Transforming
for growth
Annual Report and Accounts 2024
For over 200 years Johnson Matthey has contributed to solving the world’s toughest problems.
But now is the time to make our biggest impact yet.
The world’s leading energy, chemicals and automotive companies depend on us to help them decarbonise and reduce harmful emissions.
To fully play our part, we too are changing.
We are transforming into an industry-leading energy transition company
Liam Condon
Chief Executive Officer
Read CEO's statement
“By reshaping our business, we are positioning Johnson Matthey for long-term growth at the heart of the energy transition.”
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Our business model:
synergies in metals chemistry
Read more on our strategy
We are playing to win in exciting growth markets where our core competencies and technology portfolio can have maximum impact
Our strategy
Our transformation programme is enhancing simplification and execution across the entire business. We are becoming a simpler, more agile, and more cost-effective organisation with leaner processes, less duplication and clear lines of accountability.
Simplify
Key performance indicators
Revenue
(2022/23: £14,933m)
Sales1 (excluding precious metals)
Operating profit
(2022/23: £406m)
Underlying operating profit1
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Financial performance
Sustainability performance
Earnings per share
Underlying earnings per share1
(2022/23: 178.6p)
Ordinary dividend per share
(2022/23: 77.0p)
Clean Air cash flow
(2022/23: £638m)
Business reviews
Clean Air
Leading emission control and reduction technology, for today and tomorrow
Designs and manufactures emission control catalysts to reduce harmful pollutants, e.g. NOx, from vehicle exhausts and a range of stationary sources.
“We are fully focused on delivering our cash generation target, further strengthening our commercial capabilities, winning our targeted business and driving efficiencies.”
Anish Taneja
Chief Executive, Clean Air and Chair
of the Group Commercial Council
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Our company purpose is to catalyse the net zero transition because we believe this represents the biggest benefit we can bring to society.
We commit to promoting nature protection, restoration and sustainable use of natural resources.
Planet: Protecting nature and advancing the circular economy
Planet: Protecting the climate
People: Promoting a safe, diverse and equitable society
We rely on our 11,600+ talented and passionate employees to drive our purpose.
We are a global leader in sustainable technologies. Through inspiring science and continued innovation, we aspire to enhancing life for everyone. That is why we have firmly embedded our sustainability priorities of climate, nature and circularity, safety and diversity throughout our business and value chain.
Sustainability
Our approach to sustainability
Sustainable Development Goals
Our products and services are aligned with four of the UN SDGs where we believe we can make the biggest positive contributions.
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Read Chair's statement
Patrick Thomas
Chair
“Just as we continue to innovate the latest generation of clean air solutions, so we are harnessing the transformative power of platinum group metals to enable new solutions, from fuel cell electric vehicles to the production of sustainable aviation fuel.”
Platinum Group Metal (PGM) Services
Aim: #1 global PGM refiner
Catalyst Technologies
Aim: #1 in syngas‐based chemicals and fuels technology
Hydrogen Technologies
Aim: market leader in performance components for fuel cells and electrolysers
c. 80%
PGMs used in our products are internally refined
Clean
Air
Aim: continue to lead in autocatalyst markets
Our expertise in PGM chemistry, catalysis and process technology is the beating heart of JM, and we are maximising synergies across our four business units to achieve a top three position in all our markets.
Focus
Our strategy is underpinned by a rigorous performance culture. By combining science and purpose with a more commercial mindset, we are driving stronger execution, unlocking near-term cost opportunities and positioning ourselves for long-term growth.
Execute
£12,843m
£3,904m
£249m
£625m
58.6p
141.3p
77.0p
£410m
(2022/23: £4,201m)
(2022/23: £465m)
(2022/23: 144.2p)
89%
(2022/23: 82%)
Sales contributing to our four priority UN Sustainable Development Goals (SDGs)
R&D spend contributing to our
four priority SDGs
92%
(2022/23: 90%)
Total Scope 1 and 2 GHG emissions (market-based)1
282,403 tCO2e
(2022/23: 344,910)
Total Scope 3 (Category 1) purchased goods and services
GHG emissions1
(2022/23: 2,450,529)
GHG emissions avoided from
our technologies (compared
to conventional offerings)1
1,110,057 tCO2e
(2022/23: 841,721)
Recycled PGM content in JM’s manufactured products
69%
(2022/23: 69%)
Total recordable injury and illness rate (employees and contractors)
(2022/23: 0.47)
0.36
Female representation across all management levels
30%
(2022/23: 28%)
Emission control technologies that reduce harmful oxides of nitrogen (NOx) and particulates from vehicle tailpipes and stationary engines, enabled by PGMs
Purification technologies that reduce harmful contaminants, such as mercury, from industrial processes
Refinery additives to mitigate NOx and oxides of sulphur (SOx) emissions
Catalysts used to make pharmaceutical ingredients
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PGM recycling to recover and reuse scarce resources
Chloride guards to prevent corrosion
PURACARETM services to reduce maintenance lifetime and end-of-life recovery
CAT-AIDTM products to extend catalyst life
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Renewable (green) hydrogen technologies that will support the drive to zero carbon hydrogen production using renewable energy and electrolysis, enabled by PGMs
Low carbon (blue) hydrogen technologies that are available today to help make low-carbon hydrogen at scale
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Technologies that turn high sources of carbon, such as household waste, into sustainable aviation fuels
Fuel cell components for low-carbon transportation and distributed power unit
Catalysing the net zero transition
Hydrogen
Technologies
Catalyst Technologies
Platinum Group Metal Services
2023/24 highlights
Leadership statements
Our business model
Our strategy
Key performance indicators
Business reviews
Sustainability
09
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2,531,576 tCO2e
Designs and manufactures emission control catalysts to reduce harmful pollutants, e.g. NOx, from vehicle exhausts and a range of stationary sources.
Clean Air
Hydrogen
Technologies
Catalyst Technologies
Platinum Group Metal Services
Harnessing PGMs to enable the energy transition
“This year saw us develop
our product pipeline, deliver operational efficiencies, invest in our assets and pioneer a new circularity solution for the hydrogen economy.”
Alastair Judge
Chief Executive
Platinum Group Metal Services (PGMS)
Download full report
2023/24 highlights
Designs and manufactures emission control catalysts to reduce harmful pollutants, e.g. NOx, from vehicle exhausts and a range of stationary sources.
Clean Air
Hydrogen
Technologies
Catalyst Technologies
A growth-focused solutions provider in the chemicals and energy space
Platinum Group Metal Services
“As the world is also looking to convert alternative feedstocks for energy and fuels, we are operating in markets with enormous growth potential.”
Maurits van Tol
Chief Executive
Catalyst Technologies
Designs and manufactures emission control catalysts to reduce harmful pollutants, e.g. NOx, from vehicle exhausts and a range of stationary sources.
Clean Air
Hydrogen
Technologies
Platinum Group Metal Services
Catalyst Technologies
Adapting to a dynamic market, delivering growth and driving efficiencies
“Collaboration along the whole
of the hydrogen value chain is essential for the energy transition to be successful. Recent market developments accentuate the need for partnerships."
Mark Wilson
Chief Executive
Hydrogen Technologies
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Governance
Financial statements
Sustainability
TCFD statement
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“We are fully focused on delivering our cash generation target, further strengthening our commercial capabilities, winning our targeted business and driving efficiencies.”
Anish Taneja
Chief Executive, Clean Air
Designs and manufactures emission control catalysts to reduce harmful pollutants, e.g. NOx, from vehicle exhausts and a range of stationary sources.
Hydrogen
Technologies
Catalyst Technologies
Platinum Group Metal Services
“This year saw us develop
our product pipeline, deliver operational efficiencies, invest in our assets and pioneer a new circularity solution for the hydrogen economy.”
Alastair Judge
Chief Executive, Platinum Group Metal (PGM) Services
Supports customers with short and long-term metal planning and supply management; refines and recycles both used and mined PGMs; and processes metal into more complex, value-added products for a vast array of uses.
“As the world is also looking to convert alternative feedstocks for energy and fuels, we are operating in markets with enormous growth potential.”
Maurits van Tol
Chief Executive, Catalyst Technologies
Designs and licenses process technology, and designs and manufactures catalysts for a wide range of processes used in the energy and chemicals industries to create products used in transportation fuels, fertilisers, wood products, paints, coatings and polymers.
“Collaboration along the whole
of the hydrogen value chain is essential for the energy transition to be successful. Recent market developments accentuate the need for partnerships."
Mark Wilson
Chief Executive, Hydrogen Technologies
Designs and manufactures the key performance-defining components (catalyst-coated membranes) used at the heart of fuel cells and electrolysers for the creation of electrolytic (green) hydrogen.
Harnessing PGMs to enable the energy transition
Platinum Group Metal Services
Clean Air
Hydrogen
Technologies
Adapting to a dynamic market, delivering growth and driving efficiencies
Leading emission control and reduction technology, for today and tomorrow
Clean Air
Purpose led, performance driven
Our purpose
is to catalyse
the net zero
transition for our customers
A circular solution:
JM’s HyRefine™ technology
Clean Air
£274m
underlying profit
up 26% on previous year*
Pioneering clean air technology
for 50 years and beyond
Revenue
£12.84bn
at constant FX and adjusting
for precious metal prices
Underlying profit
+11%
£75m
Transformation
savings in 2023/24
23%
Safety
improvement in safety
(total recordable injury
and illness rate) from 2023
Delivering decarbonisation at
scale with low carbon hydrogen
+56%
Catalyst Technologies
underlying operating profit
(£75m)*
Sustainability
89%
sales from products contributing
to priority UN SDGs
A-
Climate change rating 2023
1.1 million
tonnes CO₂e
GHG emissions avoided
through customer use of
technologies enabled by JM products
When I joined the company two years ago, it was primarily known as a tier-two automotive catalyst supplier with a history of innovation. But the leadership team and I recognised that JM is well-positioned to be so much more than that. It is a hub of scientific expertise, ambition and experience in delivering solutions that create sustainable value and contribute to a cleaner, healthier world.
We announced an ambitious change programme to enable us to meet the challenges now faced by our customers. We are executing on our transformation at pace across the business, creating a more streamlined, efficient and commercially focused organisation. We are strengthening our capabilities, simplifying our operating model and driving improved performance.
Transforming Johnson Matthey
for growth
As it had already been doing for over 150 years, JM had used its deep knowledge of precious metals to create technology that would help solve one of the world’s problems – this time to tackle appalling air pollution. JM had then persuaded regulators around the world of the technology’s effectiveness.
Since then, several billion catalytic converters have been produced, many of them by JM, with countless lives saved or significantly enhanced by their removal of pollutants.
I believe we are now seeing another inflection point for our unique technological and metals know-how. Just as we continue to innovate the latest generation of clean air solutions, so we are harnessing the transformative power of platinum group metals (PGMs) to enable new solutions, from fuel cell electric vehicles to the production of sustainable aviation fuel.
PGMs will be key enablers of the clean energy transition, and offer several benefits over other metals that will also play major roles (such as copper, nickel and lithium). For example PGMs have a mature, global supply chain which won’t require massive expansion to meet the needs of the energy transition and they offer a sustainable, circular solution since they are already recycled with very high efficiency.
Our strategy is purpose-driven: to catalyse the net zero transition for our customers. The energy transition will not be a linear journey and is dependent on many factors coming together including regulation and incentives, infrastructure and supply chains. In a complex world striving towards net zero, where politics and practicality interplay, JM is well placed to succeed by understanding the markets, taking opportunities, and being flexible enough to allocate capital accordingly. Given the strength of our portfolio, we are well positioned to create significant value for both shareholders and society.
An inflection point
for PGM technology
Exactly 50 years ago, the first commercially produced catalytic converters rolled off the production line at Johnson Matthey’s facilities in Royston, UK and Devon, Pennsylvania.
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KPI linked to remuneration policy
1. Prior year rebaselined to remove divested businesses.
1. Non-GAAP measures are defined and reconciled in note 34 of the financial statements, refer to pages 194-196 the financial statements.
KPI linked to remuneration policy
Key performance indicators are from continuing operations.
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A growth-focused solutions provider in the chemicals and energy space
Catalyst Technologies
Harnessing PGMs to enable the energy transition
Platinum Group Metal Services
“We are fully focused on delivering our cash generation target, further strengthening our commercial capabilities, winning our targeted business and driving efficiencies.”
Anish Taneja
Anish Taneja, Chief Executive,
Clean Air
As it had already been doing for over 150 years, JM had used its deep knowledge of precious metals to create technology that would help solve one of the world’s problems – this time to tackle appalling air pollution. JM had then persuaded regulators around the world of the technology’s effectiveness.
Since then, several billion catalytic converters have been produced, many of them by JM, with countless lives saved or significantly enhanced by their removal of pollutants.
I believe we are now seeing another inflection point for our unique technological and metals know-how. Just as we continue to innovate the latest generation of clean air solutions, so we are harnessing the transformative power of platinum group metals (PGMs) to enable new solutions, from fuel cell electric vehicles to the production of sustainable aviation fuel.
I believe we are now seeing another inflection point for our unique technological and metals know-how. Just as we continue to innovate the latest generation of clean air solutions, so we are harnessing the transformative power of platinum group metals (PGMs) to enable new solutions, from fuel cell electric vehicles to the production of sustainable aviation fuel.
Download our businesses reviews
Good health and well-being
Good health and well-being
Clean Air
Platinum Group Metal Services
Good health and well-being
Catalyst Technologies
Renewable (green) hydrogen technologies that will support the drive to zero carbon hydrogen production using renewable energy and electrolysis, enabled by PGMs
Low carbon (blue) hydrogen technologies that are available today to help make low-carbon hydrogen at scale
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Affordable and clean energy
09
Downloads
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Sustainability
06
Business reviews
05
Key performance indicators
04
Our strategy
03
Our business model
02
Leadership statements
01
2023/24 highlights
“This year saw us develop
our product pipeline, deliver operational efficiencies, invest in our assets and pioneer a new circularity solution for the hydrogen economy.”
Alastair Judge
Chief Executive
Platinum Group Metal (PGM) Services
“As the world is also looking to convert alternative feedstocks for energy and fuels, we are operating in markets with enormous growth potential.”
Maurits van Tol
Chief Executive, Catalyst Technologies
“Collaboration along the whole
of the hydrogen value chain is essential for the energy transition to be successful. Recent market developments accentuate the need for partnerships."
Mark Wilson
Chief Executive,
Hydrogen Technologies
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By reshaping our business, we are positioning Johnson Matthey for long-term growth at the heart of the energy transition.
“As we execute on our strategy we are focused on driving sustainable value creation, targeting high single digit growth in underlying operating profit over the medium-term and strong long term growth.”
Stephen Oxley
Chief Financial Officer
Chief Financial
Officer’s statement
We have performed well this year, delivering 11% growth in underlying operating performance, when adjusted for metal prices and exchange rates. However, significantly lower platinum group metals (PGM) prices have again impacted our overall results, with revenue down 14% to £12.8 billion. Sales were down 4% at £3.9 billion at constant exchange rates. During the year we managed to partly mitigate this through better pricing and transformation benefits across the group.
Liam Condon
Chief Executive Officer
For over 200 years Johnson Matthey has contributed to solving the world’s toughest problems. But now is the time to make our biggest impact yet. The world’s leading energy, chemicals and automotive companies depend on us to help them decarbonise and reduce harmful emissions. To fully play our part, we too are changing.
For over 200 years Johnson Matthey has contributed to solving the world’s toughest problems. But now is the time to make our biggest impact yet. The world’s leading energy, chemicals and automotive companies depend on us to help them decarbonise and reduce harmful emissions. To fully play our part, we too are changing.
For over 200 years Johnson Matthey has contributed to solving the world’s toughest problems. But now is the time to make our biggest impact yet. The world’s leading energy, chemicals and automotive companies depend on us to help them decarbonise and reduce harmful emissions. To fully play our part, we too are changing.
* At constant exchange rates.
Download full statement
Download our business model
Read CEO's statement
Transforming JM for growth
To achieve our purpose of catalysing the net zero transition at scale, JM itself needs to transform, become even more efficient and build a stronger foundation for growth. This year we have made significant progress towards achieving this.
Winning in our markets
Our performance for the year has been in line with expectations, with good growth in underlying operating profit when allowing for exchange rates and metal prices. Overall results continue to be impacted by lower platinum group metal (PGM) prices.
The slowdown in global battery electric vehicle (BEV) penetration means Clean Air will be ‘stronger for longer’ – driving more than £4.5 billion of cash by 2030/31 and significant further cash flow beyond that. Our cash generative ability has already delivered
£2 billion in Clean Air since 2021/22, which has been used for investment in growth and shareholder returns.
In Catalyst Technologies, we are seeing significant end market demand across our new growth areas including sustainable aviation fuel and low carbon hydrogen. This year we have seen important ‘first of a kind’ project wins, including two large-scale low carbon (blue) hydrogen projects. We also have a portfolio of innovative technologies for creating sustainable fuels, and during 2023/24 we secured four sustainable fuels projects across our Fischer Tropsch (FT) CANS™ technology and sustainable methanol.
In Hydrogen Technologies, it is very clear that green hydrogen will be essential in tackling climate change and helping the world to decarbonise. The global green hydrogen value chain is still at an early stage of development as the industry navigates the challenge around scale up, and is not yet growing at the pace we expected. We have a disciplined approach to investment and plan to grow our Hydrogen Technologies business in line with the pace of market development.
Platinum Group Metal (PGM) Services is our foundational business and forms the backbone of everything we do. Circularity is an essential part of the energy transition and our PGM expertise strengthens our position in key markets through our ability
to offer a full-service business model. We can deliver circular solutions for customers ensuring a reliable supply of lower
carbon footprint PGMs.
At JM our strategy is clear: we are a sustainable technology company that plays to win with leading positions in key markets that depend on innovation. Our innovation allows our customers in the automotive, chemical and energy industries to decarbonise at pace and helps ensure cleaner air for all.
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Download full statement
Platinum Group Metal (PGM) Services is our foundational business and forms the backbone of everything we do. Circularity is an essential part of the energy transition and our PGM expertise strengthens our position in key markets through our ability to offer a full-service business model. We can deliver circular solutions for customers ensuring a reliable supply of lower carbon footprint PGMs.
In Catalyst Technologies, we are seeing significant end market demand across our new growth areas including sustainable aviation fuel and low carbon hydrogen. This year we have seen important ‘first of a kind’ project wins, including two large-scale low carbon (blue) hydrogen projects. We also have a portfolio of innovative technologies for creating sustainable fuels, and during 2023/24 we secured four sustainable fuels projects across our Fischer Tropsch (FT) CANS™ technology and sustainable methanol.
In Hydrogen Technologies, it is very clear that green hydrogen will be essential in tackling climate change and helping the world to decarbonise. The global green hydrogen value chain is still at an early stage of development as the industry navigates the challenge around scale up, and is not yet growing at the pace we expected. We have a disciplined approach to investment and plan to grow our Hydrogen Technologies business in line with the pace of market development.
To achieve our purpose of catalysing the net zero transition at scale, JM itself needs to transform, become even more efficient and build a stronger foundation for growth. This year we have made significant progress towards achieving this.
Our performance for the year has been in line with expectations, with good growth in underlying operating profit when allowing for exchange rates and metal prices. Overall results continue to be impacted by lower platinum group metal (PGM) prices.
The slowdown in global battery electric vehicle (BEV) penetration means Clean Air will be ‘stronger for longer’ – driving more than £4.5 billion of cash by 2030/31 and significant further cash flow beyond that. Our cash generative ability has already delivered £2 billion in Clean Air since 2021/22, which has been used for investment in growth and shareholder returns.
Winning in our markets
Download full statement
At JM our strategy is clear: we are a sustainable technology company that plays to win with leading positions in key markets that depend on innovation. Our innovation allows our customers in the automotive, chemical and energy industries to decarbonise at pace and helps ensure cleaner air for all.
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A year of progress at pace
A year of progress at pace
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