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Johnson Matthey sees 2016/17 improvement after restructuring

Reuters - UK Focus

BRUSSELS, June 2 (Reuters) - Johnson Matthey (LSE: JMAT.L - news) , the world's biggest maker of metal catalysts for car emission-control devices, forecast higher results in the coming year after restructuring and due to improved market conditions.

The firm said on Thursday that pre-tax profit for the year ended March 31 fell by 5 percent to 418.2 million pounds ($603.3 million) after hefty restructuring charges, just ahead of the average 415 million pounds in a Thomson Reuters (Dusseldorf: TOC.DU - news) poll.

The firm said profits for this year should improve after actions taking to cut costs and exceptional impairment and restructuring charges of 141 million pounds ($203 million).

The ratio of net debt to core profits declined to 1.1 times. ($1 = 0.6931 pounds) (Reporting by Barbara Lewis; editing by Philip Blenkinsop)