Our strategy
Metals that matter, for a healthier world
Everything we do is underpinned by our leadership in complex metal chemistry, catalysis and process engineering. As our customers transition towards decarbonised energy systems, we provide a fully integrated and comprehensive offering through collaboration across our business units. Every part of our business is committed to helping our customers adapt processes and products to reach the sustainability goals our society and planet are depending on.
Strengthening our core. Building for the future.
In early 2026, we refreshed our strategy, looking to add greater depth, align with the market environment and present our short- to medium-term outlook for the business. Refocusing our activities, this strategic refresh supports the launch of the new JM: a highly focused, lean and cash-generative business delivering materially enhanced shareholder returns.
Our refreshed strategy is focused on ensuring longevity across our three strategic horizons, Core, Scaling and Emerging, with a commitment to generate a minimum of £250 million p.a. in cash and £200 million of shareholder returns in and beyond 2027/28.
In Core – with Clean Air and PGM Services – we currently generate most of our revenues and cash flow. Our focus remains on driving disciplined execution, improving efficiencies and driving down costs to create streamlined, high-performing, cash-generative businesses for the long run.
In Scaling – with Clean Air Solutions (CAS), Hydrogen Technologies (HT) and PGM Products – we are well positioned in market segments with attractive mid- to longer-term growth perspectives. Our focus is on setting these businesses up for success and accelerating their growth through selective organic and inorganic initiatives.
And in Emerging, we will be exploring and building out new growth platforms through structured partnerships and potential M&A opportunities.
Our immediate priorities remain centred on our Core businesses, which continue to benefit from a significantly larger allocation of our resources. We are on track against the strategic milestones we have set and are also making good progress to deliver on our Scaling and Emerging objectives. Combined, these focus areas create a three-tiered pathway to sustainable, long-term cash generation.
Core commitments. Continued delivery on our milestones.
1. Achieved run-rate operating profit breakeven in Q4 2025/26. On track to be cash flow positive in 2026/27. Cash flow is underlying operating profit plus depreciation and amortisation (EBITDA), less capex and net working capital movements.
2. Expect new refinery to be operational in calendar year 2027.
3. Net promoter score is a market research survey metric to measure customer satisfaction and loyalty, calculated from our annual customer survey data. 2025/26: 47, 2024/25 baseline: 41.
4. ICCA - International Council of Chemical Associations. 2024/25 baseline: 0.74 (restated - previously 0.78).
5. Employee engagement - March 2026: 7.5, March 2025 baseline: 7.1.
6. Metric tonnes of greenhouse gases. 2025/25: 101,010 tonnes CO2 equivalents. This represents a 59% reduction compared to 2019/20 baseline of 248,432 tonnes (restated - previously 249,465 tonnes).
