- Free cash flow £168m (up 163% y/y); targeting sustainable FCF ≥£250m p.a. by 2027/28 with ≥£200m p.a. returned to shareholders from 2026/27.
- Sale of Catalyst Technologies: enterprise value £1,325m, completion by end‑Aug 2026, c.£1bn net proceeds to be returned to shareholders (£800m special dividend + £200m buyback).
- Acquisition of Cormetech for $360m enterprise value (10.3x expected 2026 EBITDA) with up to $100m earn‑out; expected completion June/July 2026.
- PGM update: early commissioning of new UK PGM refinery to be operational in calendar 2027; group capex raised to c.£230m; PGM Services impacted by US refinery metal losses and higher process‑loss provisions.
Financial highlights
Free cash flow rose to £168m (up 163% y/y); pro forma underlying operating profit +6% at constant PGM prices and FX; reported operating profit down 65% due to prior‑year disposal gains; Clean Air underlying operating margin 14.5% (+270bps).
Transactions and capital returns
Sale of Catalyst Technologies: enterprise value £1,325m, on track to complete by end‑Aug 2026; c.£1bn net proceeds to be returned to shareholders (£800m special dividend + £200m buyback). Agreed acquisition of Cormetech for $360m EV (10.3x expected 2026 EBITDA) plus up to $100m earn‑out; expected completion June/July 2026.
Operations and outlook
PGM Services impacted by operational metal losses in the US refinery; early‑stage commissioning of a new UK PGM refinery under way, expected operational in calendar 2027. Group capex raised to c.£230m to support the new refinery, to be offset by working capital efficiencies. For 2026/27, group underlying operating profit is expected to grow low‑to‑mid single digits at constant PGM and currency excluding Catalyst and Cormetech; Clean Air expected to see profit and margin improvement, PGM Services to be in line with 2025/26, Hydrogen Technologies to be at breakeven. At current PGM prices the group expects at least a £25m benefit to full‑year operating profit; translational FX estimated to be a £2m adverse impact.
Capital return target and corporate changes
Targeting sustainable free cash flow ≥£250m p.a. by 2027/28 with at least £200m p.a. to be returned to shareholders from 2026/27; proposed final ordinary dividend 55.0p (total ordinary dividend 77.0p per share). Board changes announced at the AGM on 16 July 2026 with two Non‑Executive retirements and two successors named.
