Oil prices boost sales
HIGH oil prices are helping to drive strong sales at Johnson Matthey, which operates its catalysts division at Billingham.
Results for the group were up 16% to £262.3m, it said today, while the fine chemicals and catalysts division’s sales, excluding precious metals, were up 13% to £303m and operating profit was up 5% at £67.1m. The company predicted that fine chemical and catalyst growth would be similar in the coming year, with sales of catalysts and technology for methanol production continuing to grow.
Commenting on the results, chief executive Neil Carson said: “We expect that the group will perform strongly again in 2008/09 despite concerns about the state of the world economy and the slowdown in the US.
“We are increasing our investment in both R&D and new production facilities to meet the growth in demand for new products.”
