v3.25.2
Segmental Information (Tables)
 6 Months Ended
Jun. 29, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Financial information by reportable segment in the second quarter and first six months of 2025 and 2024 were as follows:
Second Quarter 2025
In millionsGas CylindersElektronGraphic ArtsTotal
Net sales$47.0 $50.1 $6.9 $104.0 
Manufacturing fixed costs(7.6)(8.3)(2.1)(18.0)
Other cost of sales(1)
(31.3)(26.7)(4.0)(62.0)
Other segment items(2)
(4.1)(7.4)(1.6)(13.1)
Segment adjusted EBITA$4.0 $7.7 $(0.8)$10.9 
Amortization(0.2)
Share-based compensation charges(0.9)
Restructuring charges(2.0)
Acquisition and disposal costs(0.1)
Defined benefit pension credit0.6 
Interest expense, net(0.9)
Income before tax from continuing operations$7.4 
Second Quarter 2024
In millionsGas CylindersElektronGraphic ArtsTotal
Net sales$49.8 $42.0 $7.9 $99.7 
Manufacturing fixed costs(7.4)(7.3)(1.8)(16.5)
Other cost of sales(1)
(34.1)(22.5)(4.6)(61.2)
Other segment items(2)
(4.3)(1.2)(1.4)(6.9)
Segment adjusted EBITA$4.0 $11.0 $0.1 $15.1 
Amortization(0.2)
Share-based compensation charges(0.8)
Restructuring charges(1.1)
Acquisition and disposal costs(9.2)
Defined benefit pension credit0.2 
Interest expense, net(1.3)
Income before tax from continuing operations$2.7 
In the second quarter of 2025 there were no sales made between our segments (2024: $0.1 million sales between our Elektron segment and Graphic Arts segment.
Year-to-date 2025
In millionsGas CylindersElektronGraphic ArtsTotal
Net sales$88.1 $99.5 $13.4 $201.0 
Manufacturing fixed costs(15.1)(15.5)(4.0)(34.6)
Other cost of sales(1)
(59.3)(54.2)(7.5)(121.0)
Other segment items(2)
(7.9)(14.8)(3.0)(25.7)
Segment adjusted EBITA$5.8 $15.0 $(1.1)$19.7 
Amortization(0.4)
Share-based compensation charges(1.8)
Restructuring charges(2.1)
Acquisition and disposal costs(0.1)
Defined benefit pension credit1.2 
Interest expense, net(1.7)
Income before tax from continuing operations$14.8 
15.    Segmental Information (continued)
Year-to-date 2024
In millionsGas CylindersElektronGraphic ArtsTotal
Net sales$95.2 $79.7 $14.2 $189.1 
Manufacturing fixed costs(15.0)(14.1)(3.9)(33.0)
Other cost of sales(1)
(64.2)(42.6)(8.9)(115.7)
Other segment items(2)
(8.7)(7.0)(3.0)(18.7)
Segment adjusted EBITA$7.3 $16.0 $(1.6)$21.7 
Amortization(0.4)
Share-based compensation charges(1.4)
Restructuring charges(1.8)
Acquisition and disposal costs(9.4)
Defined benefit pension credit0.5 
Interest expense, net(2.7)
Income before tax from continuing operations$6.5 
During the first six months of 2025 there were $0.1 million sales made between our Elektron segment and Graphic Arts segment (2024: $0.3 million)
(1) Other cost of sales includes material costs and variable costs.
(2) Other segment items primarily consists of sales, marketing, research and development, general and admin costs.
Depreciation and amortizationRestructuring charges
Second QuarterYear-to-dateSecond QuarterYear-to-date
In millions20252024202520242025202420252024
Gas Cylinders segment$0.9 $0.9 $1.7 $1.7 $2.0 $1.1 $2.1 $1.6 
Elektron segment1.6 1.6 3.2 3.2 — — — 0.2 
Graphic Arts segment— — — — — — — — 
Consolidated$2.5 $2.5 $4.9 $4.9 $2.0 $1.1 $2.1 $1.8 

Total assetsCapital expenditures
June 29,December 31,Second QuarterYear-to-date
In millions202520242025202420252024
Gas Cylinders segment$130.1 $122.5 $0.5 $1.3 $0.8 $2.1 
Elektron segment175.1 173.1 1.1 1.4 2.1 2.1 
Graphic Arts segment15.6 14.8 — 0.1 0.1 0.1 
Total reportable segments$320.8 $310.4 $1.6 $2.8 $3.0 $4.3 
Other71.4 64.3 — — — — 
Discontinued operations7.0 7.7 0.2 — 0.2 — 
Consolidated$399.2 $382.4 $1.8 $2.8 $3.2 $4.3 
Property, Plant and Equipment, Net by Geographic Region
Property, plant and equipment, net
June 29,December 31,
In millions20252024
U.S.$24.8 $26.7 
United Kingdom35.2 33.0 
Canada2.7 2.8 
Asia Pacific0.3 0.3 
$63.0 $62.8 
Revenue from External Customers and Long-term Assets by Geographic Areas
The following tables present certain geographic information by geographic region for the first six months and Second Quarter ended June 29, 2025, and June 30, 2024:
Net Sales(1)
Second QuarterYear-to-date
2025202420252024
$MPercent$MPercent$MPercent$MPercent
United States$64.0 61.5 %$57.3 57.6 %$125.8 62.5 %$110.5 58.4 %
United Kingdom6.3 6.1 %6.3 6.3 %12.0 6.0 %10.6 5.6 %
Japan5.4 5.2 %5.0 5.0 %10.6 5.3 %9.0 4.8 %
Germany5.3 5.1 %7.2 7.2 %11.2 5.6 %12.6 6.7 %
Canada2.8 2.7 %2.8 2.8 %5.8 2.9 %6.5 3.4 %
Top five countries$83.8 80.6 %$78.6 78.9 %$165.4 82.3 %$149.2 78.9 %
Rest of Europe9.7 9.3 %12.3 12.3 %19.6 9.7 %24.4 13.0 %
Asia Pacific8.3 8.0 %6.7 6.7 %12.2 6.1 %10.3 5.4 %
Other (2)
2.2 2.1 %2.1 2.1 %3.8 1.9 %5.2 2.7 %
$104.0 $99.7 $201.0 $189.1 
(1) Net sales are based on the geographic destination of sale.
(2) Other includes South America, Latin America the Middle East and Africa.