Cambridge precious metals business Johnson Matthey defied the macro-economic gloom with stunning revenue and profit growth in the first half to September 30.

The company is expecting an even stronger surge in the second half.

Johnson Matthey reported good performances across all its divisions as a  result of increased activity and higher average precious metal prices.

Sales excluding precious metals were 17 per cent ahead at £1.3 billion – led by Environmental Technologies which was 22 per cent higher.

Chief executive Neil Carson said: “The short term prospects for the global economy are difficult to predict. Nonetheless we believe that Johnson Matthey is well placed and we currently anticipate that the group’s
results in the second half will be slightly ahead of those for the first six months of the year.

“Notwithstanding current macroeconomic uncertainties, the drivers for our business remain robust. In addition, we continue to increase our investment in research and development to position the group for longer term growth.”