Proactive Investors
28 May 2026, 08:22 UTC · 2h ago
Source · https://www.proactiveinvestors.co.uk/companies/news/1093027
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Johnson Matthey announced the acquisition of Cormetech for $460 million. — A significant capital outlay for an acquisition typically signals growth ambitions but introduces integration risk and affects the balance sheet.
+0.40The Hydrogen Technologies division reached run-rate breakeven by the end of the fourth quarter. — Removing a financial drag from a high-growth segment improves overall sentiment and profitability outlook.
+0.30Clean Air division operating profit rose 12% to £307 million, beating consensus estimates of £293 million. — Strong margin expansion in a core division demonstrates operational efficiency despite falling sales.
+0.30Net debt rose to £880 million, exceeding expectations due to refinery CAPEX increases to £230 million. — Higher than expected leverage and increased capital spending can weigh on short-term cash flow and valuation.
Free cash flow improved to a £168 million inflow from £64 million the previous year. — Stronger cash generation supports dividends and acquisition funding, reducing financial risk.
+0.20Ticker attribution
Model heads
Positive full-year results with striking margin expansion in Clean Air and a 'buy' rating from Panmure Liberum.
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