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Johnson Matthey reports lower profits, flat sales

1:16 PM MDT | July 23, 2014 | Natasha Alperowicz

Johnson Matthey says it made progress in the first quarter of 2014/15, covering 1 April–30 June, in the face of headwinds from the effect of foreign currency translation and the loss of commission revenue from Anglo American Platinum. Sales excluding precious metals were flat, at £749 million ($1.28 billion), with growth in emission control technologies offset by the expected softening in process technologies and precious metal products, says chairman Tim Stevenson. The group’s underlying operating profit fell by 11%, to £103.6 million...

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