StockMarketWire.com - Chemicals company Johnson Matthey warned performance would be second-half weighted as visibility on demand remained limited.

The company said first-half results were 'materially' below last year, largely due to weaker activity in its clean air division.

Clean Air sales were down about 50% in the first quarter, primarily driven by weaker consumer demand and temporary customer shutdowns in Europe and the Americas. As the quarter progressed, the company said it saw improvement with April, May and June sales across clean air down 75%, 60% and 20% respectively.

Looking forward, Johnson Matthey anticipated July sales to be down about 20%, with improvement through the remainder of the second quarter.

'We have also started to deliver the additional efficiency benefits we recently outlined and expect initial benefits of at least £30m this year,' it added.







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