Inspiring science
"Our vision for a cleaner, healthier world drives our strategy and mirrors society’s need to create a more sustainable future. JM will catalyse the net zero transition for our customers in automotive, chemicals and energy, thereby creating significant value for shareholders in society."
Catalysing the net zero transition for our customers
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Our strategy
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Company with a
enhancing life
"JM is a real pioneer in the autocatalyst market. And as new, tougher air regulations come into effect, we're already working hard to innovate again. It's pretty exciting."
Sabrina Elix, Industrialisation Lead
Watch Sabrina's story
“JM's vision for a cleaner, healthier world aligns to my own passions. I can use my skills to tackle climate change and protect our planet. I feel like I can personally make a difference for future generations.”
Amelia Cook, Senior Engineer
Watch Amelia's story
"I work with some of the best scientists and engineers that walk the earth. We know we're making a positive contribution to help make the planet a better place to live."
Will McDonnell, Research Scientist
Watch Will's story
"For me, JM's purpose means I can make an impact, so that in 2050 we're in a better place. It means I can look my grandson in the eye and say I did my bit."
Mark McKenna, Technology Manager
Watch Mark's story
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Underlying operating profit* margin
A measure of how we convert our sales into underlying operating profit* and efficiency in our business.
Performance in 2020/21
In 2020/21, underlying operating margin was unchanged at 12.9% (2019/20: 12.9%) reflecting continued progress in driving efficiency and the benefits of higher precious metal prices, despite lower demand in a number of our businesses.
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12.9%
JM must become simpler, more agile and more cost effective. And we must reduce complexity across our entire organisation. This means leaner processes, less duplication and clear lines of accountability. This will help unlock JM's potential, by increasing the speed with which we make decisions, eliminating duplication and reducing costs.
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Principal measure used to assess the overall profitability of the group.
Performance in 2020/21
Underlying earnings per share fell 9% to 182.0 pence reflecting lower underlying operating profit.
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A measure of efficiency in the business with lower days driving higher returns and a healthier liquidity position.
Performance in 2020/21
Our average working capital days (excluding precious metals) decreased by 6 days to 57 days. Our target range for average non-precious metal working capital days is between 50 and 60 days over the medium term.
57 days
182.0p
Average working capital days (excluding precious metals)*
Underlying earnings per share*
Isn’t that the future you’d want?
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21%
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38%
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41%
Click on each person to find out more
106.5p
-20%
£504m
-5%
£3.9bn
-5%
£305m
+205%
Our strategy in brief
Watch Chief Executive Liam Condon as he explores the tremendous opportunities ahead.
A reinvigorated strategy to drive value creation
Powered by our people
Simplifying our business model
Key markets
Automotive
Chemicals
Energy
Milestones
We're committing to ten initial milestones until the end of 2023/24 to track our progress.
1
Liam Condon, Chief Executive
Win at least 2 large scale strategic partnerships in Hydrogen Technologies
Customers
Investments
People
Sustainability
2
3
Win targeted Euro 7 business and deliver on £4bn+ cash trajectory for Clean Air
Win >10 additional large scale projects by 2023/24¹
Expand PGM Services refining capacity in China
Complete construction of Hydrogen Technologies CCM plant in UK²
Targeted capacity expansion (fuel cells catalyst, formaldehyde catalyst)
Complete divestment of Value Businesses
Achieve >70% employee engagement score
Achieve c.10% reduction in scope 1+2 CO2e emissions
Help customers reduce CO2e emissions by >1mt p.a. through use of our products
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Liam Condon, Chief Executive
We will serve our global customer base through our four businesses: the current core business of Clean Air, together with our growth businesses, Catalyst Technologies and Hydrogen Technologies, all built on our foundational PGM Services business, which supplies and enables the other businesses.
These businesses are tightly linked by three reinforcing synergies: common customers and partners, shared technology capabilities and a shared PGM ecosystem that enables dependable supply and circularity.
autocatalysts that remove harmful pollutants
PGMs used in our products are internally refined
C. 80%
Clean Air
components that enable the hydrogen economy
Hydrogen Technologies
components that decarbonise the chemical industry
Catalyst Technologies
>70%
PGM Services
#1
A leading recycler and refiner of precious metals
PGM used in our product from secondary supply
(Platinum Group Metals Services)
Global refined PGM supplier
Common customers and partners
Shared technology capabilities
A shared PGM ecosystem
13,
Watch Chief Executive Liam Condon as he explores the tremendous opporunities ahead.
Focus
Simplify
Execute
JM needs more strategic clarity and to focus resources where we can win. Where JM has failed historically has typically been due to a lack of focus on core competencies, a lack of understanding of new market dynamics and an overly inward focus.
Going forward, we will focus on core competencies, with a business structure that is in line with our strategic ambitions and allows us to maximise group synergies. We will exit non-core businesses, which will also ensure better resource allocation.
Our vision for a cleaner, healthier world drives our strategy and mirrors society’s need to create a more sustainable future. JM will catalyse the net zero transition by delivering sustainable solutions to our customers enabled by our world-class technology and market-leading positions.
Our strategy will be underpinned by a rigorous performance culture. We are launching a transformation programme to drive stronger execution, unlock near-term cost opportunity and position us strategically to more strongly drive growth. We will strengthen our capabilities in two particular ways:
Capital project execution: clear governance, accountability and enhanced capabilities will ensure we are highly disciplined in capital allocation and much stronger in execution.
Commercial skills: strengthening capabilities and cross-group commercial synergies, with a strong focus on value creation and more strategic partnerships.
1. Includes Catalyst Technologies and Hydrogen Technologies projects.
2. To expand total capacity from 2GW to 5GW.
May 2022
PGM services - the backbone of our business
JM is the world's largest recycler ...
X
Focus
Key markets: