Financial results and reports

Latest financial results - full year 2024/25

Agreed sale of Catalyst Technologies to Honeywell International Inc. (Honeywell) at an attractive valuation – enterprise value of £1.8 billion on a cash and debt-free basis, 13.3x 2024/25 EBITDA¹
£1.4 billion of net sale proceeds to be returned to shareholders following completion²
Creating a highly focused, lean and agile group
Driving a step change in sustainable cash generation through rigorous cost control, materially lower capex and significant working capital benefits
Committed to growing annual cash returns to shareholders from at least £130 million for 2025/26, equivalent to the total dividend for 2024/25³, to at least £200 million for 2026/27 and beyond⁴
2024/25 results in line with guidance against a challenging market backdrop – underlying operating profit ex-divestments of £388 million, up 6%, at constant PGM prices and currency
Reported operating profit of £538 million benefiting from a £482 million profit on disposal of businesses. This was partly offset by £329 million impairment and restructuring charges primarily across Clean Air, PGM Services and Hydrogen Technologies

"Today’s announcement represents a significant milestone in the over 200 year history of Johnson Matthey. Following on from the divestment of our Medical Devices business at a highly attractive valuation, we have now agreed to the sale of our Catalyst Technologies business for £1.8 billion. This allows JM to realise a very attractive valuation for this business that fully reflects its strong long-term growth prospects."

"We will now fundamentally re-shape Johnson Matthey into a more highly focused and leaner business. This will better position us to leverage our strong capabilities and leading market positions in Clean Air and PGM Services as we drive a step change in sustainable cash generation with higher returns to shareholders."

"Our full year results were underpinned by a strong second half and were in line with guidance and market expectations, against challenging market headwinds. This resilient performance reflects the strength of our businesses and the strategic progress delivered, including cumulative benefits of £200 million from our 2021/22 to 2024/25 group transformation programme."