Annual Report 2024

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PGM Services seminar, 27th June 2024

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16 July 2024

Tackling the world's biggest challenges: catalysing the net zero transition

As a global leader in sustainable technologies, we have a more than 200-year track record of applying our scientific expertise to make a positive difference to the world around us.

And now, as the world faces the enormous challenge of tackling climate change, our strategy is to catalyse the net zero transition for our customers in automotive, chemicals and energy:

  • Driving down emissions from transportation with our autocatalysts and high-performance, zero-emission fuel cell components;
  • Enabling the decarbonisation of the chemicals industry with our market-leading syngas technologies;
  • Transitioning our energy systems with our sustainable fuels technologies, from low carbon (blue) and green hydrogen to sustainable aviation fuel;
  • Further developing the circular economy in platinum group metals, which enable many of the technologies required for the net zero transition.

We are delivering this through our core businesses: Clean Air, Catalyst Technologies and Hydrogen Technologies, supported by our backbone of PGM Services. We have leading positions across most of our markets, as well as significant synergies across our four businesses and the customers we serve.


Executing at pace and driving a high-performance culture

We are transforming Johnson Matthey to leverage our growth opportunities and capitalise on the strong synergies across the group:  

  • Focusing our portfolio only on businesses where we have core competencies and then playing to win;
  • Simplifying the way we operate, with leaner processes, less duplication, lower cost and clear accountabilities;
  • Executing better by building stronger commercial capability and strengthening capital project planning and execution.

As a performance-driven organisation, we will create sustainable value for our shareholders:

  • Accelerating to high single digit growth in underlying operating profit over the medium-term and strong long-term growth beyond¹;
  • At least maintaining and aiming to grow the dividend, targeting a c.40% pay-out ratio over the medium term;
  • While working towards our target of reaching net zero by 2040, including our intermediate targets for a 44% reduction in Scope 1 and Scope 2 emissions and 42% reduction in Scope 3 (purchased goods and services) emissions by 2030².

1 At constant metals prices and FX rates (2023/24 average)
2 Against 2020 baseline. Targets approved by the Science Based Targets initiative (SBTi) as aligned with 1.5C trajectory

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