Third quarter profits fall at Johnson Matthey

Chemicals firm Johnson Matthey saw profits plunge over the third quarter, due to lower sales in its precious metals products division.

Underlying pre-tax profits sank 19 per cent to £84.3m over the third quarter.

The precious metal product division, which refines and fabricates precious metals such as platinum, posted a seven per cent drop in sales to £128m, thanks to lower volumes from Anglo American Platinum.

Earlier this month, Amplats said it would restructure its business, which involves closing several mines in South Africa.

The FTSE 100 firm added that it expected the group’s performance in the second half to be similar to the first half.

“In a difficult market environment during the quarter, trading across the group was challenging,” Johnson Matthey said in a statement this morning.