Report of the Directors
Business Review

Financial Review of Operations

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Environmental Technologies

Creating products
that benefit the

Key Statistics
Capital expenditure £117.4 million
Capex / depreciation 1.5
R&D expenditure £99.1 million
Average invested capital £1,562 million
Employees 6,445
  Year to 31st March    
£ million
£ million
% at
Revenue 3,001 3,255 -8 -6
Sales excluding precious metals (sales) 1,904 1,876 +2 +2
Underlying operating profit 226.0 211.8 +7 +7
Return on sales 11.9% 11.3%    
Return on invested capital (ROIC) 14.5% 14.2%    


  • Maintain differentiation through technology by investing in R&D
  • A deep understanding of markets and customers
  • Manufacturing Excellence
  • Deliver superior growth

The division is focused on maintaining differentiation through technology by investing in R&D. This investment is vital to ensure Environmental Technologies can continue to develop high performance leading edge catalysts and technologies for its customers.

A deep understanding of markets and customers enables the division to provide the right solutions for its customers in evolving markets, for example those driven by tightening legislation. In addition, the purchase of its catalysts or technologies is often part of significant investment decisions at its customers and so strong relationships and a good understanding of customers’ needs are crucial to the division’s success.

Manufacturing Excellence is an important element of the strategy. Many of the division’s activities involve manufacturing products for its customers and it is focused on running its plants at optimum efficiency to produce the highest quality products at minimum operating cost.

The division aims to deliver superior growth in markets that are driven by global trends, such as environmental regulation, increasing wealth and natural resource constraints, and where applying its expertise in leading edge catalysis and technologies can generate growth at rates ahead of industry baselines.

Divisional Sales
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Sales by Destination
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Divisional Underlying Operating Profit
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Go to summary

Environmental Technologies supplies catalysts and technologies which contribute to pollution control, cleaner fuels, greener power and the more efficient use of hydrocarbon resources.

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