Metals boost for Johnson Matthey

PROFITS AT Johnson Matthey rose 20 per cent to pounds 130.2m in the year March on climbing sales of precious metals, materials used in the electronics industry and pollution control devices for cars, the engineering and ceramics group said yesterday.

The shares rose more than 3 per cent on the news, before closing down 5p at 612.5p as the market fell. Profits from precious metals, the company's largest division, benefited from volatile trading conditions arising from the suspension of shipments of platinum and palladium by Russia earlier this year.