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Investing.com -- Johnson Matthey on Thursday said it expects its full-year underlying operating profit to reach the upper end of its growth guidance, with performance weighted toward the second half of the fiscal year, supported by a £10 million boost from current platinum group metal (PGM) prices and foreign exchange rates.
For the full year, the company said underlying operating profit, excluding the Catalyst Technologies and Value Businesses segments, is now expected toward the upper end of its original mid-single-digit growth guidance. This compares with a prior forecast of 2% growth excluding those segments.
Johnson Matthey also expects free cash flow (FCF) to improve significantly. The first half of fiscal 2026 is projected to show a notable year-over-year increase, reversing a £169 million outflow in the same period last year.
For the full fiscal year, FCF is expected to rise materially compared with a £59 million inflow in fiscal 2025.
The Catalyst Technologies segment, which is being discontinued, is expected to report a materially lower underlying operating profit in the first half compared with the previous year.
The decline is attributed to weaker demand for catalysts and the timing of licensing wins.
The company said overall group performance is expected to be stronger in the second half of the fiscal year.