Business
Johnson Matthey pre-close trading statement
Johnson Matthey pre-close trading statement.
About this update from Johnson Matthey Plc
[{"type":"text","content":"\n \n \n RNS Number : 9555H\n Johnson Matthey PLC\n 30 March 2020\n \n \n \n \n Pre-close trading update\n \n \n \n \n \n \n Johnson Matthey releases a pre-close trading update for the financial year ending 31st March 2020, ahead of its full year results scheduled for 28th May 2020. The company also provides an update on the impact of the COVID-19 pandemic on its business, along with the measures it is taking to actively manage the risks to its people, operations and customers. \n \n \n \n \n \n \n \n \n \n \n Robert MacLeod, Chief Executive, commented:\n \n \n \n \n \n In these unprecedented times, our priority is to ensure the health and safety of our people, customers and suppliers as well as the communities in which we operate. I am extremely grateful to our employees around the world for their dedication to our business in the face of COVID-19. Whilst there is significant ongoing uncertainty around the full impact of COVID-19 we are taking steps to manage our costs and cash flow. We have a high quality, resilient and diverse business portfolio; a strong balance sheet and good access to liquidity, and are further strengthening our financial position. \n \n \n \n \n \n \n \n \n \n \n \n In 2019/20, we have made good strategic progress and were on track to deliver results in line with market expectations this year, prior to developments with COVID-19. The ongoing pandemic has led to a deterioration in some of our end markets and consequently we now expect to deliver group operating performance below market expectations. Looking beyond the current environment, given our leading market positions, strong technology offering, and operational and investment discipline, we remain confident in our medium term strategy. \n \n \n \n \n \n \n \n \n \n \n Results for the year ended 31st March 2020 impacted by COVID-19\n \n \n \n \n \n Strategic progress in the year has been good. Prior to the ongoing uncertainty around COVID-19, the business was on track to deliver group operating performance in line with market expectations for the year ended 31st March 2020. We currently expect an impact of around £50 million on our trading performance from COVID-19. This was due to a combination of reduced demand in Clean Air and around £20 million of delayed shipments caused by logistics challenges across our other busin...