1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.
  2. Dear Guest, we realise advertising is annoying, it is however necessary to help us be a sustainable resource for all, if you want to go advert free then please use the following link to subscribe for £5 a month: Click here
    Dismiss Notice

(JMAT) Johnson Matthey General Share Chat

Discussion in 'General Share Chat' started by Microem1, Nov 10, 2015.

  1. Microem1

    Microem1 Administrator

    Messages:
    89
    Reputation:
    0
    (JMAT) Johnson Matthey General Share Chat
     
  2. Mongoose82

    Mongoose82 A Legendary Member

    Messages:
    977
    Reputation:
    40
    "JMAT’s preliminary FY figures saw sales unchanged at £3,177m (ex precious metal trading), but the operating profit dropped 21% to £419m, suffering from higher impairment and restructuring charges. Net income attributable to shareholders declined from £427m to £326m. Operating CF swelled up from £126m to £867m, predominantly forced by NWC’s swing from £-387m to £411m, which was mainly attributable to lower inventories and receivables. Investing CF (£-32m after £-154m) benefited from higher net divestment proceeds."

    AlphaValue's note out this morning: https://www.research-tree.com/company/GB00B70FPS60
     
  3. Mongoose82

    Mongoose82 A Legendary Member

    Messages:
    977
    Reputation:
    40
    The trading update gives a kind of indication about JMATs business performance, which looks not to be too far away from our expectations. JMATs performance was held back by the divestment of Research Chemicals. Adjusted for this, growth would have been +6%. Emission Control Technologies (+9% to £521m; +5% at constant currencies (cc)) made a good pace, fuelled by the light duty catalyst business (+14% to £331m) outpacing global car production (+2%).

    from AlphaValue

    Https://www.research-tree.com/Company/GB00B70FPS60
     
  4. Groucho

    Groucho Member

    Messages:
    3,016
    Reputation:
    281
    21 November 2018

    Half year results for the six months ended 30th September 2018

    Delivering on our strategy and confident in our outlook


    Robert MacLeod, Chief Executive, commented:

    "We had a good half, delivering double digit sales and operating profit growth.
    I am pleased with the progress we are making on implementing our strategy and delivering solutions for our customers through the application of our strong science and technology.

    Clean Air continues to grow strongly driven by our diesel share gains in light duty Europe which are coming through as planned. Heavy duty is also performing well, supported by strength in the Class 8 truck market in the US. Efficient Natural Resources saw good sales growth and margin improvement, and Health traded in line with our first half expectations. We remain on track with our plans to commercialise eLNOTM, our next generation battery material. Customer feedback remains positive and, in July, the board approved the initial investment in our first commercial plant.

    The interim dividend was increased by 7% in line with medium term guidance, reflecting our continued confidence in the group's future prospects. We now expect full year operating performance towards the upper end of our guidance of mid to high single digit growth."

    9C2D72F4-9F9F-40B4-81DF-515155BF14A6.jpeg


    Underlying performance

    ·
    Sales grew 10% and underlying operating profit grew 10% at constant rates2 driven by continued strong growth in Clean Air

    ·
    Underlying EPS was up 9% and grew slightly ahead of operating profit benefiting from a lower underlying tax rate

    ·
    As indicated previously, free cash flow was lower due to platinum group metal (pgm) refinery downtime, driving higher precious metal working capital

    ·
    Average working capital days excluding precious metals improved by two days to 61 days

    ·
    Return on invested capital declined from 16.4% at 31st March 2018 to 16.0% at 30th September 2018 primarily due to an increase in the net pension fund asset

    ·
    Strong balance sheet maintained with net debt (including post tax pension deficits) to EBITDA of 1.5 times


    By sector
    ·
    Continued strength in Clean Air with sales up 11%, well ahead of global vehicle production, driven by double digit growth in both light and heavy duty

    ·
    Sales growth of 3% in Efficient Natural Resources and strong operating profit growth reflecting improved efficiency and higher precious metal prices

    ·
    In Health, we have made good strategic progress and are trading in line with full year expectations. Sales remained stable but operating profit was lower, in line with our guidance, due to product mix and costs associated with manufacturing footprint optimisation

    ·
    We have made progress in commercialisation of our next generation battery material product, eLNO. In New Markets overall, we saw strong sales growth but lower operating profit



    Reported results
    ·
    Reported revenue increased 10% slightly ahead of sales growth

    ·
    Reported operating profit was £264 million, up 19%, reflecting an £18 million major impairment and restructuring charge in the prior year

    ·
    Reported EPS was up 21%, reflecting higher operating profit and a lower tax rate following a change in US tax legislation

    ·
    Cash outflow from operating activities of £88 million due to an increase in precious metal working capital

    ·
    Interim dividend up 7% to 23.25 pence reflecting our confidence in the group's future prospects



    Outlook for the year ending 31st March 2019

    ·
    We now expect growth in operating performance at constant rates towards the upper end of our previous guidance of mid to high single digit growth

    ·
    At current foreign exchange rates (£:$ 1.307, £:€ 1.129, £:RMB 8.85), translational foreign exchange movements for the year ending 31st March 2019 are expected to benefit sales and underlying operating profit by £1 million and £2 million respectively

    Johnson Matthey PLC - Half-year Report @Johnson_Matthe https://www.voxmarkets.co.uk/rns/announcement/abc4dead-11cb-412c-802d-d32154913869
     
  5. Groucho

    Groucho Member

    Messages:
    3,016
    Reputation:
    281
  6. Groucho

    Groucho Member

    Messages:
    3,016
    Reputation:
    281
    CD2795A1-D9C7-43C6-A8CD-456BCAF49272.jpeg
    Investors Chronicle 23/11/18
     

Share This Page