February 7, 2018 / 7:32 AM / 8 months ago

BRIEF-Johnson Matthey Says To Recognise 50 Mln Stg On U.S. Lawsuit Settlement

Feb 7 (Reuters) - Johnson Matthey Plc:

* ‍LAWSUIT AGAINST JMI HAS BEEN SETTLED ON MUTUALLY ACCEPTABLE TERMS WITH NO ADMISSION OF FAULT​

* ‍JOHNSON MATTHEY WILL RECOGNISE A CHARGE OF £50 MILLION IN CONNECTION WITH RESOLUTION OF LAWSUIT​

* ‍CHARGE WILL BE EXCLUDED FROM UNDERLYING OPERATING PROFIT FOR YEAR ENDING 31 ST MARCH 2018​

* ‍POSITIVE IMPACT OF US TAX LEGISLATION ON JOHNSON MATTHEY​

* ‍LOWERING OF US CORPORATE TAX RATE LEADS TO A REVALUATION OF OUR US DEFERRED TAX LIABILITIES​

* JOHNSON MATTHEY - ‍WE ESTIMATE WILL RESULT IN A £30 MILLION ONE-OFF NON-CASH BENEFIT IN INCOME TAX EXPENSE LINE IN INCOME STATEMENT FOR YEAR ENDING MARCH 31

* ‍FOR CURRENT FINANCIAL YEAR TO 31 ST MARCH 2018, WE ANTICIPATE NO CHANGE TO EFFECTIVE TAX RATE ON UNDERLYING PROFIT​

* ‍WE CONTINUE TO EXPECT THIS TO BE AROUND 18PCT​

* ‍WE EXPECT THESE CHANGES WILL REDUCE EFFECTIVE TAX RATE ON UNDERLYING PROFIT BY AROUND TWO PERCENTAGE POINTS.​

* ‍OUR OUTLOOK FOR YEAR ENDING 31 ST MARCH 2018 REMAINS UNCHANGED​ Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 80 6749 1136)

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