Sale of Catalyst Technologies
Johnson Matthey announced the sale of Catalyst Technologies to Honeywell for £1.8 billion. The deal values Catalyst Technologies at 15x EBITDA, a significant increase compared to three years ago when the valuation was much lower.
Improved Clean Air Margins
Clean Air's operating margin improved from 8.7% in 2022 to 11.8% and is expected to reach 16% to 18% by 2027-2028 due to strategic improvements and operational efficiencies.
Strong Cash Flow and Shareholder Returns
Johnson Matthey generated strong free cash flow of £572 million, with plans to return £1.4 billion to shareholders from the Catalyst Technologies sale. Additionally, the company commits to delivering £200 million in cash returns annually from 2026-2027 onwards.
World-Class Refinery Nearing Completion
The new PGM refinery is on track to begin commissioning at the end of 2025, promising increased efficiency and a step change in cash generation.