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Johnson Matthey to put cash from ‘established businesses’ into hydrogen, battery materials

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May 28, 2021 Precious Metals News Comments Off on Johnson Matthey to put cash from ‘established businesses’ into hydrogen, battery materials


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(Wallace Refiners) – Thursday, Platinum group metal giant Johnson Matthey reported its year end with revenue increasing 8%, driven by higher average precious metal prices.


The company said that its operating profit was down 17% due to higher administrative expenses, and a major impairment and restructuring charges. The impairment was related to its eLNO demo plant.


Johnson Matthey noted the sharp downturn and upturn caused by the pandemic.


“In the first half, our sales declined materially, down 20%, as several of our end markets – particularly automotive – saw a significant decline as a result of the pandemic. The second half saw a strong recovery, with sales up 11% year on year, and activity across a number of our businesses is now back to pre-pandemic levels,” wrote the company.


Looking ahead, the company said it sees good prices for platinum group metals due to improved auto production volumes, as well as tightening clean air legislation.


“If precious metal prices remain at their current high level for the whole of the year (especially for rhodium and palladium), we would expect a further net benefit of up to £120 million. Continued strong metal prices may also result in higher working capital, therefore, impacting free cash flow in the short term.”


What money the company makes will put into energy transition.


“We are delivering our efficiency programme, tightly managing working capital and generating cash from our more established businesses, which we are continuing to invest for growth, particularly in battery materials and hydrogen.”


Expenditures in the company’s strategic growth projects are expected to total £600 million (US$851 million) this year.



Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.



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