Johnson Matthey Pre-tax Profit Down, Ups Dividend; Sees FY23 Profit At Lower Half Of View Range

British science and chemicals company Johnson Matthey Plc. (JMAT.L) reported Thursday that fiscal 2022 profit before tax dropped 13 percent to 195 million pounds from last year’s 224 million pounds.

On an after tax basis, loss per share was 52.6 pence, compared to prior year’s profit of 106.5 pence.

Underlying profit before tax was 493 million pounds, compared to 388 million pounds a year ago. Underlying earnings per share were 213.2 pence, compared to 168.9 pence a year ago.

Revenue for the year grew 4 percent to 16.03 billion pounds from prior year’s 15.44 billion pounds.

Further, the company said the board will propose a final ordinary dividend for the year of 55.0 pence at the Annual General Meeting on July 21. This gives a total ordinary dividend of 77.0 pence representing a 10% increase on the prior year.

Subject to approval by shareholders, the final dividend will be paid on August 2.

Looking ahead for the year ending March 31, 2023, the company currently expects operating performance to be in the lower half of the consensus range.

The consensus for full year group underlying operating profit in 2023 was 562 million pounds as of May 25, within a range of 491 million pounds to 641 million pounds. The prior year’s group underlying operating profit on an adjusted basis was 559 million pounds.

The company said its performance for the full year will continue to correlate closely to levels of auto production and precious metal prices.

Source: Read Full Article