Johnson Matthey anticipates flat year

Johnson Matthey (JMAT) had a "really good year", says chief executive Neil Carson in his last set of results before handing over to finance boss Robert MacLeod. Underlying pre-tax profit jumped 12 per cent to £427m, and rocketed by a quarter at the core vehicle catalysts division, which is called emission control technologies (ECT). But don't expect a repeat this year. A renegotiated contract with Anglo Platinum (Amplats) will wipe out £30m of commission revenues, and currencies another £20m, leaving profits flat.

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