Cars slowdown puts a brake on Matthey

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The precious metals and chemicals group, which makes catalytic converters for vehicle exhaust systems, said it is holding talks with staff at its Royston site in Hertfordshire about the cuts.

Pre-tax profits fell by 7% in the third quarter as global car production plunged by almost a fifth, but the group said a strong performance from its other divisions and the weak pound have helped offset the decline.

Shares in the company soared 771/2p to 1002p as analysts said its stock has been oversold, and noted that its reduced forecasts for earnings per share are in line with City expectations.

Earnings per share are now expected to be between 85p and 90p, in comparison with 891/2p last time. Johnson Matthey warned in November that it would be unable to match last year's profits.