Johnson Matthey posts loss in first half of 2021 following battery materials exit

Johnson Matthey announced a loss in the first half of 2021 due to lower operating profits and a £314 million ($420 million) impairment of its battery metal interests.

JM announced on November 11 that it intended to exit the battery industry and sell its assets in the space, highlighting an increasingly commoditized market and steep competition to be driving factors for the decision.
JM had been ramping up production of its eLNO cathodes, a nickel rich cathode, prior to its decision to exit the industry.
JM announced that its revenue had increased by 23%, driven primarily by higher precious metals prices.

The company had an operating profit of...

Published

Callum Perry

November 24, 2021

11:36 GMT

London