£3.9 billion
1,5
£410 million
1,4
141.3p
1,4
• Underlying operating profit up 11%, excluding £85 million impact from lower PGM prices; including PGM price impact, down 8%¹
• Executing on our strategy and announcing new strategic milestones to 2025/26
• Well positioned to navigate changes in market dynamics given strength of portfolio – upgraded Clean Air cash target to at least £4.5 billion in the decade to 2030/31², strong growth and new project wins in Catalyst Technologies and reducing Hydrogen Technologies investment in line with the slower pace of market development
• Further underlying operating margin improvement in Clean Air and Catalyst Technologies
• Transformation being delivered to drive efficiency and build a stronger platform for growth – upgrading target to £200 million cost savings by the end of 2024/25
• Achieved 30% reduction in Scope 1+2 CO2e emissions since 2019/20 (target was 10%)
• Agreed Value Businesses divestments – net proceeds of >£500 million, significantly above our target, and intend to return £250 million to shareholders via a share buyback programme³
“In May 2022, we set out Johnson Matthey’s reinvigorated strategy and transformation. We are now two years into executing on that strategy and, with the benefits progressively coming through, I am more confident than ever that we will be successful."
“We have built on the momentum from the first half, delivering good growth in underlying operating profit in the year, although lower PGM prices have impacted our headline profitability. We are delivering against our strategic milestones, and are announcing new commitments to 2025/26 which will continue to build a strong platform for growth.”
“Our portfolio means we are well positioned in a rapidly changing market environment. Underpinned by our foundational PGM Services business, we are driving value from Clean Air alongside investing for growth in our energy transition businesses – Catalyst Technologies and Hydrogen Technologies. We have significant opportunities ahead and I look forward to our continued progress in catalysing the net zero transition and creating significant value for all stakeholders.”
1. Unless otherwise stated, sales and operating profit commentary refers to full year 2023/24 performance at constant exchange rates. Growth at constant rates excludes the translation impact of foreign exchange movements, with 2022/23 results converted at 2023/24 average rates. In 2023/24, the translational impact of exchange rates on group sales and underlying operating profit was an adverse impact of £120 million and £21 million respectively.
2. Cash target from 1st April 2021 to 31st March 2031, pre-tax and post restructuring costs.
3. Target was for net proceeds from divestments of more than £300 million. Share buyback programme conditional upon completion of Medical Device Components sale.
4. Underlying is before profit or loss on disposal of businesses, gain or loss on significant legal proceedings together with associated legal costs, amortisation of acquired intangibles, share of profits or losses from non-strategic equity investments, major impairment and restructuring charges and, where relevant, related tax effects.
5. Revenue excluding sales of precious metals to customers and the precious metal content of products sold to customers.
