Johnson Matthey : AGM trading update

Clean Air delivered robust sales growth in the first quarter. In a market where vehicle production declined by 6%, our European Light Duty business outperformed and grew sales double digit, driven by the annualisation of our diesel share gains and increasing fitment of gasoline particulate filters. In aggregate the rest of Clean Air was broadly flat. In 2019/20 we now expect operating profit to be slightly below the prior year. This reflects higher than anticipated short term costs to serve the strong growth in our European Light Duty business, partly caused by phasing of the completion of our new plant in Poland, and the impact of a delay to the timing of the implementation of China VI legislation.