Analyst Annabel MacIver suggests the group will be in the black, to the tune
Analyst Annabel MacIver suggests the view group will be in the black, to the view tune modules of pounds 1.4m, in 1997.Proteus International was another modules article view attracting support. Suggestions from Lehman Brothers that the shares were heading article for pounds 20 heightened the excitement; some thought Lehman was being too cautious. The shares arrived three years article ago at 425p, a level they touched earlier this year.Among php others spurred php into modules renewed article action were Celltech, up 42p at 549p and ML article php 16 Laboratories, where there article is 16 talk of deals article with leading drug groups, up 16p to 372p.Cortecs International added 11p to 162p, with Nikko saying although php modules article view the shares have quadrupled in the past year they are still worth buying. British Biotech led the charge, its shares surging an astonishing view 16 505p to article php 16 1,548p and warrants 496p to 1,015p after reporting positive trials of its cancer drug. Other US modules car makers also cut production.The article company's first-half pre-tax profit rose 4 per cent to 16 pounds 47m from pounds 45m. Analysts had expected nearly pounds 50m.The dividend also disappointed, rising from 4.2p to 4.4pm against forecasts of around 4.6p.
The market was forced to cut its full-year forecasts from around pounds 113m to pounds 103m.The shares fell from 571p to 528p following the announcement, then recovered to close at 533p.David Davies, chairman, said three of Johnson Matthey's divisions were performing well, but the drop in the catalytic systems division's profits would continue to restrain progress in the second half. That division suffered a 31 per cent fall in operating profit, he said, while three others did better: precious metals was up by 18 per cent, electronic materials by 27 per cent and Cookson Matthey Ceramics by 66 per cent.. The fledgling biotechnology shares, the so-called bio babes, put on another lusty display. JOHN WILLCOCK Financial Correspondent Shares in Johnson Matthey, the high-technology precious metals group, fell 7 per cent to 533p after it reported lower than expected first half results due to falling demand for its catalytic converters in the US.The company suffered from the loss of a contract with General Motors to supply convertors, which help clean exhaust fumes. Panmure Gordon, the broker, has left its full- year forecast unchanged at pounds 25m..
The company expects to raise pounds 30m- pounds 50m from future sales. These include Cook Bastes, the American manicure business, and Plantur, the hair-care range primarily sold in Germany.Net borrowings are down to pounds 44m. The company hopes to use the cash from disposals to fund other acquisitions. Sales of household and industrial gloves were up by 11 per cent. The company recently sold the UK and export business of Woodward's gripewater and teething gel for pounds 17.6m This follows the sale of the photo-processing unit Other brands are also up for sale. Sales of surgical gloves were up by 22 per cent to pounds 26.6m. It is undergoing clinical trials in America, which are expected to be completed next year.