Johnson Matthey said on Tuesday half-year profits to the end of September would be well ahead of the £120m pre-tax earnings for that period last year, despite a worsening macroeconomic environment.

The speciality chemicals company, best known for supplying catalysts to control vehicle emissions, said sales in the three months to the end of June were 33 per cent ahead. Profits before tax and amortisation were 22 per cent up.