JOHNSON Matthey, which makes catalytic converters and pollution filters for cars, raised its outlook for full-year underlying operating performance as cost-cutting efforts pay off and on strong demand for its energy-focused units. The centuries-old British firm has raised prices of products and cut costs by shutting down manufacturing sites to protect profits and offset the impact of lower precious metal prices and currency swings. The company will axe 600 support function jobs. Sales at its catalyst and hydrogen units have flourished as companies rush to decarbonise, CEO Liam Condon said in an interview.

The Hydrogen Technologies unit, which provides components for fuel cells and electrolysers, posted a 61 per cent jump in sales in the first half of the year. The company said it was difficult to predict how precious metal prices would fare for the rest of the financial year. Shares in Johnson Matthey closed up 5.04 per cent. Reuters

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