Sale Of Catalyst TechnologiesA confirmed sale that will return GBP 1.4bn is a structural capital event: it crystallizes value, reduces exposure to an underperforming segment, and materially boosts balance sheet flexibility. This improves capacity for buybacks, debt reduction, or reinvestment into battery materials and PGM refining.
Strong Operating PerformanceA 38% uplift in underlying operating performance, led by 33% PGM and 11% Clean Air gains, indicates durable operational improvement and segment diversification. Sustained higher PGM and Clean Air performance supports margins and cash generation even as cyclical markets normalize.
Stable Balance SheetA healthy equity ratio and consistent debt-to-equity imply manageable leverage, enabling the company to fund capital projects (like the Royston refinery) and absorb industry cyclicality. This structural strength underpins creditworthiness and strategic optionality over the medium term.