Johnson Matthey (LSE:JMAT) posted a solid half-year performance, highlighted by a 38% rise in pro forma underlying operating profit. Reported operating profit, however, fell sharply—down 78%—reflecting the impact of business disposals completed in the prior period. The group continues to push forward with its transformation into a more streamlined, cash-focused organisation, supported by stronger cash generation and a planned £1.4 billion return to shareholders. Progress on the divestment of Catalyst Technologies remains on schedule, with completion expected in 2026. Management reiterated confidence in meeting medium-term goals, including operating-profit growth and improved returns to investors.
Looking ahead, sentiment around Johnson Matthey is underpinned by a constructive earnings-call narrative and supportive valuation indicators. While headline financials present a mixed picture, technical signals point to a bullish trend. The ongoing sale of Catalyst Technologies and the company’s emphasis on shareholder value add further strength to its outlook.
More about Johnson Matthey
Johnson Matthey operates within the specialty chemicals sector, with core activities spanning clean-air solutions, hydrogen technologies, and precious-metal services. The company has long been recognised for its catalyst expertise and maintains a strong focus on environmentally oriented and sustainable innovations.
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