JMAT reported preliminary FY figures, which were burdened by a set of negative effects (legal proceedings and restructuring-related issues), which were more than our expectations. Bearing in mind the amount of these effects (£-140m), the explanations look insufficient. Consequently, our profitability expectations were clearly missed, in contrast to the top-line which matched them. We have the impression that management rather likes to present the company’s performance in ‘un
31 May 2018
Endless restructuring and no end in sight
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Endless restructuring and no end in sight
Johnson Matthey Plc (JMAT:LON) | 1,758 -158.2 (-0.5%) | Mkt Cap: 3,224m
- Published:
31 May 2018 -
Author:
Martin Schnee -
Pages:
4
JMAT reported preliminary FY figures, which were burdened by a set of negative effects (legal proceedings and restructuring-related issues), which were more than our expectations. Bearing in mind the amount of these effects (£-140m), the explanations look insufficient. Consequently, our profitability expectations were clearly missed, in contrast to the top-line which matched them. We have the impression that management rather likes to present the company’s performance in ‘un