Shareholders vote with their wallets as Johnson Matthey profits fall

A reassurance from CEO Liam Condon that JM was on track to achieve strong future growth with its new market focus failed to lift stockholder sentiment.

Revenue fell 14 per cent to £12.843 billion and pre-tax profit tumbled 52 per cent to £164 million, although the dividend was unchanged at 77p a share.

Condon said: “In May 2022, we set out Johnson Matthey's reinvigorated strategy and transformation. We are now two years into executing on that strategy and, with the benefits progressively coming through, I am more confident than ever that we will be successful.

“We have built on the momentum from the first half, delivering good growth in underlying operating profit in the year, although lower PGM prices have impacted our headline profitability.

“We are delivering against our strategic milestones, and are announcing new commitments to 2025/26 which will continue to build a strong platform for growth.

“Our portfolio means we are well positioned in a rapidly changing market environment. Underpinned by our foundational PGM Services business, we are driving value from Clean Air alongside investing for growth in our energy transition businesses – Catalyst Technologies and Hydrogen Technologies.

“We have significant opportunities ahead and I look forward to our continued progress in catalysing the net zero transition and creating significant value for all stakeholders.”

For 2024/25, on a continuing basis excluding Value Businesses, JM expects at least mid single digit growth in underlying operating performance at constant precious metal prices and constant currency.

JM remains a global influencer in CleanTech sectors and has a market cap of £3.31 billion.