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Chemicals company Johnson Matthey reported a fall in annual profit as higher costs offset an increase in revenue.
For the year ended 31 March 2021, pre-tax profit fell 22% to £238 million year-on-year and revenue climbed 8% to £15.67 billion.
The fall in profit as 'largely driven by higher administrative expenses, and major impairment and restructuring charges,' the company said.
The company proposed a final ordinary dividend for the year of 50.0 pence, taking the total dividend to 70 pence per share, up 26% on the prior year.
The current year had started well with a continuation of the strength seen in the second half of fiscal year, the company said.
Looking ahead, the company said it expects low to mid teens growth in underlying operating performance, driven by strength in clean air with improving auto production volumes, tightening legislation in Asia and higher order intakes within heavy duty diesel in the US.