount to be paid is £26.6 million and has not been
	recognised in these accounts.
		Six months ended		Year ended
		30.9.10	30.9.09	31.3.10
		£ million	£ million	£ million


	2008/09 final ordinary dividend paid - 26.0 pence per share	-	54.9	54.9
	2009/10 interim ordinary dividend paid - 11.1 pence per share	-	-	23.5
	2009/10 final ordinary dividend paid - 27.9 pence per share	59.4	-	-
		59.4	54.9	78.4



8	Net debt
		30.9.10	30.9.09	31.3.10
		£ million	£ million	£ million


	Cash and deposits	140.9	85.7	179.1
	Bank overdrafts	(14.8)	(2.1)	(14.7)
	Cash and cash equivalents	126.1	83.6	164.4
	Current other borrowings and finance leases	(128.6)	(77.6)	(98.8)
	Non-current swaps related to borrowings	30.0	20.1	19.3
	Non-current borrowings, finance leases and related swaps	(553.4)	(610.4)	(558.3)
	Net debt	(525.9)	(584.3)	(473.4)

9	Precious metal operating leases

	The group leases precious metals from banks for specified periods (typically a few months) and for which the group
	pays a fee. These arrangements are classified as operating leases. The group holds sufficient precious metal
	inventories to meet all the obligations under these lease arrangements as they fall due. At 30^th September 2010
	precious metal leases were £96.3 million (30^th September 2009 £69.3 million, 31^st March 2010 £55.8 million).



10	Transactions with related parties

	The group's associate, AGR Matthey, was a related party and amounts payable to it of £0.7 million were outstanding at
	31^st March 2010. An agreement between the partners of AGR Matthey to dissolve the partnership became effective on
	29^th March 2010. As part of this dissolution the group acquired a metal products business and a 20% ownership of a
	plot of land from AGR Matthey. This dissolution resulted in a charge of £4.4 million in the year ended 31^st March 2010.
	Some residual current assets and liabilities were left in the partnership whilst they were converted into cash. The group
	received £3.5 million in relation to these assets during the six months ended 30^th September 2010 and so has
	recognised a gain of £0.1 million. The AGR Matthey partnership dissolution was completed on 14^th September 2010.
	There have been no other material changes in these related party relationships in the six months ended 30^th September
	2009 and no other related party transactions have taken place which have materially affected the financial position or the
	performance of the group during that period.



11	Post balance sheet events

	On 1^st November 2010 the group completed the acquisition of Intercat, Inc. and its subsidiaries for approximately
	£34 million plus repayments of debt acquired of approximately £20 million. Also on 1^st November 2010 the group
	acquired a manufacturing facility based in Pennsylvania, USA together with certain ongoing business from Lonza Inc.
	for £17 million.

FINANCIAL CALENDAR


2010

1^st December
Ex dividend date

3^rd December
Interim dividend record date


2011

1^st February
Payment of interim dividend

2^nd June
Announcement of results for the year ending 31^st March 2011

8^th June
Ex dividend date

10^th June
Final dividend record date

19^th July
120th Annual General Meeting (AGM)

2^nd August
Payment of final dividend subject to declaration at the AGM


Cautionary Statement
This announcement contains forward looking statements that are subject to risk factors associated with, amongst other things, the economic
and business circumstances occurring from time to time in the countries and sectors in which the group operates. It is believed that the
expectations reflected in this announcement are reasonable but they may be affected by a wide range of variables which could cause
actual results to differ materially from those currently anticipated.


Johnson Matthey Public Limited Company
Registered Office to 28^th November 2010: 40-42 Hatton Garden, London EC1N 8EE
Registered Office from 29^th November 2010: 5th Floor, 25 Farringdon Street, London EC4A 4AB
Telephone: 020 7269 8400
Internet address: www.matthey.com
E-mail: jmpr@matthey.com

Registered in England - Number 33774

Registrars
Equiniti, Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA
Telephone: 0871 384 2344
Internet address: www.shareview.co.uk

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR MMMZMRFRGGZM

Companies

Johnson Matthey (JMAT)

Monday, 3rd June 2024

COMPANIES COVERED:

GSK HTG JD.

JD Sports share price rebounds as US institutional buyer eyes a bargain, GSK slumps after US litigation update and oil services group Hunting jumps with news of a follow on order from Kuwait.

Full Archive

UK 100

Latest directors dealings

7 hours ago Centrica
7 hours ago Northern Bear
8 hours ago Weir Group
8 hours ago Legal & General Group
8 hours ago Legal & General Group

All directors dealings today