Johnson Matthey reports that sales of emission control technologies have been boosted by Euro6 diesel focus.
An increased focus on emissions from high polluting vehicles in the last 12 months has led to a boost in profits for sustainability technology firm Johnson Matthey, the company has reported.
Posting its its financial results for the year ended 31 March 2016 today (2 June), Johnson Matthey claimed that a 15% upturn in sales had been driven in part by the introduction of Euro6b legislation for light duty diesel vehicles as well as a recovery in western European truck production.
Since 1 September 2015, all new cars registered within the EU have been required to meet Euro 6 exhaust emission standards for a number of air pollutants.
Johnson Matthey produces catalysts for light and heavy duty vehicles, emissions reductions systems for vehicles and stationary emissions control technologies.
The company saw its sales increase by 7% and underlying operating profits up by 15% for their emission control technologies. Overall the companys revenue was reported as 10.7 billion for the year.
Robert MacLeod, Johnson Matthey chief executive, said: “Johnson Matthey has delivered a robust performance overall in a year where conditions have been particularly tough in some of our markets. Emission Control Technologies had another strong year and we have made good progress in New Businesses.
The group’s performance was adversely impacted by the challenging conditions in some of our other business areas and we have restructured our business; results in 2016/17 will benefit from those actions.
He added: Looking ahead to 2016/17, we expect performance to be ahead of 2015/16 and in line with current market expectations. Johnson Matthey remains well positioned in markets with strong growth drivers.