Johnson Matthey to boost cash efficiency, cut spend in hydrogen technologies

(Reuters) – British autocatalyst maker Johnson Matthey (LON:) said on Monday it has implemented plans to significantly increase its cash efficiency and cut its capital expenditure in hydrogen technologies business following pressure from its top investor.

Standard Investments, the largest shareholder in Johnson Matthey, last month had urged the group to initiate a strategic review and overhaul its board.

The “Board fully recognises the need to improve the absolute share price and to deliver increased returns for shareholders,” the London-listed company said in a statement.

Johnson Matthey said it is reviewing the group’s executive remuneration schemes to increase the weighting on cash generation targets and formed a new investment committee, mainly to review cash generation and the initiatives in place to drive cash delivery.