StockMarketWire.com - Chemicals company Johnson Matthey halved its dividend and said it would cut about 2,500 jobs after profit fell on lower demand for its pollution filters owing to the ongoing Covid-19 pandemic.

The company said it would cut about 2,500 jobs worldwide over three years as part of a plan to generate annual savings of at least £80m by the end of 2023.

For the year ended 31 March, pre-tax profit fell 38% to £305m on-year, while revenue climbed 36% to £14.6bn.

The hit to profit was driven by a 'restructuring and impairment charge of £140m and a £60m impact related to Covid-19,' the company said.

The company proposed a final ordinary dividend for the year of 31.125p, representing half the level of the 2018/19 final dividend.

Story provided by StockMarketWire.com