Johnson Matthey promises investor return as Q1 profits edge down

LONDON, July 22 (Reuters) - Johnson Matthey (LSE: JMAT.L - news) , the world's biggest producer of auto catalysts, said on Wednesday that in the absense of acquisitions, it intends to return to shareholders cash from the sale of two of its businesses, as it posted a small drop in pretax profit.

The UK-based specialty chemicals company posted underlying profit before tax of 94 million pounds ($146.7 million) for the quarter to the end of June, down slightly from 95 million in the same quarter a year ago.

"In the absence of any material acquisitions, it is our intention to return excess capital from the sale of the Gold and Silver Refining and Research Chemicals businesses to shareholders," the company said in a statement.

($1 = 0.6407 pounds) (Reporting by Silvia Antonioli; editing by xxx)