REG - Johnson Matthey PLC - Annual Financial Report
12/06/2025 09:00
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RNS Number : 4800M Johnson Matthey PLC 12 June 2025
12(th) June 2025
Johnson Matthey Plc
(the "Company")
Annual Report and Accounts 2025
The Company announces that it has today published its Annual Report and
Accounts 2025 ("the Annual Report") and Notice of Annual General Meeting ("the
Notice"). Both documents are available to view and download from the Company's
website at https://matthey.com/investors (https://matthey.com/investors)
In accordance with Listing Rules 9.6.1 and 9.6.3, a copy of the Annual Report
(which will be available in unedited full text and structured electronic
format) and the Notice, together with the Form of Proxy for the Company's
Annual General Meeting, have been submitted to the National Storage Mechanism
and will shortly be available for inspection
at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)
The Annual General Meeting of the Company will be held at 11.00 am on Thursday
17(th) July 2025 at Herbert Smith Freehills, Exchange House, Primrose
Street, London EC2A 2EG. A live webcast and telephone conference will also
be available and details of how to join are contained in the Notice.
For the purposes of complying with the Financial Conduct Authority's
Disclosure Guidance and Transparency Rules ('DTRs') and the requirements
imposed on issuers through the DTRs, information required to be communicated
with the media in unedited full text is included in the Annual Report and
Accounts 2025.
A condensed set of the Company's audited financial statements for the year
ended 31(st) March 2025 are set out as an appendix to this announcement along
with certain information as required under DTR 6.3.5R, extracted from the
Company's Annual Report and Accounts 2025.
This announcement is made in accordance with DTR 6.3.5R(1A).
Enquiries:
Simon Price General Counsel and Company Secretary +44 20 7269 8052
Victoria Barlow Deputy Company Secretary +44 20 7269 8431
Johnson Matthey Plc is listed on the London Stock Exchange (JMAT)
Registered in England & Wales number: 00033774
Legal Entity Identifier number: 2138001AVBSD1HSC6Z10
Appendix - Part 1
Johnson Matthey Plc
Final Audited Results for the year ended 31st March 2025
Chief Executive Officer's statement:
As we move forward, JM will focus on Clean Air and PGM Services by leveraging
our differentiated technology and strong market positions to drive sustainable
value creation.
These are world-leading businesses in their markets with clear pathways to
sustainable value creation. In addition, we have embedded in Clean Air and
PGM Services strong growth optionality with Clean Air Solutions, and
PGMS-related Life Science Technologies, along with growth optionality in
Hydrogen Technologies (HT). Together they represent the core of our value
proposition and provide businesses all over the world with the solutions they
need to reduce toxic emissions and enable the energy transition(1).
Our mission remains deeply committed to safeguarding the wellbeing of our
people, partners and planet. The steps we are taking today focus on creating
lasting shareholder value by leveraging our advanced technologies, industry
partnerships and established infrastructure to support a cleaner and more
resilient future.
Delivering change at scale
The attractive valuation of Catalyst Technologies (CT) would not have been
possible without the implementation of our transformation programme. Since
2022, we have focused on our core competencies, with PGMs at the heart of our
business. We have simplified our portfolio by undertaking significant
divestments. The divestment of the Medical Device Components business
generated over £480 million in additional value to shareholders, of which
£250 million has now been returned. We also separated the CT business from
PGMS. This ensured CT could be set up for success with a clear growth strategy
that has unlocked significant value. In addition, we implemented efficiency
and cost optimisation programmes that now set a stronger foundation for the
remainder of JM to be successful in a volatile and highly competitive market
environment which has resulted in the impairment of certain assets during the
year. However, the transformation programme has enhanced our resilience and
ability to adapt to changing conditions.
We have achieved the ambitious strategic milestones we set out in 2022.
However, the slowdown in the global energy transition has impacted our growth
and with that we have had to adjust our investment strategy and delay two of
the investment milestones. The transformation programme has delivered £80
million savings in 2024/25 alone, bringing the total savings to £200 million
in line with our target. Across the group, our teams now have a much stronger
foundation for streamlined business processes, which will benefit both
customers and employees. With the initial transformation programme now
complete, the business will begin embedding continuous improvement into every
part of our culture. It's not just about more efficiency, it's about
empowering everyone in the business to perform at their best and deliver for
customers.
An adaptable and resilient business
The changes we have made over the last three years have improved the
competitiveness of JM. However, the reason JM has existed for over 208 years
is because of our inimitable ability to adapt to significant changes in the
market environment.
The energy transition has progressed more slowly than anticipated, resulting
in delayed demand for technologies related to decarbonisation, which impacts
both CT and HT. These evolving market dynamics have led us to ensure we do not
over-invest when the market is not ready and has also resulted in impairments
of certain assets reflecting the delayed cash flows and slower market growth.
This has however also allowed us to monetise our position in CT at a very
attractive valuation and allows us to focus on Hydrogen Technologies for
decarbonisation, with investments already made and further growth now
dependent on market development and the pace of the energy transition.
The challenging external environment further underscores the need to
strengthen the foundations that underpin our business and enhance our
financial resilience. The sale of CT allows us to realise immediate value and
simplifies our business. The steps we take next are hugely important as
we focus JM on being world-class at creating value from our core
competencies of platinum group metals chemistry and catalysis.
A refocused, reinvigorated JM
New JM will be a streamlined, high-performing business. A leaner operating
model will balance efficiency with execution, enabling our world-class science
and manufacturing to deliver the greatest impact for our customers. Core
strengths in Clean Air and PGM Services will remain central, while we drive a
step change in cash generation and create materially enhanced sustainable
shareholder returns. Our near-term milestones include Clean Air's operating
margin improvements to mid-teens by 2025/26, further supported by operational
excellence initiatives, and the commissioning of a new PGM refinery to
increase efficiency, resilience and enhance working capital. Due to a
significantly changed market environment in China, we are adapting our
footprint, we remain committed to a leaner, sharper business in China. In
addition, we will continue to ensure the success of the CT organisation until
separation from JM by the first half of 2026.
Our performance over the last three years has laid strong foundations for
sustainable value creation. During the year, we secured c.90% of Clean Air's
commercial pipeline for 2027/28, advanced strategic partnerships and signed
new ones with leading businesses. We continued to drive material improvements
across financial and operational metrics, including the successful rollout of
JM Global Solutions, our professional offshore shared services operation.
2025/26 is a critical year for our business. Focusing on our core
competencies will help ensure that JM is the most innovative, operationally
effective and cash-generative business in our chosen markets. This will
require discipline, a strong sense of urgency and will take real collaborative
effort in order to create the best outcomes for our customers, employees and
our shareholders.
A new chapter
Throughout its history, JM has demonstrated an exceptional ability to adapt to
technological, social and market changes. We remain a sustainable technology
company, offering world-class solutions, expert teams, and leading positions
across crucial markets. Going forward, we will be even more focused and are
committed to creating value for all of our stakeholders. We are proud of the
positive impact we have and remain committed to placing the safety and
wellbeing of our people, our partners and our planet at the heart of
everything we do.
I am very confident in our ability to deliver on our goal of building a more
focused, sustainable JM for generations to come. I want to take this
opportunity to thank our Chair for his outstanding service to JM over the past
seven years and for his personal support to me. I would also like to thank our
board and my GLT colleagues for their very valuable contributions. Most
importantly I want to thank all our employees for their continuous support,
commitment and passion for progress, which fills me with pride. Together we
can all look forward to an exciting new chapter for JM, one where we
accelerate true value creation for our customers, employees and shareholders.
Liam Condon
Chief Executive Officer
(1) The Hydrogen Technologies business is reported separately
Consolidated Income Statement
for the year ended 31(st) March 2025
2025 2024
Notes £m £m
Revenue 2,3 11,674 12,843
Cost of sales 2 (10,775) (11,916)
Gross profit 899 927
Distribution costs (107) (119)
Administrative expenses (403) (398)
Profit / (loss) on disposal of businesses 26 482 (9)
Amortisation of acquired intangibles 4 (4) (4)
Major impairment and restructuring charges 4,6 (329) (148)
Operating profit 2,4 538 249
Finance costs 8 (142) (146)
Investment income 8 87 64
Share of profits / (losses) of associates 15 3 (3)
Profit before tax 486 164
Tax expense 9 (113) (56)
Profit for the year 373 108
pence pence
Earnings per ordinary share
Basic 10 211.8 58.6
Diluted 10 211.2 58.3
Consolidated Statement of Total Comprehensive Income
for the year ended 31(st) March 2025
2025 2024
Notes £m £m
Profit for the year 373 108
Other comprehensive income / (expense)
Items that will not be reclassified to the income statement in subsequent
years
Remeasurements of post-employment benefit assets and liabilities 24 37 (68)
Fair value losses on equity investments at fair value through other (2) (7)
comprehensive income
Tax on items that will not be reclassified to the income statement(1) (8) 18
Total items that will not be reclassified to the income statement 27 (57)
Items that may be reclassified to the income statement
Exchange differences on translation of foreign operations 25 (82) (79)
Amounts charged to hedging reserve 25 (38) (1)
Fair value gains on net investment hedges 7 4
Tax on above items taken directly to or transferred from equity(2) 10 1
Total items that may be reclassified to the income statement in subsequent (103) (75)
years
Other comprehensive expense for the year (76) (132)
Total comprehensive income / (expense) for the year 297 (24)
(1) The tax charge on other comprehensive income that will not be reclassified
to the income statement of £8 million (2024: £18 million credit) relates to
remeasurements of post-employment benefit assets and liabilities.
(2) The tax credit on other comprehensive income that may be reclassified to
the income statement of £10 million (2024: £1 million) relates to tax on
amounts charged to hedging reserve.
Consolidated Statement of Financial Position
as at 31(st) March 2025
2025 2024
Notes £m £m
Assets
Non-current assets
Property, plant and equipment 11 1,411 1,436
Right-of-use assets 12 53 40
Goodwill 13 347 353
Other intangible assets 14 288 301
Investments in associates 15 71 71
Investments at fair value through other comprehensive income 28 38 40
Other receivables 17 98 104
Derivative financial instruments 18 4 49
Deferred tax assets 23 135 128
Post-employment benefit net assets 24 238 153
Total non-current assets 2,683 2,675
Current assets
Inventories 16 1,011 1,211
Taxation recoverable 15 10
Trade and other receivables 17 1,532 1,718
Cash and cash equivalents 898 542
Derivative financial instruments 18 55 53
Assets classified as held for sale - 127
Total current assets 3,511 3,661
Total assets 6,194 6,336
Liabilities
Current liabilities
Trade and other payables 19 (1,984) (2,209)
Lease liabilities 12 (6) (8)
Taxation liabilities (45) (75)
Cash and cash equivalents - bank overdrafts (24) (12)
Borrowings 20 (333) (110)
Derivative financial instruments 18 (14) (11)
Provisions 22 (69) (63)
Liabilities classified as held for sale - (35)
Total current liabilities (2,475) (2,523)
Non-current liabilities
Borrowings 20 (1,301) (1,339)
Lease liabilities 12 (40) (24)
Deferred tax liabilities 23 (4) (2)
Employee benefit obligations 24 (38) (39)
Derivative financial instruments 18 (9) (10)
Provisions 22 (26) (17)
Trade and other payables 19 (6) (2)
Total non-current liabilities (1,424) (1,433)
Total liabilities (3,899) (3,956)
Net assets 2,295 2,380
Equity
Share capital 25 197 215
Share premium 148 148
Treasury shares (10) (17)
Other reserves 25 (51) 36
Retained earnings 2,011 1,998
Total equity 2,295 2,380
Consolidated Statement of Cash Flows
for the year ended 31(st) March 2025
2025 2024
Notes £m £m
Cash flows from operating activities
Profit before tax 486 164
Adjustments for:
Share of (profits) / losses of associates (3) 3
Profit on disposal of businesses (482) -
Depreciation 134 144
Amortisation 53 48
Impairment losses 219 70
Profit on sale of non-current assets (1) (2)
Share-based payments 7 5
Decrease in inventories 187 396
Decrease in receivables 156 89
Decrease in payables (256) (288)
Increase / (decrease) in provisions 15 (7)
Contributions in excess of employee benefit obligations charge (42) (10)
Changes in fair value of financial instruments 9 (10)
Net finance costs 55 82
Disposal costs (18) -
Income tax paid (138) (92)
Net cash inflow from operating activities 381 592
Cash flows from investing activities
Interest received 78 62
Purchases of property, plant and equipment (315) (301)
Purchases of intangible assets (58) (67)
Government grant income received - 5
Proceeds from redemption of investments held at fair value through other 3 -
comprehensive income
Proceeds from sale of non-current assets 2 5
Proceeds from sale of businesses 587 41
Net cash inflow / (outflow) from investing activities 297 (255)
Cash flows from financing activities
Purchase of treasury shares (251) -
Proceeds from borrowings 318 1
Repayment of borrowings (105) (151)
Dividends paid to equity shareholders 25 (138) (141)
Interest paid (148) (137)
Principal element of lease payments (9) (11)
Net cash outflow from financing activities (333) (439)
Change in cash and cash equivalents 345 (102)
Exchange differences on cash and cash equivalents (1) (5)
Cash and cash equivalents at beginning of year 530 637
Cash and cash equivalents at end of year 874 530
Cash and deposits 463 208
Money market funds 435 334
Bank overdrafts (24) (12)
Cash and cash equivalents 874 530
Consolidated Statement of Changes in Equity
for the year ended 31(st) March 2025
Share Share Treasury Other Retained Total
capital premium shares reserves earnings equity
(note 25)
£m £m £m £m £m £m
At 1(st) April 2023 215 148 (19) 118 2,077 2,539
Profit for the year - - - - 108 108
Remeasurements of post-employment benefit assets
and liabilities - - - - (68) (68)
Fair value losses on investments at fair value
through other comprehensive income - - - (7) - (7)
Exchange differences on translation of foreign operations - - - (79) - (79)
Amounts charged to hedging reserve - - - (1) - (1)
Fair value gains on net investment hedges taken to equity - - - 4 - 4
Tax on other comprehensive income - - - 1 18 19
Total comprehensive (expense) / income - - - (82) 58 (24)
Dividends paid (note 25) - - - - (141) (141)
Share-based payments - - - - 17 17
Cost of shares transferred to employees - - 2 - (13) (11)
At 31(st) March 2024 215 148 (17) 36 1,998 2,380
Profit for the year - - - - 373 373
Remeasurements of post-employment benefit assets
and liabilities - - - - 37 37
Fair value losses on investments at fair value
through other comprehensive income - - - (2) - (2)
Exchange differences on translation of foreign operations - - - (82) - (82)
Amounts charged to hedging reserve - - - (38) - (38)
Fair value gains on net investment hedges taken to equity - - - 7 - 7
Tax on other comprehensive income / (expense) - - - 10 (8) 2
Total comprehensive (expense) / income - - - (105) 402 297
Dividends paid (note 25) - - - - (138) (138)
Purchase of treasury shares (note 25) (18) - - 18 (251) (251)
Share-based payments - - - - 18 18
Cost of shares transferred to employees - - 7 - (18) (11)
At 31(st) March 2025 197 148 (10) (51) 2,011 2,295
Notes to the Accounts
for the year ended 31(st) March 2025
1 Material accounting policies
The Company and the Group
Johnson Matthey plc (the 'Company') is a public company limited by shares
incorporated under the Companies Act 2006 and domiciled in England in the
United Kingdom. The consolidated accounts of the company for the year ended
31(st) March 2025 consist of the audited consolidation of the accounts of the
Company and its subsidiaries (together referred to as the 'Group'), together
with the employee share ownership trust and the group's interest in joint
ventures and associates.
Basis of accounting and preparation - group
The financial statements of the group have been prepared in accordance with
UK-adopted International Accounting Standards and with the requirements of the
Companies Act 2006 as applicable to companies reporting under those standards.
The accounts are prepared on the historical cost basis, except for certain
assets and liabilities which are measured at fair value as explained below.
The group accounts comprise the accounts of the parent company and its
subsidiaries, including the employee share ownership trust, and include the
group's interest in joint ventures and associates. Entities the group controls
are accounted for as subsidiaries. Entities that are joint ventures or
associates are accounted for using the equity method of accounting.
Transactions and balances between group companies are eliminated. Profit
recognised on transactions between group companies is eliminated on
consolidation.
The results of businesses acquired or disposed of in the year are consolidated
from or up to the effective date of acquisition or disposal, respectively. The
net assets of businesses acquired are recognised in the consolidated accounts
at their fair values at the date of acquisition.
Going concern
The directors have reviewed a range of scenario forecasts for the group and
have reasonable expectation that there are no material uncertainties that cast
doubt about the group's ability to continue operating for at least twelve
months from the date of approving these annual accounts.
As at 31(st) March 2025, the group maintains a strong balance sheet with
around £1.9 billion of available cash and undrawn committed facilities. Free
cash flow was strong in the year at £521 million and net debt reduced by
£152 million. Net debt at 31(st) March 2025 was £799 million at 1.4 times
net debt (including post tax pension deficits) to underlying EBITDA which was
just below our target range.
While inflation has been decreasing and interest rates have started to fall,
significant headwinds remain due to ongoing global auto sector weakness,
persistent geopolitical tensions and political uncertainty in the US,
particularly about tariffs. Despite these challenges, the group demonstrated
resilience during the period, with underlying operating profit (at constant
exchange rate and excluding the impact of divestments) growing mid-single
digit. For the purposes of assessing going concern, we have revisited our
financial projections using the latest budget for our base case scenario. The
base case scenario was stress tested to a severe-but-plausible downside case
which reflects lower demand across our markets to account for significant
disruption from external factors and a deep recession.
The severe-but-plausible case for Clean Air modelled scenarios assuming a
smaller light and heavy duty vehicle market from reduced vehicle production
and/or market consumer demand disruption, which could be caused by tariffs or
other general changes to the market environment, or greater share of zero
emission vehicles in market. This was assumed to result in a 10% drop in
sales. For PGMS and Catalyst Technologies, it also assumed a reduction in
sales and associated operating profit based on adverse scenarios using
external and internal market insights.
Additionally, as part of viability testing, the group considered scenarios
including the impact from metal price volatility, delays in capital projects
and delivery of cost transformation savings, slow down of operations in China
and an additional impact of US tariffs. We have also considered the impact of
a refinery shutdown for a prolonged period. Whilst the combined impact would
reduce profitability and EBITDA against our latest forecast, our balance sheet
would remain strong.
The group has a robust funding position comprising a range of long-term debt
and a £1 billion five year committed revolving credit facility newly secured
in April 2025 and maturing in April 2030. There was £874 million of cash held
in money market funds or placed on deposit with highly rated banks. Of the
existing loans, £260 million of term debt and £40 million of other bank
loans maturing between August 2024 and June 2025 were re-financed in December
2024 when the group issued c.£300 million of loan notes in the USPP market. A
further £109 million of USPP debt will mature in the next 15 months. We
assume no refinancing of this debt in our going concern modelling. As a long
time, highly rated issuer in the US private placement market, the group
expects to be able to access additional funding in its existing markets if
required but the going concern conclusion is not dependent on such access as
the company has sufficient financing and liquidity to fund its obligations in
the base and severe-but-plausible scenarios. The group also has a number of
additional sources of funding available including uncommitted metal lease
facilities that support precious metal funding. Whilst we would fully expect
to be able to utilise the metal lease facilities, they are excluded from our
going concern modelling.
Conclusion
In the base case and severe but plausible scenarios, the group has sufficient
headroom against committed facilities and key financial covenants are not in
breach during the going concern period. Only in the unlikely event of all the
additional risks identified above being overlaid on top of the severe but
plausible trading scenario is there a very small breach of the financial
covenants. This could be easily mitigated by reducing capital expenditure,
renegotiating payment terms or reducing future dividend distributions. To give
further assurance on liquidity, we have also undertaken a reverse stress test
on our base case for full year to March 2026 and March 2027 to identify what
additional or alternative scenarios and circumstances would threaten our
current financing arrangements. This shows that we have headroom against
either a further decline in profitability well beyond the severe-but-plausible
scenario, or a significant increase in borrowings, or a significant increase
in interest charges. Furthermore, as mentioned above, the group has other
mitigating actions available which it could utilise to protect headroom.
The directors are therefore of the opinion that the group has adequate
resources to fund its operations for the period of at least twelve months
following the date of these financial statements and there are no material
uncertainties relating to going concern so determine that it is appropriate to
prepare the accounts on a going concern basis.
Material accounting policies
The group's and parent company's accounting policies have been applied
consistently during the current and prior year, other than where new policies
have been adopted (see below). The group's and parent company's material
accounting policies are as follows:
Foreign currencies
Foreign currency transactions are recorded in the functional currency of the
relevant subsidiary, joint venture, associate or branch at the exchange rate
at the date of the transaction. Foreign currency monetary assets and
liabilities are retranslated into the relevant functional currency at the
exchange rate at the balance sheet date.
Income statements and cash flows of overseas subsidiaries, joint ventures,
associates and branches are translated into sterling at the average rates for
the year. Balance sheets of overseas subsidiaries, joint ventures, associates
and branches, including any fair value adjustments and related goodwill, are
translated into sterling at the exchange rates at the balance sheet date.
Exchange differences arising on the translation of the net investment in
overseas subsidiaries, joint ventures, associates and branches, less exchange
differences arising on related foreign currency financial instruments which
hedge the group's net investment in these operations, are taken to other
comprehensive income. On disposal of the net investment, the cumulative
exchange difference is reclassified from equity to operating profit.
Other exchange differences are recognised in operating profit
Revenue
Revenue represents income derived from contracts for the provision of goods
and services by the parent company and its subsidiaries to customers in
exchange for consideration in the ordinary course of the group's activities.
Performance obligations
Upon approval by the parties to a contract, the contract is assessed to
identify each promise to transfer either a distinct good or service or a
series of distinct goods or services that are substantially the same and have
the same pattern of transfer to the customer. Goods and services are distinct
and accounted for as separate performance obligations in the contract if the
customer can benefit from them either on their own or together with other
resources that are readily available to the customer and they are separately
identifiable in the contract.
The group typically sells licences to its intellectual property together with
other goods and services and, since these licences are not generally distinct
in the context of the contract, revenue recognition is considered at the level
of the performance obligation of which the licence forms part. Revenue in
respect of performance obligations containing bundles of goods and services in
which a licence with a sales or usage-based royalty is the predominant item is
recognised when sales or usage occur.
Transaction price
At the start of the contract, the total transaction price is estimated as the
amount of consideration to which the group expects to be entitled in exchange
for transferring the promised goods and services to the customer, excluding
sales taxes. Variable consideration, such as trade discounts, is included
based on the expected value or most likely amount only to the extent that it
is highly probable that there will not be a reversal in the amount of
cumulative revenue recognised. The transaction price does not include
estimates of consideration resulting from contract modifications until they
have been approved by the parties to the contract. The total transaction price
is allocated to the performance obligations identified in the contract in
proportion to their relative stand-alone selling prices. Many of the group's
and parent company's products and services are bespoke in nature and,
therefore, stand-alone selling prices are estimated based on cost plus margin
or by reference to market data for similar products and services.
Revenue recognition
Revenue is recognised as performance obligations are satisfied as control of
the goods and services is transferred to the customer.
For each performance obligation within a contract, the group and parent
company determine whether it is satisfied over time or at a point in time.
Performance obligations are satisfied over time if one of the following
criteria is satisfied:
· the customer simultaneously receives and consumes the
benefits provided by the group's and parent company's performance as they
perform;
· the group's and parent company's performance creates or
enhances an asset that the customer controls as the asset is created or
enhanced; or
· the group's and parent company's performance does not create
an asset with an alternative use to the group and parent company and they have
an enforceable right to payment for performance completed to date.
For more detail of our revenue recognition policy see note 3.
In the event that the group and parent company enter into bill-and-hold
transactions at the specific request of customers, revenue is recognised when
the goods are ready for transfer to the customer and when the group and parent
company are no longer capable of directing those goods to another use.
Revenue includes sales of precious metal to customers and the precious metal
content of products sold to customers.
Linked contracts under which the group and parent company sell or buy precious
metal and commit to repurchase or sell the metal in the future and no revenue
is recognised in respect of the sale leg.
No revenue is recognised by the group or parent company in respect of
non-monetary exchanges of precious metal on the basis that the counterparties
are in the same line of business.
Consideration payable to customers
Consideration payable to customers in advance of the recognition of revenue in
respect of the goods and services to which it relates is capitalised and
recognised as a deduction to the revenue recognised upon transfer of the goods
and services to the customer.
Costs to fulfil a contract
Contract fulfilment costs in respect of over time contracts are expensed as
incurred. Contract fulfilment costs in respect of point in time contracts are
accounted for under IAS 2, Inventories.
Contract receivables
Contract receivables represent amounts for which the group and parent company
have a conditional right to consideration in respect of unbilled revenue
recognised at the balance sheet date.
Contract liabilities
Contract liabilities represent the obligation to transfer goods or services to
a customer for which consideration has been received, or consideration is due,
from the customer.
Finance costs and investment income
Finance costs that are directly attributable to the construction of an asset
that necessarily takes a substantial period of time to get ready for its
intended use are capitalised as part of the cost of that asset. Other finance
costs and finance income are recognised in the income statement in the year
incurred. Finance costs and finance income include the forward point movements
from FX Swap contracts (i.e. the interest rate differential between currencies
specified in a FX Swap contract) and from metal Swap contracts (i.e. the
interest rate differential between the spot equivalent metal price and forward
contract price). Other finance costs and finance income are recognised in the
income statement in the year incurred.
Research and development
Research expenditure is charged to the income statement (cost of sales) in the
year incurred. Development expenditure is charged to the income statement
(cost of sales) in the year incurred unless it meets the recognition criteria
for capitalisation. When the recognition criteria have been met, any further
development expenditure is capitalised as an intangible asset.
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation
and any provisions for impairment. Depreciation is provided at rates
calculated to write-off the cost less estimated residual value of each asset
over its useful life and is recognised within administrative expenses. Certain
buildings and plant and equipment are depreciated using the units of
production method as this more closely reflects their expected consumption.
All other assets are depreciated using the straight-line method. The useful
lives vary according to the class of the asset, but are typically:
- buildings - not exceeding 30 years; and
- plant and machinery - 4 to 10 years.
- land is not depreciated.
The expected lives of property, plant and equipment tends to be short to
medium term, as such the physical risk posed by climate change in the long
term is low.
Impairment
The group and parent company reviews the carrying amounts of its non-financial
assets regularly to determine whether there is any indication of impairment.
Goodwill is tested for impairment annually or more frequently if there are
indications that goodwill might be impaired. If any such indication of
impairment exists, the recoverable amount of the non-financial asset is
estimated in order to determine the extent of any impairment loss. Where the
asset does not generate cash flows that are independent from other assets, the
group estimates the recoverable amount of the cash-generating unit (CGU) to
which the asset belongs. Recoverable amount is the higher of fair value less
costs to sell and value-in-use. In estimating value-in-use, the estimated
future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of
money and the risks specific to the asset (or CGU) for which the estimates of
future cash flows have not been adjusted.
An impairment loss is recognised as an expense immediately whenever the
carrying amount of a non-financial asset or the CGU to which it belongs
exceeds its recoverable amount. Impairment losses for goodwill are not
reversable in subsequent reporting periods. Where an impairment loss
subsequently reverses for a finite lived non-financial asset, the carrying
amount of the asset (or CGU) is increased to the revised estimate of its
recoverable amount, not to exceed the carrying amount that would have been
determined had no impairment loss been recognised for the asset (or CGU) in
prior years. A reversal of an impairment loss is recognised as income when
identified.
Impairment of financial assets
The group and parent company has financial assets classified and measured at
amortised cost and fair value through other comprehensive income that are
subject to the expected credit loss requirements of IFRS 9. Cash and bank
deposits are classified and measured at amortised cost and subject to
impairment assessments however the expected credit loss is considered to be
immaterial.
The group and parent company recognises loss allowances for expected credit
losses (ECLs) on financial assets measured at amortised cost and contract
assets. The group and parent company measures loss allowances at an amount
equal to lifetime ECL, except for bank balances for which credit risk (i.e.
the risk of default occurring over the expected life of the financial
instrument) has not increased significantly since initial measurement which
was measured as 12-month ECL. A simplified lifetime ECL model is used to
assess trade receivables and contract assets for impairment. ECL is the
present value of all cash shortfalls over the expected life of a trade
receivable. Expected credit losses are based on historical loss experience on
trade receivables, adjusted to reflect information about current economic
conditions and reasonable and supportable forecasts of future economic
conditions.
When determining whether the credit risk of a financial asset has increased
significantly since initial recognition and when estimating ECL, the group and
parent company considers reasonable and supportable information that is
relevant and available without undue cost or effort. This includes both
quantitative and qualitative information and analysis, based on the group and
parent company's historical experience and informed credit assessment and
including forward-looking information.
Lifetime ECLs are the ECLs that result from all possible default events over
the expected life of a financial instrument. 12-month ECLs are the portion of
ECLs that result from default events that are possible within the 12 months
after the reporting date (or a shorter period if the expected life of the
instrument is less than 12 months). The maximum period considered when
estimating ECLs is the maximum contractual period over which the group or
parent company is exposed to credit risk.
Measurement of ECLs
ECLs are a probability-weighted estimate of credit losses. Credit losses are
measured as the present value of all cash shortfalls (i.e. the difference
between the cash flows due to the entity in accordance with the contract and
the cash flows that the group or parent company expects to receive). ECLs are
discounted at the effective interest rate of the financial asset.
Factoring arrangements
The group enters into factoring type arrangements in a small number of
countries as part of normal business due to longer than standard payment
terms, we seek to collect payments in the month following sale. The group and
parent company derecognises trade receivables when the contractual rights to
cash flows from the receivables have expired or when substantially all risks
and rewards of ownership are transferred. Any gain or loss from the
derecognition is recognised in the statement of profit or loss.
Goodwill and other intangible assets
Goodwill arises on the acquisition of a business when the fair value of the
consideration exceeds the fair value attributed to the net assets acquired
(including contingent liabilities). It is subject to annual impairment
reviews. Acquisition-related costs are charged to the income statement as
incurred. The group and parent company have taken advantage of the exemption
allowed under IFRS 1 and, therefore, goodwill arising on acquisitions made
before 1(st) April 2004 is included at the carrying amount at that date less
any subsequent impairments.
Other intangible assets are stated at cost less accumulated amortisation and
any provisions for impairment. Customer contracts are amortised when the
relevant income stream occurs. All other intangible assets are amortised by
using the straight-line method over the useful lives from the time they are
first available for use. Amortisation is recognised within administrative
expenses. The estimated useful lives vary according to the specific asset, but
are typically:
· customer contracts and relationships - 1 to 15 years;
· capitalised computer software - 3 to 8 years;
· patents, trademarks and licences - 3 to 20 years, for
perpetual software licences the estimated useful life is 4 to 7 years;
· acquired research and technology - 4 to 10 years; and
· capitalised development currently being amortised - 3 to 8
years.
Intangible assets which are not yet being amortised are subject to annual
impairment reviews.
Investments in associates
Associates are entities over which the group exercises significant influence
when it has the power to participate in the financial and operating policy
decisions of the entity but it does not have the power to control or jointly
control the entity.
Investments in associates are accounted for using the equity method of
accounting and are initially recognised at cost. Thereafter the investments
are adjusted to recognise the group's share of the post-acquisition profits or
losses after tax of the investee in the income statement, and the group's
share of movements in other comprehensive income of the investee in other
comprehensive income. Dividends received or receivable from associates are
recognised as a reduction in the carrying amount of the investment. The
carrying value of the investments are reviewed for impairment triggers on a
regular basis.
Where the group's share of losses in an equity-accounted investment equals or
exceeds its interest in the entity, the group does not recognise further
losses unless it has incurred obligations to do so.
Unrealised gains and losses on transactions between the group and its
associates are eliminated to the extent of the group's interest in these
associates.
Leases
Leases are recognised as a right-of-use asset, together with a corresponding
lease liability, at the date at which the leased asset is available for use.
The right-of-use asset is initially measured at cost, which comprises the
initial value of the lease liability, lease payments made (net of any
incentives received from the lessor) before the commencement of the lease,
initial direct costs and restoration costs. The right-of-use asset is
depreciated on a straight-line basis over the shorter of the asset's useful
life and the lease term in operating profit.
The lease liability is initially measured as the present value of future lease
payments discounted using the interest rate implicit in the lease or, where
this rate is not determinable, the group's incremental borrowing rate, which
is the interest rate the group would have to pay to borrow the amount
necessary to obtain an asset of similar value in a similar economic
environment with similar terms and conditions. Interest is charged to finance
costs at a constant rate of interest on the outstanding lease liability over
the lease term.
Payments in respect of short-term leases, low-value leases and precious metal
leases are charged to the income statement on a straight-line basis over the
lease term in operating profit.
The group leases precious metals to fund temporary peaks in metal requirements
provided market conditions allow. These leases are from banks for specified
periods (less than 12 months) and the group pays a fee which is expensed on a
straight-line basis over the lease term in finance costs. The group holds
sufficient precious metal inventories to meet all the obligations under these
lease arrangements as they fall due. Precious metal leases do not fall under
the scope of IFRS 16 as there is no identifiable asset to control due to the
fungible nature of metal.
Inventories
Precious metal
Inventories of gold, silver and platinum group metals are valued according to
the source from which the metal is obtained. Metal which has been purchased
and committed to future sales to customers is valued at the price at which it
is contractually committed, adjusted for unexpired contango and backwardation.
Other precious metal inventories owned by the group, which are unhedged, are
valued at the lower of cost and net realisable value using the weighted
average cost formula.
Other
Non-precious metal inventories are valued at the lower of cost, including
attributable overheads, and net realisable value. Except where costs are
specifically identified, the first-in, first-out cost formula is used to value
inventories.
Cash and cash equivalents
Cash and deposits comprise cash at bank and in hand and short-term deposits
with a maturity date of three months or less from the date of acquisition.
Money market funds comprise investments in funds that are subject to an
insignificant risk of changes in fair value. The group and parent company
routinely use short-term bank overdraft facilities, which are repayable on
demand, as an integral part of their cash management policies and, therefore,
cash and cash equivalents include cash and deposits, money market funds and
bank overdrafts. Offset arrangements across group businesses have been applied
to arrive at the net cash and overdraft figures.
Financial instruments
Investments and other financial assets
The group and parent company classify their financial assets in the following
measurement categories:
· those measured at fair value either through other
comprehensive income or through profit or loss; and
· those measured at amortised cost.
At initial recognition, the group and parent company measure financial assets
at fair value plus, in the case of financial assets not measured at fair value
through profit or loss, transaction costs that are directly attributable to
their acquisition.
The group and parent company subsequently measure equity investments at fair
value and have elected to present fair value gains and losses on equity
investments in other comprehensive income. There is, therefore, no subsequent
reclassification of cumulative fair value gains and losses to profit or loss
following disposal of the investments.
The group and parent company subsequently measure trade and other receivables
and contract receivables at amortised cost, with the exception of trade
receivables that have been designated as at fair value through other
comprehensive income because the group has certain operations with business
models to hold trade receivables for collection or sale. All other financial
assets, including short-term receivables, are measured at amortised cost less
any impairment provision.
For the impairment of trade and contract receivables, the group and parent
company apply the simplified approach permitted by IFRS 9, Financial
Instruments, which requires expected lifetime losses to be recognised from
initial recognition.
Derivative financial instruments
The group and parent company use derivative financial instruments, in
particular forward currency contracts, currency swaps, interest rate swaps and
commodity derivatives to manage the financial risks associated with their
underlying business activities and the financing of those activities. The
group and parent company do not undertake any speculative trading activity in
derivative financial instruments.
Derivative financial instruments are measured at their fair value. Derivative
financial instruments may be designated at inception as fair value hedges,
cash flow hedges or net investment hedges if appropriate. For currency swaps
designated as instruments in cash flow or net investment hedging
relationships, the impact from currency basis spreads is included in the hedge
relationship and may be a source of ineffectiveness recognised in the income
statement.
Derivative financial instruments which are not designated as hedging
instruments are classified as at fair value through profit or loss, but are
used to manage financial risk. Changes in the fair value of any derivative
financial instruments that are not designated as, or are not determined to be,
effective hedges are recognised immediately in the income statement. The vast
majority of forward precious metal price contracts are entered into and held
for the receipt or delivery of precious metal and, therefore, are not recorded
at fair value.
Cash flow hedges
Changes in the fair value of derivative financial instruments designated as
cash flow hedges are recognised in other comprehensive income to the extent
that the hedges are effective. Ineffective portions are recognised in the
income statement immediately. If the hedged item results in the recognition of
a non-financial asset or liability, the amount previously recognised in other
comprehensive income is transferred out of equity and included in the initial
carrying amount of the asset or liability. Otherwise, the amount previously
recognised in other comprehensive income is transferred to the income
statement in the same period that the hedged item is recognised in the income
statement. If the hedging instrument expires or is sold, terminated or
exercised or the hedge no longer meets the criteria for hedge accounting,
amounts previously recognised in other comprehensive income remain in equity
until the forecast transaction occurs. If a forecast transaction is no longer
expected to occur, the amounts previously recognised in other comprehensive
income are transferred to the income statement. If a forward precious metal
price contract will be settled net in cash, it is designated and accounted for
as a cash flow hedge.
Fair value hedges
Changes in the fair value of derivative financial instruments designated as
fair value hedges are recognised in the income statement, together with the
related changes in the fair value of the hedged asset or liability. Fair value
hedge accounting is discontinued if the hedging instrument expires or is sold,
terminated or exercised or the hedge no longer meets the criteria for hedge
accounting.
Net investment hedges
For hedges of net investments in foreign operations, the effective portion of
the gain or loss on the hedging instrument is recognised in other
comprehensive income, while the ineffective portion is recognised in the
income statement. Amounts taken to other comprehensive income are reclassified
from equity to the income statement when the foreign operations are sold or
liquidated.
Financial liabilities
Borrowings are measured at amortised cost. Those borrowings designated as
being in fair value hedge relationships are remeasured for the fair value
changes in respect of the hedged risk with these changes recognised in the
income statement. All other financial liabilities, including short-term
payables, are measured at amortised cost.
Precious metal sale and repurchase agreements
The group and parent company undertake linked contracts to sell or buy
precious metal and commit to repurchase or sell the metal in the future. An
asset representing the metal which the group and parent company have committed
to sell or a liability representing the obligation to repurchase the metal are
recognised in trade and other receivables or trade and other payables,
respectively.
Taxation
Current and deferred tax are recognised in the income statement, except when
they relate to items recognised directly in equity, in which case the related
tax is also recognised in equity.
Current tax is the amount of income tax expected to be paid in respect of
taxable profits using the tax rates that have been enacted or substantively
enacted at the balance sheet date.
Deferred tax is provided in full, using the liability method, on temporary
differences arising between the tax bases of assets and liabilities and their
carrying amounts in the balance sheet. It is provided using the tax rates that
are expected to apply in the period when the asset or liability is settled,
based on tax rates that have been enacted or substantively enacted at the
balance sheet date.
Deferred tax assets are recognised to the extent that it is probable that
future taxable profits will be available against which the temporary
differences can be utilised. No deferred tax asset or liability is recognised
in respect of temporary differences associated with investments in
subsidiaries and branches where the group is able to control the timing of the
reversal of the temporary difference and it is probable that the temporary
difference will not reverse in the foreseeable future.
Provisions and contingencies
Provisions are recognised when the group has a present obligation as a result
of a past event and a reliable estimate can be made of a probable adverse
outcome, for example warranties, environmental claims and restructuring.
Otherwise, material contingent liabilities are disclosed unless the
probability of the transfer of economic benefits is remote. Contingent assets
are only recognised if an inflow of economic benefits is virtually certain.
Share-based payments and treasury shares
The fair value of shares awarded to employees under the performance share
plan, restricted share plan, long term incentive plan and deferred bonus plan
is calculated by adjusting the share price on the date of allocation for the
present value of the expected dividends that will not be received. The
resulting cost is charged to the income statement over the relevant
performance periods, adjusted to reflect actual and expected levels of vesting
where appropriate.
The group and parent company provide finance to the employee share ownership
trust (ESOT) to purchase company shares in the open market. Costs of running
the ESOT are charged to the income statement. The cost of shares held by the
ESOT is deducted in arriving at equity until they vest unconditionally with
employees.
Post-employment benefits
The costs of defined contribution plans are charged to the income statement as
they fall due.
For defined benefit plans, the group and parent company recognise the net
assets or liabilities of the plans in their balance sheets. Assets are
measured at their fair value at the balance sheet date. Liabilities are
measured at present value using the projected unit credit method and a
discount rate reflecting yields on high quality corporate bonds. The changes
in plan assets and liabilities, based on actuarial advice, are recognised as
follows:
· The current service cost is deducted in arriving at operating
profit.
· The net interest cost, based on the discount rate at the
beginning of the year, contributions paid in and the present value of the net
defined benefit liabilities during the year, is included in finance costs.
· Past service costs and curtailment gains and losses are
recognised in operating profit at the earlier of when the plan amendment or
curtailment occurs and when any related restructuring costs or termination
benefits are recognised.
· Gains or losses arising from settlements are included in
operating profit when the settlement occurs.
· Remeasurements, representing returns on plan assets,
excluding amounts included in interest, and actuarial gains and losses arising
from changes in financial and demographic assumptions, are recognised in other
comprehensive income.
Assets held for sale
Non-current assets and disposal groups are classified as held for sale if, at
the balance sheet date, they are available for sale in their present
condition, management are committed to a plan to sell the asset or disposal
group and there is an active programme to locate a buyer, and a sale is
considered highly probable within 12 months. They are measured at the lower of
their carrying amount and fair value less costs to sell. Assets and
liabilities classified as held for sale are presented separately on the
Balance Sheet. The assets are not depreciated or amortised while they are
classified as held for sale.
An impairment loss is recognised in the Income Statement for any initial or
subsequent write-down of the asset or disposal group to fair value less costs
to sell. A gain is recognised for any subsequent increases in fair value less
costs to sell of an asset or disposal group, but not in excess of any
cumulative impairment loss previously recognised. A gain or loss not
previously recognised by the date of the sale of the non-current asset (or
disposal group) is recognised at the date of de-recognition.
Sources of estimation uncertainty
Determining the carrying amounts of certain assets and liabilities at the
balance sheet date requires estimation of the effects of uncertain future
events. In the event that actual outcomes differ from those estimated, there
may be an adjustment to the carrying amounts of those assets and liabilities
within the next financial year. Other significant risks of material adjustment
are the valuation of the liabilities of the defined benefit pension plans and
tax provisions. The group and parent company have considered the refining
process and stocktakes, deferred tax assets and climate change and, whilst not
deemed to represent a significant risk of material adjustment to the group's
and parent company's financial position during the year ending 31(st) March
2025, represent important accounting estimates.
Goodwill, other intangibles and other assets
The group and parent company have significant intangible assets from both
business acquisitions and investments in new products and technologies. Some
of those acquisitions and investments are at an early stage of commercial
development and, therefore, carry a greater risk that they will not be
commercially viable. Goodwill and intangible assets not yet ready for use are
not amortised but are subject to annual impairment reviews. Other intangible
assets are amortised from the time they are first ready for use and, together
with other assets, are assessed for impairment when there is a triggering
event that provides evidence that they are impaired.
The impairment reviews require the use of estimates of future profit and cash
generation based on financial budgets and plans approved by management,
generally covering a three-year period and then extrapolated using long term
growth rates, and the pre-tax discount rates used in discounting projected
cash flows, see note 5.
The directors have determined that there is significant accounting estimate
with respect to the estimated cash flows in assessing the value in use of the
Hydrogen Technologies CGU. There is also significant accounting estimate with
respect to the estimated cash flows used in the Heavy Duty Catalysts and
Catalyst Technologies CGUs value in use as part of the goodwill impairment
assessments. Refer to note 5 for information about the key assumptions applied
in the value in use calculations.
Post-employment benefits
The group's and parent company's defined benefit plans are assessed annually
by qualified independent actuaries. The estimate of the liabilities of the
plans is based on a number of actuarial assumptions.
There is a range of possible values for each actuarial assumption and the
point within that range is estimated to most appropriately reflect the group's
and parent company's circumstances. Small changes in these assumptions can
have a significant impact on the estimate of the liabilities of the plans. A
description of those discount rate and inflation assumptions, together with
sensitivity analysis, is set out in note 24 to the group and parent company
accounts.
Tax provisions
Tax provisions are determined based on the tax laws and regulations that apply
in each of the jurisdictions in which the group operates. Tax provisions are
recognised where the impact of those laws and regulations is unclear and it is
probable that there will be a tax adjustment representing a future outflow of
funds to a tax authority or a consequent adjustment to the carrying value of a
tax asset.
Provisions are mainly measured using the 'expected value' method. This method
calculates exposure by reference to the sum of the probability-weighted
outcome of a range of potential outcomes. The resolution of tax positions
taken by the group can take a considerable period of time to conclude and, in
some cases, it is difficult to predict the outcome. Tax provisions at 31(st)
March 2025 of £59 million (2024: £64 million) are included within the
current tax positions on the balance sheet and the estimation of the range of
possible outcomes is an increase in those liabilities by £118 million (2024:
£72 million) to a decrease of £58 million (2024: £54 million). The
estimates made reflect where the group faces routine tax audits or is in
ongoing disputes with tax authorities; has identified potential tax exposures
relating to transfer pricing; or is contesting the tax deductibility of
certain business costs.
Deferred tax assets
Deferred tax assets are recognised to the extent it is probable that future
taxable profits will be available, against which the deductible temporary
difference can be utilised, based on management's assumptions relating to
future taxable profits.
Determination of future taxable profits requires application of judgement and
estimates, including: market share, expected changes to selling prices,
product profitability, precious metal prices and other direct input costs,
based on management's expectations of future changes in the markets using
external sources of information where appropriate. The estimates take account
of the inherent uncertainties, constraining the expected level of profit as
appropriate. Changes in these estimates will affect future profits and
therefore the recoverability of the deferred tax assets.
Refining process and stocktakes
The group's and parent company's refining businesses process significant
quantities of precious metal and there are uncertainties regarding the actual
amount of metal in the refining system at any one time. The group's refining
businesses process over four million ounces of platinum group metals per annum
with a market value of around £3 billion. The majority of metal processed is
owned by customers and the group and parent company must return pre-agreed
quantities of refined metal based on assays of starting materials and other
contractual arrangements, such as the timing of the return of metal. The group
and parent company calculate the profits or losses of their refining
operations based on estimates, including the extent to which process losses
are expected during refining. The risk of process losses or stocktake gains
depends on the nature of the starting material being refined, the specific
refining processes applied, the efficiency of those processes and the
contractual arrangements.
Stocktakes are performed to determine the volume and value of metal within the
refining system compared with the calculated estimates, with the variance
being a profit or a loss. Stocktakes are, therefore, a key control in the
assessment of the accuracy of the profit or loss of refining operations.
Whilst refining is a complex, large-scale industrial process, the group and
parent company have appropriate processes and controls over the movement of
material in their refineries.
Climate change
The impact of climate change presented in the group's Strategic Report (see
pages X to X ) and the stated net zero targets have been considered in
preparing the group accounts.
The following considerations were made:
Impact on the going concern period and viability of the group over the next
three years. The latest forecasts reflect the continuous investment in
sustainable technologies including commercialisation of our products used in
green hydrogen production and higher performance fuel cell components for a
range of automotive, non-automotive and stationary applications.
The potential impact of climate change on a number of areas within the
financial statements has been considered, including:
- The forecasts of cash flows used in impairment assessments for
the carrying value of non-current assets including goodwill (see note 5).
- When considering the recoverability of deferred tax assets,
the taxable profit forecasts are based on the same information used to support
the going concern and impairment assessments.
- The expected lives of fixed assets and their exposure to the
physical risk posed by climate change.
The expected lives of property, plant and equipment tends to be short to
medium term, as such the physical risk posed by climate change in the long
term is low.
There is no material impact on the reported numbers for the year ended 31(st)
March 2025 from climate change.
Judgements made in applying accounting policies
Metal
The group and parent company use precious metal owned by customers in their
production processes. It has been determined that this metal is not controlled
by the group or parent company and, therefore, it is not recognised on the
balance sheet.
The group and parent company manage precious metal inventories by entering
into physically settled forward sales and purchases of metal positions in line
with a well-established hedging policy. The own use exemption has been adopted
for these transactions and, therefore, the group and parent company do not
fair value such physically settled contracts.
The group undertakes linked contracts to sell or buy precious metal and
commits to repurchase or sell the metal in the future to manage inventory
levels. Accordingly, cash flows in respect of sale and repurchase agreements
are shown as cash flows from operating activities in the cash flow statement
rather than cash flows from financing activities.
Provisions and contingent liabilities
The group is involved in various disputes and claims which arise from time to
time in the course of its business including, for example, in relation to
commercial matters, product quality or liability, employee matters and tax
audits. The group is also involved from time to time in the course of its
business in legal proceedings and actions, engagement with regulatory
authorities and in dispute resolution processes. Judgement is required to
determine if an outflow of economic resources is probable, or possible but not
probable for such events. Where it is probable, a liability is recognised and
further judgement is used to determine the amount of the provision. Where it
is possible but not probable, further judgement is used to determine if the
likelihood is remote, in which case no disclosures are provided; if the
likelihood is not remote then a contingent liability is disclosed. Provisions
and contingent liabilities are set out in notes 22 and 31, respectively.
In the course of preparing the accounts, no other judgements have been made in
the process of applying the group's and parent company's accounting policies,
other than those involving estimations, that have had a significant effect on
the amounts recognised in the accounts.
Assets held for sale
On 22(nd) May 2025, the group announced the agreement of the sale of its
Catalyst Technologies business to Honeywell International Inc., refer to note
34 for further information. At the balance sheet date there was no specific
active programme to dispose of the business by the board and the offer
received was unsolicited. The board took into account the best interests of
the group and the potential sale was at the early stages of negotiation and
there was no firm commitment by the board to sell. The sale was therefore not
considered highly probable. Management concluded that the criteria of IFRS 5
for classification as held for sale at 31(st) March 2025 had not been met.
Consequently, the Catalyst Technologies business has not been classified as
held for sale and a discontinued operation within these consolidated accounts.
Changes in accounting policies
Amendments to accounting standards
The IASB has issued the following amendments, which have been endorsed by the
UK Endorsement Board, for annual periods beginning on or after 1(st) January
2024:
- Amendments to IAS 1, Presentation of Financial Statements;
- Amendments to IFRS 16, Leases;
- Amendments to IAS 7, Statement of Cash Flows and IFRS 7,
Financial Instruments: Disclosures relating to Supplier Finance Arrangements
The new or amended standards and interpretations above that are effective for
the year ended 31(st) March 2025 have not had a material impact on the group.
The group has not early adopted any standard, amendment or interpretation that
was issued but is not yet effective. With the exception of IFRS 18,
Presentation and Disclosure in Financial Statements, the group does not expect
these amendments to have a material impact on the group. The group will assess
the impact of IFRS 18 in due course, with it effective for accounting periods
commencing 1(st) January 2027.
The list of amendments considered in relation to the above are as follows:
- Amendments to IAS 21, The Effects of Changes in Foreign
Exchange Rates relating to exchangeability of a currency;
- Amendments to IFRS 9, Financial Instruments and IFRS 7,
Financial Instruments: Disclosures;
- IFRS 18, Presentation and Disclosure in Financial Statements;
and
- IFRS 19, Subsidiaries without Public Accountability
Non-GAAP measures
The group uses various measures to manage its business which are not defined
by generally accepted accounting principles (GAAP). The group's management
believes these measures provide valuable additional information to users of
the accounts in understanding the group's performance. The group's non-GAAP
measures are defined and reconciled to GAAP measures in note 33.
2 Segmental information
Revenue, sales and underlying operating profit by business
Clean Air - provides catalysts for emission control after-treatment systems
used in light and heavy duty vehicles powered by internal combustion engines.
PGM Services - enables the energy transition through providing circular
solutions as demand for scarce critical materials increases. Provides a
strategic service to the group, supporting the other segments with security of
metal supply, and manufactures value-add PGM products.
Catalyst Technologies - licenses process technology and supplies catalysts to
the chemical and energy sectors, enabling the decarbonisation of fuels and
chemical value chains.
Hydrogen Technologies - provides components across the value chain for fuel
cells and electrolysers including catalyst coated membranes and membrane
electrode assemblies.
Value Businesses - a portfolio of businesses managed to drive shareholder
value from activities considered to be non-core to the group. The disposal of
the Value Businesses portfolio concluded during the period, with Battery
Systems (sold on 30(th) April 2024), Medical Device Components (sold on 1(st)
July 2024) and the land and buildings of our previous Battery Materials
business in Poland (sold on 24(th) July 2024). Refer to note 26 for further
details. Additionally, included in our prior period comparatives is Diagnostic
Services (sold on 29(th) September 2023).
The Group Leadership Team (the chief operating decision maker as defined by
IFRS 8, Operating Segments) monitors the results of these operating businesses
to assess performance and make decisions about the allocation of resources.
Each operating business is represented by a member of the Group Leadership
Team. These operating businesses represent the group's reportable segments and
their principal activities are described on pages [X} to [X}. The performance
of the group's operating businesses is assessed on sales and underlying
operating profit (see note 33). Sales between segments are made at market
prices, taking into account the volumes involved.
Year ended 31(st) March 2025
Clean Air PGM Services Catalyst Technologies Hydrogen Technologies Value Businesses Corporate Eliminations Total
£m £m £m £m £m £m £m £m
Revenue from external customers 3,973 6,869 713 68 51 - - 11,674
Inter-segment revenue - 1,484 15 - - - (1,499) -
Revenue 3,973 8,353 728 68 51 - (1,499) 11,674
Cost of sales - precious metal to customers (1,654) (7,889) (59) (8) (14) - 1,420 (8,204)
Cost of sales - non-precious metal (1,856) (223) (449) (68) (32) (22) 79 (2,571)
Cost of sales (3,510) (8,112) (508) (76) (46) (22) 1,499 (10,775)
External sales 2,319 399 655 60 37 - - 3,470
Inter-segment sales - 65 14 - - - (79) -
Sales(1) 2,319 464 669 60 37 - (79) 3,470
Underlying operating profit / (loss)(1) 273 149 92 (39) 1 (87) - 389
(1) Sales and underlying operating profit are non-GAAP measures (see note 33).
Sales excludes the cost of precious metals to customers. Underlying operating
profit excludes profit or loss on disposal of businesses, amortisation of
acquired intangibles and major impairment and restructuring charges.
Year ended 31(st) March 2024
Clean Air PGM Services Catalyst Technologies Hydrogen Technologies Value Businesses Corporate Eliminations Total
£m £m £m £m £m £m £m £m
Revenue from external customers 5,219 6,490 634 85 415 - - 12,843
Inter-segment revenue 8 2,432 19 1 - - (2,460) -
Revenue 5,227 8,922 653 86 415 - (2,460) 12,843
Cost of sales - precious metal to customers (2,646) (8,460) (75) (15) (89) - 2,346 (8,939)
Cost of sales - non-precious metal (2,101) (210) (399) (87) (278) (16) 114 (2,977)
Cost of sales (4,747) (8,670) (474) (102) (367) (16) 2,460 (11,916)
External sales 2,573 374 560 71 326 - - 3,904
Inter-segment sales 8 88 18 - - - (114) -
Sales(1) 2,581 462 578 71 326 - (114) 3,904
Underlying operating profit / (loss)(1) 274 164 75 (50) 29 (82) - 410
(1) Sales and underlying operating profit are non-GAAP measures (see note 33).
Sales excludes the cost of precious metals to customers. Underlying operating
profit excludes profit or loss on disposal of businesses, amortisation of
acquired intangibles and major impairment and restructuring charges.
Reconciliation from underlying operating profit to operating profit by
business
Year ended 31(st) March 2025
Clean Air PGM Catalyst Hydrogen Value Businesses Corporate Total
Services Technologies Technologies
£m £m £m £m £m £m £m
Underlying operating profit / (loss)(1) 273 149 92 (39) 1 (87) 389
(Loss) / profit on disposal of businesses (note 26) - (19) - - 29 472 482
Amortisation of acquired intangibles - - (4) - - - (4)
Major impairment and restructuring charges (note 6) (39) (63) (2) (145) (1) (79) (329)
Operating profit / (loss) 234 67 86 (184) 29 306 538
Year ended 31(st) March 2024
Clean Air PGM Services Catalyst Technologies Hydrogen Technologies Value Businesses Corporate Total
£m £m £m £m £m £m £m
Underlying operating profit / (loss)(1) 274 164 75 (50) 29 (82) 410
Loss on disposal of businesses (4) - - - (5) - (9)
Amortisation of acquired intangibles (1) - (3) - - - (4)
Major impairment and restructuring charges (note 6) (32) (15) (2) (10) (53) (36) (148)
Operating profit / (loss) 237 149 70 (60) (29) (118) 249
(1) Underlying operating profit is a non-GAAP measure (see note 33).
Underlying operating profit excludes profit or loss on disposal of businesses,
gain or loss on significant legal proceedings, together with associated legal
costs, amortisation of acquired intangibles and major impairment and
restructuring charges.
Year ended 31(st) March 2025
Clean Air PGM Catalyst Hydrogen Corporate Total
Services Technologies Technologies
£m £m £m £m £m £m
Segmental net assets 1,345 121 801 153 373 2,793
Net debt (note 33) (799)
Post-employment benefit net assets and liabilities 200
Deferred tax net assets 131
Provisions and non-current other payables (101)
Investments in associates (note 15) 71
Net assets 2,295
Property, plant and equipment 33 196 67 25 10 331
Intangible assets 5 - 6 2 32 45
Capital expenditure 38 196 73 27 42 376
Depreciation 67 25 22 5 15 134
Amortisation 5 2 8 - 38 53
Impairment losses (notes 5 and 6) (25) (39) (3) (134) (18) (219)
Total 47 (12) 27 (129) 35 (32)
Year ended 31(st) March 2024
Clean Air PGM Services Catalyst Technologies Hydrogen Technologies Value Businesses Corporate Total
£m £m £m £m £m £m £m
Segmental net assets 1,351 38 718 271 178 449 3,005
Net debt (946)
Post-employment benefit net assets and liabilities 114
Deferred tax net assets 126
Provisions and non-current other payables (82)
Investments in associates (note 15) 71
Net assets held for sale 92
Net assets 2,380
Property, plant and equipment 52 116 50 87 9 11 325
Intangible assets 3 4 12 9 - 37 65
1.0
Capital expenditure 55 120 62 96 9 48 390
Depreciation 70 27 23 3 8 13 144
Amortisation 4 3 5 - - 36 48
Impairment losses and reversals (notes 5 and 6) (2) (12) - (6) (50) - (70)
Total 72 18 28 (3) (42) 49 122
Refer to note 3 for further required disclosures per IFRS 8, Operating
Segments.
3 Revenue
Products and services
The group's principal products and services by operating business and
sub-business are disclosed in the table below, together with information
regarding performance obligations and revenue recognition. Revenue is
recognised by the group as contractual performance obligations to customers
are completed.
Sub-business Primary industry Principal products and services Performance obligations Revenue recognition
Clean Air
Light Duty Catalysts Automotive Catalysts for cars and other light duty vehicles Point in time On despatch or delivery
Heavy Duty Catalysts Automotive Catalysts for trucks, buses and non-road equipment Point in time On despatch or delivery
PGM Services
Platinum Group Various Platinum Group Metal refining and recycling services Over time Based on output
Metal Services
Platinum Group Metal trading Point in time On
recei
pt of
payme
nt or
metal
being
avail
able
to
custo
mer
Other precious metal products Point in time On
despa
tch
or
deliv
ery
Platinum Group Metal chemical, industrial products and catalysts Point in time On
despa
tch
or
deliv
ery
Catalyst Technologies
Catalysts Chemicals / oil and gas / sustainable fuels Speciality catalysts and additives Point in time On despatch or delivery
Licensing Chemicals / oil and gas / sustainable fuels Process technology licences and engineering design services Over time / point in time(1) Based on costs incurred
or at a point in time(1)
Hydrogen Technologies
Fuel Cells Technology Various Fuel cell catalyst coated membrane Point in time On despatch or delivery
Electrolysis Technology Various Electrolyser catalyst coated membrane Point in time On despatch or delivery
Value Businesses
Other Markets (excluding Diagnostic Services) Various Precious metal pastes and enamels, battery systems and products found in Point in time On despatch or delivery
devices used in medical procedures
Diagnostic Services Oil and gas Detection, diagnostic and measurement solutions Over time Based on costs incurred
(1) Revenue recognition depends on whether the licence is distinct in the
context of the contract. If a licence is assessed as distinct the judgement
around point in time or over time depends on whether it is a right to use or
right to access licence.
( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( )
Metal revenue: Metal revenue relates to the sales of precious metals to
customers, either in pure form or contained within a product. Metal revenue
arises in each of the reportable segments in the group. Metal revenue is
affected by fluctuations in the market prices of precious metals and, in many
cases, the value of precious metals is passed directly on to customers. Given
the high value of these metals this makes up a significant proportion of
revenue.
Revenue judgements
Over time revenue
Over time revenue recognition predominantly occurs in Catalyst Technologies
and PGM Services (Refining Services), see criteria for over time recognition
as defined by the group's accounting policies in note 1.
Refining Services
The majority of the metal processed by the group and parent company's refining
businesses is owned by customers and, therefore, revenue is recognised over
time on the basis that the group and parent company are providing a service to
enhance an asset controlled by the customer. The customer controls the metal
throughout the refining process, the key indicators being legal ownership,
metal price risk and that the customer has the right to claim the equivalent
metal at all stages of processing.
The performance obligation contained in all refining contracts is a service
arrangement to refine customer metal to a specified quality and volume by a
certain date. For a contract that has multiple metals, the refinement of each
metal is a separate performance obligation. We receive the contracted cash fee
which is set with reference to market price at the start of the contract. Upon
delivery of the refined metal to the customer, the percentage of the refined
metal that we may retain at settlement is considered to be a non-cash
consideration and is recognised as part of revenue at fair value.
Revenue from refining services is recognised using an output method by
estimating the progress of the metal in the refining process. Once the
customer metal is in the refining process it is commingled with metal from
other customers and it is not separately identifiable. Because we have a
consistent volume of metal flowing through the refinery process, we estimate
that all of the metal in the refinery is on average 50% of the way through the
process. We therefore recognise up to 50% of the revenue (cash service fee and
non-cash consideration) for our services when metal enters the refining
process. Since refining each type of metal is a separate performance
obligation, once we have returned the metal to the customer, we recognise the
remaining 50% of revenue for that particular metal while other metal may still
be due to the same customer.
Where refinery stocktakes indicate that metal recoveries have been lower than
anticipated and/or allowed for in process loss provisioning, refined metal
gain revenue is reduced accordingly. Where refinery stocktakes indicate that
metal recoveries have been higher than anticipated, any incremental refining
metal gain revenue is only recognised once it is highly probable that a
reversal in the amount of cumulative revenue recognised will not occur and the
metal has been sold.
Revenue from external customers by principal products and services
Year ended 31(st) March 2025
Clean Air PGM Catalyst Hydrogen Value Businesses Total
Services Technologies Technologies
£m £m £m £m £m £m
Metal 1,654 6,470 58 8 14 8,204
Heavy Duty Catalysts 790 - - - - 790
Light Duty Catalysts 1,529 - - - - 1,529
Platinum Group Metal Services - 399 - - - 399
Catalysts - - 549 - - 549
Licensing - - 106 - - 106
Fuel Cells Technology - - - 60 - 60
Battery Systems - - - - 15 15
Medical Device Components - - - - 21 21
Other - - - - 1 1
Revenue 3,973 6,869 713 68 51 11,674
Year ended 31(st) March 2024
Clean Air PGM Catalyst Hydrogen Value Businesses Total
Services Technologies Technologies
£m £m £m £m £m £m
Metal 2,646 6,116 74 14 89 8,939
Heavy Duty Catalysts 953 - - - - 953
Light Duty Catalysts 1,620 - - - - 1,620
Platinum Group Metal Services - 374 - - - 374
Catalysts - - 500 - - 500
Licensing - - 60 - - 60
Fuel Cells Technology - - - 71 - 71
Battery Systems - - - - 194 194
Diagnostic Services - - - - 37 37
Medical Device Components - - - - 91 91
Other - - - - 4 4
Revenue 5,219 6,490 634 85 415 12,843
Revenue from external customers by point in time and over time performance
obligations
Year ended 31(st) March 2025
Clean Air PGM Catalyst Hydrogen Value Businesses Total
Services Technologies Technologies
£m £m £m £m £m £m
Revenue recognised at a point in time 3,973 6,670 597 68 49 11,357
Revenue recognised over time - 199 116 - 2 317
Revenue 3,973 6,869 713 68 51 11,674
Year ended 31(st) March 2024
Clean Air PGM Catalyst Hydrogen Value Businesses Total
Services Technologies Technologies
£m £m £m £m £m £m
Revenue recognised at a point in time 5,219 6,307 518 85 387 12,516
Revenue recognised over time - 183 116 - 28 327
Revenue 5,219 6,490 634 85 415 12,843
Geographical analysis of revenue from external customers and non-current
assets
The group's country of domicile is the UK. Revenue from external customers
based on the customer's location and non-current assets based on the location
of the assets are disclosed below.
Revenue from external customers Non-current assets
2025 2024 2025 2024
£m £m £m £m
UK 4,096 3,697 1,082 1,060
Germany 870 1,280 214 227
Rest of Europe 1,064 1,424 300 306
USA 1,973 2,468 421 368
Rest of North America 728 686 16 27
China (including Hong Kong) 1,272 1,375 103 178
Rest of Asia 1,382 1,429 128 137
Rest of World 289 484 4 2
2,268 2,305
Investments at fair value through other comprehensive income 38 40
Derivative financial instruments 4 49
Deferred tax assets 135 128
Post-employment benefit net assets 238 153
Total 11,674 12,843 2,683 2,675
Note, to simplify the primary statements we have represented the prior year
comparative balances in the Statement of Financial Position to include 'Other
financial assets and liabilities' and 'Interest rate swaps' within the
singular line 'Derivative financial instruments'. The impact of this has
resulted in a reduction in the UK non-current assets balance by £34 million
with a corresponding increase in the 'Derivative financial instruments' line.
Major customers
The group received £1.6 billion of revenue from one external customer in the
PGM Services business which represents c.13% of the group's revenue from
external customers during the year ended 31(st) March 2025 (2024: £564
million of revenue from one external customer in the PGM Services business
which was c.4%). There were no other external customers which represented more
than 10% of the group's revenue from external customers during the year ended
31(st) March 2025 (2024: £1.4 billion of revenue from one external customer
in the Clean Air business which was c.10% of the group's revenue from external
customers).
Unsatisfied performance obligations
At 31(st) March 2025, for contracts that had an original expected duration of
more than one year, the group had unsatisfied performance obligations of £395
million (2024: £550 million), representing contractually committed revenue to
be recognised at a future date. Of this amount, £193 million (2024: £321
million) is expected to be recognised within one year and £202 million (2024:
£229 million) is expected to be recognised after one year.
Payment terms
The group and parent company supply goods and services on payment terms that
are consistent with those standard across the industry and it does not have
any customer contracts with a material financing component. Where revenue is
recognised over time, payment terms are generally consistent with the
timeframe over which revenue is recognised.
4 Operating profit
Operating profit is arrived at after charging / (crediting):
2025 2024
£m £m
Total research and development expenditure
Research and development expenditure charged to the income statement 193 204
Less: External funding received from governments (34) (26)
Net research and development expenditure charged to the income statement 159 178
Inventories recognised as an expense 9,959 10,962
Write-down of inventories recognised as an expense 4 38
Reversal of write-down of inventories from increases in net realisable value (4) (36)
Past service credit (14) -
Depreciation of:
Depreciation of:
Property, plant and equipment 124 134
Right-of-use assets 10 10
Depreciation 134 144
Amortisation of:
Amortisation of:
Internally generated intangible assets - 1
Acquired intangibles 4 4
Other intangible assets 49 43
Amortisation
Amortisation 53 48
(Profit) / loss on disposal of businesses (note 26) (482) 9
Impairment losses included in administrative expenses 2 -
Impairment losses (note 5) 2 -
Impairment losses and reversals included in major impairment and restructuring 217 70
charges
Restructuring charges included in major impairment and restructuring charges 112 78
Major impairment and restructuring charges (note 6) 329 148
2025 2024
£m £m
Fees payable to the company's auditor and its associates for:
The audit of the company accounts 2.9 2.7
The audit of the accounts of the company's subsidiaries 2.4 2.4
Total audit fees 5.3 5.1
Audit-related assurance services 0.4 0.4
Total non-audit fees 0.4 0.4
Total fees payable to the company's auditor and its associates 5.7 5.5
No audit fees were paid to other auditors (2024: £nil).
Audit-related assurance services predominantly comprise of reviews of interim
financial information.
5 Impairment losses
Impairment testing
The group and parent company test goodwill annually for impairment or more
frequently if there are indications that goodwill might be impaired. For the
purpose of impairment testing, assets are grouped at the lowest levels for
which there are separately identifiable cash flows, known as cash-generating
units (CGUs). The recoverable amounts of the CGUs are determined using value
in use calculations which generally use extrapolated cash flow projections
based on financial budgets and plans covering a three-year period approved by
management. The budgets and plans are based on a number of assumptions,
including market size and share, impact of carbon pricing, expected changes to
selling prices, product profitability, precious metal prices and other direct
input costs, based on past experience and management's expectations of future
changes in the markets using external sources of information where
appropriate. We also considered how climate change will affect the future cash
flows of the CGUs based on internal and external expert guidance.
In addition, we review the carrying amounts of the group's and parent
company's non-financial assets, including property, plant and equipment to
determine whether any indications of impairment exist. Where an indication
exits, the recoverable amount of the asset is estimated in order to determine
the extent, if any, of the impairment loss. Where it is not possible to
estimate the recoverable amount of an individual asset, we estimate the
recoverable amount of the CGU to which the asset belongs.
Impairment loss
During the year ended 31(st) March 2025, following our review for impairment
triggers, an impairment loss of £2 million (2024: £nil) has been recognised
in the group income statement within underlying operating profit. Impairment
losses of £217 million (2024: £70 million) have been recognised by the group
in major impairments and restructuring (see note 6).
Hydrogen Technologies
The carrying amount of the Hydrogen Technologies CGU comprising attributable
net assets of £201 million, of which £145 million relates to property, plant
and equipment, was tested for impairment at 31(st) March 2025. This was
following a strategic review due to indicators of a further slow-down in the
transition to hydrogen fuel cell and electrolyser technologies due to ongoing
global challenges with supply chains and investment costs for developing new
infrastructure and projects. Management's latest demand forecasts, informed by
changes in published industry projections for the broader hydrogen economy,
have shown a reduction of approximately 40% compared to internal demand
forecasts prepared in 2024. Uncertainty in market prospects has increased this
year with the change in US Administration, including the potential impact of
proposed US import tariffs that could significantly impact on the
manufacturing base for Hydrogen Technologies. Furthermore, clean energy
policies and legislation issued in the US under the Biden Administration such
as Clause 45V of the Inflation Reduction Act and support for 'hydrogen hubs'
across the country, are coming under increasing pressure by the new
Administration. No balance of goodwill is allocated to the Hydrogen
Technologies CGU. The recoverability of the carrying amount of the Hydrogen
Technologies CGU has been assessed against its estimated value in use at the
reporting period end date applying the key assumptions detailed below.
Following this review, management has determined an impairment of £105
million is required. The residual value after impairment is broadly split
equally between inventory and property, plant and equipment.
In estimating value in use, cash flows represent net operating income, less
non-cash charges such as depreciation and amortisation, and ongoing investment
in working capital to support the business. Capital investment is only
included to maintain the existing asset base, including manufacturing assets
recently completed that have not yet been brought into use, and does not
include investment for any future capacity expansion. Unallocated corporate
costs are considered in the model based on the CGU's share of contribution.
Cash flows for the next three years are forecasted based on commercial
performance derived from expected customer demand and operational performance
derived from manufacturing capability in existing plants. This shows the
business moving from its current loss-making position to being operating cash
positive and reaching operating profit margins consistent with historical
group performance. Forecasts for years four to ten assume growth in the
business based on a compound annual growth rate that management believes
appropriately reflects the pace of development of the market over that period
and improved operational performance from integrating new manufacturing assets
already built. After this period, growth is estimated to be in line with a
long-term growth rate of 3.0%. These are key areas of management estimate and
have been considered in the context of the group's historical performance and
leading technological position in the market for fuel cells and electrolysers
but also recognising the industry challenges around scale up given the global
value chain remains in an early stage of development. Should the market not
develop as expected or meet the overall market scale forecast by management,
then this could give rise to further impairment in future periods. Management
has considered the impact of the forecasted pace of market development and
determined that if future market growth was delayed by one year, with no
mitigating actions taken, then this would give rise to an additional
impairment of approximately £40 million in this year's financial statements.
Management has assessed the sensitivity of the long-term growth rate and
operating profit margin and determined that a 1% decrease in these assumptions
would not have a material impact on the carrying amount of the CGU.
The estimated recoverable amount of the Hydrogen Technologies CGU is less than
its carrying amount by £105 million using a pre-tax discount rate of 17.1%
which is derived from the group's post-tax weighted average cost of capital of
8.8% and adjusted for the risks applicable to the CGU. Management has
determined that recent increased uncertainty in global political commitment to
the clean energy transition, notably in its largest prospective markets, and
heightened trade and energy protectionism, have warranted a higher risk
adjustment this year than used in last year's assessment (2024 pre-tax
discount rate: 13.0%). Management has assessed the sensitivity of this
assumption and determined that an increase to the post-tax weighted average
cost of capital of 1% would decrease the carrying amount of the CGU by
approximately £13 million.
Goodwill
Significant CGUs
Goodwill arising on the acquisition of businesses is allocated, at
acquisition, to the CGUs that are expected to benefit from that business
combination. These CGUs represent the smallest identifiable groups of assets
that generate cash inflows that are largely independent of the cash inflows
from other groups of assets. Goodwill allocated to the significant CGUs is as
follows:
2025 2024
£m £m
Clean Air
- Heavy Duty Catalysts 82 84
Catalyst Technologies 263 264
Other 2 5
Total carrying amount at 31(st) March (note 13) 347 353
Key assumptions used in value in use
Unallocated corporate costs are split between CGUs based on their share of
contribution. The three-year cash flows are extrapolated using the long term
average growth rates for the relevant products, industries and countries in
which the CGUs operate.
The expected economic life of the Heavy Duty Catalysts has been restricted to
2040 reflecting internal climate change targets and impact of legislation
changes. The terminal year assumption is reassessed annually based on market
outlook and consensus. In the medium term, growth will come from tightening
emissions legislation driving demand for more sophisticated catalyst systems.
Beyond the medium term, the world will increasingly use alternatives to the
internal combustion engine which is reflected in the long-term decline rate
used in our modelling.
Pre-tax discount rates, derived from the group's post-tax weighted average
cost of capital of 8.8% (2024: 8.9%), adjusted for the risks applicable to
each CGU are used to discount these projected risk-adjusted cash flows.
The key assumptions are:
Discount rate Long term growth rate
2025 2024 2025 2024
Clean Air
- Heavy Duty Catalysts 13.4% 13.8% -11.5% -11.5%
Catalyst Technologies 11.5% 11.1% 3.0% 3.0%
Different long term growth rates are used for the Clean Air - Heavy Duty
Catalysts CGU because of expected macroeconomic trends in the industry in
which the business operates. The growth rate for years four to ten is expected
to be -4.9% (2024: -3.9%). After that, growth is expected to decline further
and, therefore, the long term growth rate above is used for year eleven
onwards.
Sensitivity analysis
The headroom for the significant CGUs, calculated as the difference between
net assets including allocated goodwill at 31(st) March 2025 and the value in
use calculations, is shown below. The table also shows, for each significant
CGU, the headroom assuming a 1% decrease in the growth rate assumption and a
1% increase in the discount rate assumption used in the value in use
calculations.
Headroom as at 31(st) March 2025 Headroom assuming a 1% decrease in the growth rate Headroom assuming a 1% increase in the discount rate
£m £m £m
Clean Air
- Heavy Duty Catalysts 263 244 235
Catalyst Technologies 415 264 251
A reduction in the Heavy Duty Catalysts CGU's expected economic life by one
year reduces headroom by approximately £10 million from £263 million. We
don't expect an impairment in the near term in Clean Air despite the declining
long-term assumptions.
A reduction in operating margin of 1% in the Catalyst Technologies CGU in each
of the future years, with no mitigating actions taken, reduces headroom by
approximately £104 million from £415 million.
6 Major impairment and restructuring charges
The below amounts are excluded from the underlying operating profit of the
group.
2025 2024
£m £m
Property, plant and equipment 177 22
Right-of-use assets 1 1
Goodwill - 6
Other intangible assets 38 -
Inventories 1 29
Trade and other receivables - 12
Impairment losses and reversals 217 70
Restructuring charges 112 78
Total major impairment and restructuring charges 329 148
Major impairment and restructuring charges are shown separately on the face of
the income statement and excluded from underlying operating profit (see note
33).
Major impairments - the group's impairment charge of £217 million includes a
£105 million impairment to the Hydrogen Technologies cash generating unit,
refer to note 5 for further information. The group has also incurred the
following impairments during the year:
- £67 million impairment to the group's China related assets,
comprised of:
o £22 million in Clean Air following the decision in October 2024 to close
a production line at a site in China to increase efficiency and line capacity
of the existing lines;
o £18 million in Hydrogen Technologies following the decision in February
2025 to exit the fuel cell market in China; and
o £27 million in PGM Services following a strategic review of the China
Refining plant in March 2025 driven by the decline in its cash flows and also
our exit from the fuel cell market in China.
In assessing the recoverable amount of such assets, management has considered
the higher of fair value less costs to sell and value-in-use. For the Hydrogen
Technologies and PGM Services' China assets, this resulted in a nil or
immaterial recoverable value. The carrying amount of the CGU for the Clean Air
China's production line exceeded its value-in-use and there were no material
sensitivities applicable.
- £29 million to the group's intangible assets (excluding £9
million included in the Hydrogen Technologies CGU impairment outlined above),
comprised of £18 million following a strategic review of and subsequent
changes to our IT operating model completed in June 2024 which identified that
certain IT assets have been impaired and £11 million for other divisional IT
assets where projects are no longer being completed. These assets have a nil
residual value.
There was a further impairment of £11 million in Hydrogen Technologies. This
related to the cessation of construction of a plant in the United States of
America, in response to lower demand forecasts. As these assets are not
completed it was determined the fair value less costs to sell is immaterial.
The remaining impairment charge of £5 million is primarily to production
related assets in Clean Air related to our ongoing Clean Air plant
consolidation initiatives as the business continues to consolidate its
existing capacity into new and more efficient plants and the group streamlines
its operations globally.
Major restructuring - the group's transformation programme was launched in May
2022 and was designed to drive increased competitiveness, improved execution
capability and create financial headroom to facilitate further investment in
high growth areas. Restructuring charges of £112 million have been recognised
of which £43 million relates to Johnson Matthey Global Solutions, IT
transformation and running the transformation programme, with £29 million
other redundancy and implementation costs. The remaining £40 million charge
is related to our ongoing Clean Air plant consolidation initiatives and other
divisional restructuring as we streamline the group (including reducing
headcount), of which the majority is redundancy and exit costs.
7 Employee information
Employee numbers
2025 2024
Clean Air 4,739 5,283
PGM Services 1,950 2,022
Catalyst Technologies 1,870 1,773
Hydrogen Technologies 432 616
Value Businesses 156 1,119
Corporate(1) 1,497 1,442
Monthly average number of employees 10,644 12,255
(1) The Corporate segment includes global functions serving our business units
including finance, procurement, HR and IT.
2025 2024
£m £m
Wages and salaries 551 596
Social security costs 60 64
Post-employment costs (note 24) 39 53
Share-based payments (note 29) 18 17
Termination benefits 7 16
Employee benefits expense 675 746
8 Investment income and financing costs
2025 2024
£m £m
Net loss on remeasurement of foreign currency swaps held at fair value through (13) (14)
profit or loss
Interest payable on financial liabilities held at amortised cost and interest (72) (81)
on related swaps
Interest payable on other liabilities(1) (53) (49)
Interest payable on lease liabilities (2) (2)
Interest payable on post-employment benefits (2) -
Total finance costs (142) (146)
Net gain on remeasurement of foreign currency swaps held at fair value through 3 6
profit or loss
Interest receivable on financial assets held at amortised cost 17 13
Interest receivable on other assets(1) 59 38
Interest receivable on post-employment benefits 8 7
Total investment income 87 64
Net finance costs (55) (82)
(1) Interest payable and receivable on other liabilities and assets mainly
comprises interest on precious metal leases and the amortisation of contango
and backwardation on precious metal inventory and sale and repurchase
agreements.
9 Tax expense
2025 2024
£m £m
Current tax
Corporation tax on profit for the year 132 89
Adjustment for prior years (19) (21)
Total current tax 113 68
Deferred tax
Origination and reversal of temporary differences 5 (34)
Adjustment for prior years (5) 22
Total deferred tax (note 23) - (12)
Tax expense 113 56
The tax expense can be reconciled to profit before tax in the income statement
as follows:
2025 2024
£m £m
Profit before tax 486 164
Tax expense at UK corporation tax rate of 25% (2024: 25%) 122 41
Effects of:
Overseas tax rates (16) (17)
Expenses not deductible for tax purposes 16 34
Losses and other temporary differences not recognised 36 11
Adjustment for prior years (24) (1)
Patent box / Innovation box (12) (10)
Other tax incentives (8) (2)
Disposal of businesses - (2)
Pillar Two top up tax 3 -
Other (4) 2
Tax expense 113 56
Adjustments for prior years includes current and deferred tax adjustments
primarily in respect of India, Malaysia, Poland, South Africa, USA and the UK.
Other tax incentives include research and development tax incentives in the
UK, US and China.
Other movements mainly include movements in respect of provisions for
uncertain tax positions.
The group is in scope under the UK Pillar Two rules in respect of the
multi-national top up tax, by virtue of the ultimate parent company being tax
resident in the UK. Pillar Two legislation has been enacted in the UK, as well
as several other territories where the group operates, and became effective
for the group from the start of this financial period.
The group applies the exception to recognising and disclosing information
about deferred tax assets and liabilities related to Pillar Two model rules,
as provided in the amendments to IAS 12 issued in May 2023.
Under the legislation, the group is liable to pay a top-up tax for the
difference between its Global Anti-Base Erosion ('GloBE') effective tax rate
per jurisdiction and the 15% minimum rate. We have undertaken an assessment of
the group's potential to additional taxes under Pillar Two and conclude that,
for the year ended 31(st) March 2025, the group is expected to meet the
exemptions in the Transitional Country by Country Reporting ('CbCR') safe
harbours in all tax jurisdictions in which it operates, except for Bermuda,
Hong Kong, the Netherlands, Poland, North Macedonia and Switzerland. Income
tax expense recognised in the consolidated statement of profit and loss for
the year ended 31(st) March 2025 includes £3 million (2024: Not applicable)
related to Pillar Two income taxes. This component of current tax expense
mainly relates to profits earned in Bermuda and North Macedonia. The group
will keep the position under review for future periods.
The group is continuing to assess the impact of the Pillar Two income taxes
legislation and related updates on its future financial performance.
10 Earnings per ordinary share
Earnings per ordinary share have been calculated by dividing profit for the
year by the weighted average number of shares in issue during the year.
2025 2024
pence pence
Earnings per share
Basic 211.8 58.6
Diluted 211.2 58.3
2025 2024
Earnings (£ million)
Basic and diluted earnings 373 108
Weighted average number of shares in issue
Basic 175,966,787 183,392,681
Dilution for long-term incentive plans 449,667 859,636
Diluted 176,416,454 184,252,317
Presented earnings per ordinary share have been calculated using unrounded
numbers.
The weighted average number of shares differs from the outstanding shares in
issue as at 31(st) March 2025 due to the impact of the share buyback and
subsequent cancellation of shares in the year. Refer to note 25 for further
information.
11 Property, plant and equipment
Land Leasehold Plant and Assets in Total
and buildings improvements machinery the course of
construction
£m £m £m £m £m
Cost
At 1(st) April 2023 599 28 2,151 360 3,138
Additions 2 - 39 284 325
Transferred to assets classified as held for sale - (4) (66) (4) (74)
Transfers from assets in the course of construction 12 1 102 (115) -
Disposals (1) (2) (27) (5) (35)
Disposal of businesses (1) - (4) - (5)
Exchange adjustments (20) - (52) (5) (77)
At 31(st) March 2024 591 23 2,143 515 3,272
Additions 1 1 24 294 320
Transfers from assets in the course of construction 25 1 123 (149) -
Transfers to other intangible assets (note 14) - - (3) (18) (21)
Reclassification - - - 2 2
Disposals - (3) (21) - (24)
Exchange adjustments (12) - (34) (1) (47)
At 31(st) March 2025 605 22 2,232 643 3,502
Accumulated depreciation and impairment
At 1(st) April 2023 284 15 1,499 8 1,806
Charge for the year 16 1 114 3 134
Impairment losses (notes 5 and 6) - - 20 9 29
Transferred to assets classified as held for sale - (2) (47) (3) (52)
Disposals (1) (2) (25) (5) (33)
Disposal of businesses (1) - (4) - (5)
Exchange adjustments (8) - (35) - (43)
At 31(st) March 2024 290 12 1,522 12 1,836
Charge for the year 15 1 108 - 124
Impairment losses (notes 5 and 6) 25 - 54 100 179
Reclassification - - 2 - 2
Disposals - (3) (21) - (24)
Exchange adjustments (5) 1 (22) - (26)
At 31(st) March 2025 325 11 1,643 112 2,091
Carrying amount at 31(st) March 2025 280 11 589 531 1,411
Carrying amount at 31(st) March 2024 301 11 621 503 1,436
Carrying amount at 1(st) April 2023 315 13 652 352 1,332
Finance costs capitalised were £5 million (2024: £5 million) and the
capitalisation rate used to determine the amount of finance costs eligible for
capitalisation was 3.8% (2024: 3.3%).
During the year, the group recognised impairments of £179 million. £177
million of the impairment charge is included in non-underlying expenses, with
£2 million included in administrative expenses within underlying operating
profit.
During the prior year, the group recognised impairments of £29 million. The
impairment charge was included in non-underlying expenses.
The assets transferred to held for sale in the prior year relate to Medical
Device Components (see note 26).
12 Leases
Leasing activities
The group leases some of their property, plant and equipment which are used by
the group company in their operations.
Right-of-use assets
Land and buildings Plant and machinery Total
£m £m £m
At 31(st) March 2024 36 4 40
New leases, remeasurements and modifications 22 - 22
Depreciation charge for the year (9) (1) (10)
Impairment losses (note 6) (1) - (1)
Exchange adjustments 1 1 2
At 31(st) March 2025 49 4 53
Lease liabilities
2025 2024
£m £m
Current 6 8
Non-current 40 24
Total liabilities 46 32
2025 2024
£m £m
Interest expense 2 2
The weighted average incremental borrowing rate applied to the group's lease
liabilities was 4.2% (2024: 5.2%).
A maturity analysis of lease liabilities is disclosed in note 27.
2025 2024
£m £m
Total cash outflow for leases 9 13
The expense relating to low-value and short-term leases is immaterial.
13 Goodwill
£m
Cost
At 1(st) April 2023 431
Transferred to assets classified as held for sale (1)
Exchange adjustments (4)
At 31(st) March 2024 426
Exchange adjustments (6)
At 31(st) March 2025 420
Accumulated impairment
At 1(st) April 2023 67
Impairment losses 6
At 31(st) March 2024 73
At 31(st) March 2025 73
Carrying amount at 31(st) March 2025 347
Carrying amount at 31(st) March 2024 353
Carrying amount at 1(st) April 2023 364
During the prior year, goodwill related to Battery Systems was fully impaired
by £6 million to reflect the fair value less costs to sell of the business
upon reclassification to assets held for sale. Goodwill of £1 million
attributed to the Medical Device Components sale was transferred to assets
classified as held for sale.
14 Other intangible assets
Customer Computer Patents, Acquired Development Total
contracts and software trademarks research and expenditure
relationships and licences technology
£m £m £m £m £m £m
Cost
At 1(st) April 2023 116 475 43 37 135 806
Additions - 64 1 - - 65
Transferred to assets classified as held for sale (10) (1) - (6) - (17)
Disposals - (1) (11) - - (12)
Exchange adjustments (3) (1) (1) (1) (1) (7)
At 31(st) March 2024 103 536 32 30 134 835
Additions - 54 - - 2 56
Disposals - (1) - - - (1)
Transfers from property, plant and - 21 - - - 21
equipment (note 11)
Reclassification - (3) - - 3 -
Exchange adjustments - - (1) - - (1)
At 31(st) March 2025 103 607 31 30 139 910
Accumulated amortisation and impairment
At 1(st) April 2023 101 209 39 37 133 519
Charge for the year 2 45 - - 1 48
Transferred to assets classified as held for sale (10) (1) - (6) - (17)
Disposals - - (11) - - (11)
Exchange adjustments (2) (1) - (1) (1) (5)
At 31(st) March 2024 91 252 28 30 133 534
Charge for the year 3 48 1 - 1 53
Impairment losses (note 6) - 38 - - - 38
Disposals - (1) - - - (1)
Exchange adjustments - - (1) - (1) (2)
At 31(st) March 2025 94 337 28 30 133 622
Carrying amount at 31(st) March 2025 9 270 3 - 6 288
Carrying amount at 31(st) March 2024 12 284 4 - 1 301
Carrying amount at 1(st) April 2023 15 266 4 - 2 287
15 Investments in associates
2025 2024
£m £m
Investments in associates 71 71
The movements in the year were:
Associates
£m
At 1(st) April 2023 75
Group's share of loss for the year (3)
Exchange adjustments (1)
At 31(st) March 2024 71
Group's share of profit for the year 3
Exchange adjustments (3)
At 31(st) March 2025 71
As part of the disposal of our Health business in the year ended 31(st) March
2023, we received £75 million in the form of shares which constitutes an
approximately 30% equity interest in the re-branded business, Veranova Parent
Holdco L.P. ('Veranova'). The group has determined that it has significant
influence and therefore has equity accounted this stake as an investment in
associate.
Financial information for Veranova for the year to 31(st) March 2025 is
provided below, note Veranova's financial year end is 31(st) December. The
information disclosed reflects the amounts presented in the financial
statements of Veranova and not the group's share of those amounts.
2025 2024
£m £m
Summarised balance sheet
Non-current assets 100 93
Cash and cash equivalents 28 30
Other current assets 153 267
Current assets 181 297
Current liabilities (55) (155)
Non-current liabilities - (8)
Net assets 226 227
Summarised statement of comprehensive income
Revenue 220 255
Depreciation and amortisation (11) (17)
Income tax expense - 1
Profit / (loss) for the year and total comprehensive income / (expense) 6 (9)
16 Inventories
2025 2024
£m £m
Raw materials and consumables 244 289
Work in progress 501 591
Finished goods and goods for resale 266 331
Inventories 1,011 1,211
Work in progress includes £273 million (2024: £315 million) of precious
metal which is committed to future sales to customers and valued at the price
at which it is contractually committed.
Write-downs of inventories amounted to £4 million (2024: £38 million). These
were recognised as an expense during the year ended 31(st) March 2025 and
included in cost of sales in the income statement.
17 Trade and other receivables
2025 2024
£m £m
Current
Trade receivables 925 964
Contract receivables 53 56
Prepayments 70 74
Value added tax and other sales tax receivable 116 121
Advance payments to customers 7 18
Amounts receivable under precious metal sale and repurchase agreements(1) 282 417
Other receivables 79 68
Trade and other receivables 1,532 1,718
Non-current
Advance payments to customers 40 44
Other receivables 58 60
Other receivables 98 104
(1) The fair value of the precious metal contracted to be sold by the group
under sale and repurchase agreements is £300 million (2024: £398 million).
The group enters into factoring type arrangements in a small number of
countries as part of normal business due to longer than standard payment
terms, we seek to collect payments in the month following sale. As at 31(st)
March 2025, the level of these arrangements was approximately £135 million
(2024: approximately £165 million).
Trade receivables and contract receivables are net of expected credit losses
(see note 27).
18 Derivative financial instruments
2025 2024
£m £m
Non-current assets
Forward foreign exchange contracts designated as cash flow hedges - 1
Forward precious metal price contracts designated as cash flow hedges - 33
Cross currency and interest rate swaps 4 15
Derivative financial instruments 4 49
Current assets
Forward foreign exchange contracts designated as cash flow hedges 7 7
Forward precious metal price contracts designated as cash flow hedges 31 41
Forward foreign exchange contracts and currency swaps at fair value through 4 5
profit or loss
Cross currency and interest rate swaps 13 -
Derivative financial instruments 55 53
Current liabilities
Forward foreign exchange contracts designated as cash flow hedges (2) (5)
Forward foreign exchange contracts and currency swaps at fair value through (11) (4)
profit or loss
Foreign exchange swaps designated as hedges of a net investment in foreign - (2)
operations
Cross currency and interest rate swaps (1) -
Derivative financial instruments (14) (11)
Non-current liabilities
Cross currency and interest rate swaps (9) (10)
Derivative financial instruments (9) (10)
Note, to simplify the primary statements we have represented the prior year
comparative balances in the Statement of Financial Position to include 'Other
financial assets and liabilities' and 'Interest rate swaps' within the
singular line 'Derivative financial instruments'. The prior year balance is
not considered material and therefore has not been represented.
19 Trade and other payables
2025 2024
£m £m
Current
Trade payables 667 655
Contract liabilities 105 177
Accruals 310 328
Amounts payable under precious metal sale and repurchase agreements(1) 669 844
Other payables 233 205
Trade and other payables 1,984 2,209
Non-current
Other payables 6 2
Trade and other payables 6 2
(1) The fair value of the precious metal contracted to be repurchased by the
group under sale and repurchase agreements is £687 million (2024: £797
million).
The amount of the contract liabilities balance at 31(st) March 2024 which was
recognised in revenue during the year ended 31(st) March 2025 for the group
company was £150 million (2024: £85 million).
20 Borrowings
2025 2024
£m £m
Non-current
Bank and other loans
3.14% $130 million Bonds 2025 - (103)
1.40% €77 million Bonds 2025 - (64)
2.54% £45 million Bonds 2025 - (45)
3.79% $130 million Bonds 2025 - (103)
3.97% $120 million Bonds 2027 (93) (95)
SONIA + 1.25% UKEF EDG £ Facility 2028 (250) (248)
EURIBOR + 1.20% UKEF EDG € Facility 2028 (148) (153)
3.39% $180 million Bonds 2028 (138) (142)
1.81% €90 million Bonds 2028 (68) (71)
2.77% £35 million Bonds 2029 (35) (35)
3.00% $50 million Bonds 2029 (39) (40)
4.10% $30 million Bonds 2030 (23) (24)
2.92% €25 million Bonds 2030 (21) (21)
5.02% $95 million Bonds 2031 (73) -
4.03% €125 million Bonds 2031 (104) -
1.90% €225 million Bonds 2032 (188) (192)
5.18% $34 million Bonds 2034 (26) -
4.19% €94 million Bonds 2034 (78) -
4.32% €20 million Bonds 2036 (17) -
Cross currency interest rate swaps designated as net investment hedges - (3)
Borrowings (1,301) (1,339)
Current
3.57% £65 million Bonds 2024 - (65)
3.565% $50 million KfW loan 2024 - (40)
3.14% $130 million Bonds 2025 (100) -
1.40% €77 million Bonds 2025 (63) -
2.54% £45 million Bonds 2025 (45) -
3.79% $130 million Bonds 2025 (100) -
Other bank loans (25) (5)
Borrowings (333) (110)
The 1.40% €77 million Bonds 2025 and the 1.81% €90 million Bonds 2028 have
been swapped into floating rate euros. $100 million of the 3.14% $130 million
Bonds 2025 has been swapped into sterling at 2.83%, the 3.00% $50 million
Bonds 2029 has been swapped into euros at 1.71%, $50 million of the 5.02% $95
million Bonds 2031 has been swapped into sterling at 5.37%, $45 million of the
5.02% $95 million Bonds 2031 has been swapped into sterling at 5.20% and the
5.18% $34 million Bonds 2034 has been swapped at sterling at 5.31%.
All borrowings bear interest at fixed rates with the exception of the UKEF EDG
EUR and GBP facilities which bear interest at 6 Months EURIBOR plus 1.20% and
SONIA plus 1.25% and bank overdrafts, which bear interest at commercial
floating rates.
The margins on the UKEF EDG financing are impacted by the group's ability to
meet targets around the reduction in its scope 1 and 2 emissions. The final
repayment amounts for the following bonds (issued in 2022) are also impacted
by the group's ability to meet targets around the reduction in its scope 1 and
2 emissions:
· 2.77% £35 million Bonds 2029
· 3.00% $50 million Bonds 2029
· 1.90% €225 million Bonds 2032
Note, to simplify the primary statements we have represented the Statement of
Financial Position to include the current year 'Cross currency interest rate
swaps designated as net investment hedges' within the line 'Derivative
financial instruments', refer to note 18. The prior year balance is not
considered material and therefore has not been represented.
(see RNS number 4802M for Appendix Part 2)
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