Strong Underlying Operating Performance
The underlying operating performance increased by 38%, with an 11% increase in Clean Air and a 33% increase in Platinum Group Metals.
Cash Flow Improvement
Significant turnaround from a cash outflow last year to a small inflow this year, indicating progress towards a cash-focused business model.
Sale of Catalyst Technologies on Track
The sale to Honeywell is proceeding as planned, with GBP 1.4 billion to be returned to shareholders upon closure.
Margin Improvement in Clean Air
Achieved a 200 basis point increase in Clean Air margin, with the business on track to reach a 16% to 18% margin by 2027-2028.
Strong Performance in Platinum Group Metal Services
A 33% increase in underlying operating profit, supported by pricing and efficiencies.
Hydrogen Technologies on Track
The segment is on course to achieve run rate breakeven by March 2026.
Organizational Streamlining
Reorganization to reduce executive committee members from 9 to 6, aimed at accelerating progress.