The company, which produces about one third of the catalytic converters used in vehicles worldwide, warned that the prices of rare earth metals were rising sharply.
Neil Carson, chief executive, remained bullish despite the negative market reaction, declaring that the company had seen a return “to strong growth”.
“The drivers that will provide superior earnings growth for the group in our existing markets remain strong,” Mr Carson said.
“We are increasing our investment in research and development in order to target new areas of future growth for our business.”
“We are increasing our investment in research and development in order to target new areas of future growth for our business.”
