Matthey’s profits impress
Chemicals group Johnson Matthey said full-year profits will beat previous expectations, thanks to growing demand for cars in China and the high price of precious metals.
Operating profit in the precious metals arm rose 63%, aided by a 94% increase in the price of palladium and a 22% rise in the platinum price.
The environmental technology division, which makes catalytic converters, reported a 14% hike in operating profit, driven by car sales in China.
