(Reuters) - British autocatalyst maker Johnson Matthey reported a 21% fall in annual profit on Thursday, hit by higher costs and lower precious metal prices, and said it expected forex headwinds to impact its bottom line for the current year.
Supply-chain disruptions caused by lockdowns in China and the war in Ukraine weighed on the company's performance last year, even as it raised prices of its products.
Its key automotive customers also remain under pressure as rising costs have prompted them to switch to cheaper metal platinum instead of palladium, which is used in vehicle exhausts to neutralise harmful engine emissions.
Johnson Matthey's underlying operating profit came in at 465 million pounds ($586.88 million) for the year ended March 31.
Analysts were expecting an operating profit of 455.1 million pounds, according to company-compiled estimates.
Revenue fell 7% to 14.93 billion pounds for the year.
The maker of catalytic converters and other pollution filters for cars expects forex headwinds to impact annual underlying operating profit by about 10 million pounds.
"For 2023/24, we expect at least mid-single digit growth in operating performance at constant precious metal prices and constant currency," the company said in a statement.
($1 = 0.7923 pounds)
(Reporting by Eva Mathews in Bengaluru; Editing by Subhranshu Sahu)
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2023-05-25 06:11:12Z
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