Johnson Matthey share price: Full-year results out

Johnson Matthey (LON:JMAT) has this morning posted its full-year results.

**Highlights from the company statement:**
· Sales up 8% and underlying PBT 7% ahead at constant rates; Underlying PBT at constant rates and adjusted for revised Anglo Platinum contracts up 15%; Underlying EPS up 6%; PBT up 22% to £495.8m and EPS up 26% to 211.2p due to profit on sale of Gold and Silver Refining; Strong balance sheet – net debt (including post tax pension deficits) / EBITDA up to 1.7 times; Working capital increased due to business growth and higher precious metal inventories at year end; ROIC at 18.8%, down 2.0% due to loss of income from Anglo Platinum and higher working capital; Final dividend of 49.5p recommended, resulting in full year dividend up 9% at 68.0p.
Commenting on the results, Robert MacLeod, Chief Executive of Johnson Matthey said:
“Johnson Matthey performed in line with our expectations in 2014/15, delivering good growth in many areas of our business. Underlying EPS grew by 6% but on a constant currency basis, and adjusting for the loss of commission income from Anglo Platinum, our sales were up 9% and underlying PBT was 15% ahead.
We have continued to focus on health and safety this year and I am pleased to report that this has had a positive impact with a 25% reduction in our lost time injury and illness rate.
In 2015/16, Johnson Matthey’s continuing businesses are expected to deliver good underlying growth. A strong performance in Emission Control Technologies and good progress in Fine Chemicals is likely to be partially offset by a weaker year for Precious Metal Products. We anticipate that Process Technologies’ performance will be broadly stable and that the operating loss in New Businesses will reduce modestly.
In line with our strategy, we have divested our Gold and Silver Refining business and are in advanced negotiations on the sale of Research Chemicals. Given the absence of these two businesses, we expect the group’s performance in 2015/16 to be slightly ahead of 2014/15.
Johnson Matthey remains well placed to benefit from major global sustainability drivers and we continue to invest in R&D, our infrastructure and our people, working closely with customers to provide them with innovative and improved solutions. Supported by a clear purpose and strategy, Johnson Matthey is well positioned to deliver growth for our shareholders through the creation of value adding sustainable technologies.”
**More to follow…**
As of 07:05 BST, Thursday, 04 June, Johnson Matthey PLC share price is 3,516.00p.