Johnson Matthey Reports Rise in Profits Despite Higher Rare Earth Prices

Johnson Matthey, in the first half ended September 30, 2011, reported a 23% increase in underlying operating profit to £214.7 million ($335.7 million) on 29% higher sales, including precious metals, at £5.98 billion. Underlying earnings per share were 29% ahead at 72.8 pence. Sales excluding precious metals were 17% up at £1.3 billion with “good growth across all of the group’s divisions.” Return on invested capital increased to 21.3%, exceeding the group’s long term target. Johnson Matthey anticipates the group results...

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