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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K 

 CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): July 30, 2024

LUXFER HOLDINGS PLC
(Exact Name of Registrant as Specified in Charter) 
 
     
England and Wales    001-35370 98-1024030
(State or Other Jurisdiction
of Incorporation)		 (Commission
File Number)		 (IRS Employer Identification No.)
  

8989 North Port Washington Road, Suite 211,
Milwaukee, WI, 53217
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: +1 414-269-2419
Title of Each ClassTrading Symbol(s)Name of Each Exchange on which Registered
Ordinary Shares, nominal value £0.50 eachLXFRNew York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐

Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐
Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging Growth Company    ☐     

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐



Section 2    Financial Information

Item 2.02    Results of Operations and Financial Condition. *

On July 30, 2024, Luxfer Holdings PLC issued a press release announcing its financial results for the second quarter and first half of 2024, including the details of a conference call scheduled in connection therewith. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Section 9    Financial Statements and Exhibits

Item 9.01    Financial Statements and Exhibits.

(d)        Exhibits

EXHIBIT NUMBER    DESCRIPTION

        99.1            Press Release dated July 30, 2024 *

104            Interactive Data File (Inline XRBL tagging embedded within Cover Page of
this Current Report on Form 8-K)

*The information contained in Item 2.02 and Exhibit 99.1 of this Current Report on Form 8-K is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities under that section. Furthermore, such information shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly identified as being incorporated therein by reference.




SIGNATURES
  
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
LUXFER HOLDINGS PLC
(Registrant)
Date: July 30, 2024

By:     /s/ Megan E. Glise              
Name:     Megan E. Glise
Title:     General Counsel & Company Secretary


LUXFER REPORTS SECOND QUARTER 2024 RESULTS WITH SEQUENTIAL MARGIN IMPROVEMENT Business remains on track to deliver 2024 expectations, raises 2024 guidance to reflect recovery of legal expenses. Second Quarter 2024 Highlights o Second-Quarter Sales: GAAP Net Sales of $99.7 million, declined 9.7% YoY, but rebounded 11.5% QoQ o Profitability: Achieved sequential adjusted margin improvement for the past two quarters through operational efficiencies o Legal Recovery: Recognized $5.1 million of legal expense recovery in this quarter o Raises 2024 Guidance: Adjusted EBITDA $47 to $50 million, Adjusted EPS $0.90 to $1.00, Free Cash Flow $24 to $27 million o Strategic Review: Sale of Graphic Arts is progressing as expected Throughout the first half of 2024, our business delivered improved results and demonstrated operational effectiveness. In the second quarter, we successfully navigated ongoing broad-based end market weakness and were encouraged by continued demand for SCBA cylinders. I am pleased with our sequential improvement in sales and that our profitability has improved for two consecutive quarters. Operational efficiencies are driving our sequential margin improvement. Notably, we have made significant strides in reducing net debt and enhancing cash flow, further solidifying our financial foundation. Additionally, we are making meaningful and accelerated progress in the sale process of our Graphic Arts business following our strategic review. Looking ahead, we are confident that the business is progressing as planned and will continue to rebound from the disruptions in the second half of last year. Our strategic approach ensures that we remain on track for the remainder of 2024 and positions us well for the future. Andy Butcher Chief Executive Officer Key Results * (amounts in millions, except EPS) Net Sales and Gross Profits Q2 2024 % Change YTD % Change GAAP Net Sales $ 99.7 -9.7% $ 189.1 -10.7% Adjusted Net Sales1 91.8 -9.6% 174.9 -10.5% GAAP Gross Profit 22.0 -9.1 % 40.4 -10.8% Adjusted Gross Profit1 20.5 -12.0% 39.0 -11.8% Adjusted Gross Margin1 22.3% -70 bps 22.3% 30 bps Net Income, Adjusted EBITDA and EPS Q2 2024 % Change YTD % Change GAAP Net (Loss) / Income $ (0.4) -108.2% $ 2.4 -55.6% Adjusted EBITDA1 17.3 20.1% 27.8 5.3% Adjusted EBITDA1 ex. Legal Cost Recovery / Expense 13.4 -12.4% 23.8 -15.6% GAAP Diluted EPS $ (0.01) -105.6% $ 0.09 -55.0% Adjusted Diluted EPS1 0.39 34.5% 0.58 9.4% Adjusted Diluted EPS1 ex. Legal Cost Recovery / Expense 0.24 -27.3% 0.43 -27.1% * Comparative information is relative to prior-year second quarter; results exclude discontinued operations. 1 Note: Adjusted Results Excludes Graphic Arts Business

 
Second Quarter Financials GAAP net sales of $99.7 million decreased $10.7 million from $110.4 million in the second quarter of 2023, primarily due to a $10.5 million negative impact from volume/mix and a $0.3 million negative impact from foreign exchange. This decrease was partially offset by a $0.1 million benefit from higher pricing. Adjusted net income (excluding Graphic Arts) was $10.4 million, or $0.39 per diluted share, compared to $7.9 million, or $0.29 per diluted share, in the second quarter of 2023. Excluding legal expense recovery in the second quarter, Adjusted Net Income (excluding Graphic Arts) was $6.5 million, or $0.24 per diluted share. Adjusted EBITDA (excluding Graphic Arts) of $17.3 million increased by $2.9 million from $14.4 million. This change included a $5.1 million negative impact from volume/mix and a $0.3 million negative impact related to foreign exchange. However, Adjusted EBITDA was positively affected by a $0.1 million benefit from higher prices, a $1.8 million positive impact from net cost deflation, and a $6.4 million positive impact largely resulting from the recovery of legal expenses in the quarter. Segment Results * (amounts in millions) Elektron Q2 2024 % Change YTD % Change Net Sales $ 42.0 -20.8% $ 79.7 -24.4% Gross Profit 12.2 -21.8% 23.0 -26.5% Gross Margin 29.0% -40bps 28.9% -80bps Adjusted EBITDA $ 12.4 30.5% $ 18.8 -1.1% Adjusted EBITDA Margin 29.5% +1,160bps 23.6% 560bps Adjusted EBITDA2 (ex. Legal) 8.5 -18.3% 14.8 -28.8% Adjusted EBITDA Margin2 (ex. Legal) 20.2% +60bps 18.6% -110bps Gas Cylinders Q2 2024 % Change YTD % Change Net Sales $ 49.8 2.7% $ 95.2 5.8% Gross Profit 8.3 7.8% 16.0 24.0% Gross Margin 16.7% 80bps 16.8% 250bps Adjusted EBITDA $ 4.9 flat $ 9.0 21.6% Adjusted EBITDA Margin 9.8% -30bps 9.5% 130bps * Comparative information is relative to prior-year second quarter; results exclude discontinued operations and Graphic Arts segment 2 Adjusted Results Excludes Legal Cost Recovery/ Expense in 2024 and 2023

 
Capital Resources and Liquidity Net cash provided from continuing operations for the second quarter 2024, was $8.9 million, a decline of $4.2 million versus the second quarter of 2023. Free cash flow from continuing operations was $6.2 million, a decline of $4.0 million versus the second quarter of 2023. On June 30, 2024, net debt totaled $69.9 million, resulting in a net debt to adjusted EBITDA ratio (excluding Graphic Arts) of 1.6x. During the second quarter of 2024, approximately $0.6 million of common stock, equating to 50,000 shares, was repurchased. Year-to-date, a total of approximately $1.0 million of common stock, or 100,000 shares, has been repurchased. Additionally, $3.5 million was returned to shareholders through dividends. 2024 Guidance Update (excluding Graphic Arts) As a result of the better performance in the second quarter and the higher-than-anticipated recovery of legal expenses, full-year 2024 guidance has been raised. Adjusted EBITDA is now expected to be between $47 million and $50 million, Adjusted EPS to be in a range of $0.90 to $1.00 and Free Cash Flow between $24 million and $27 million. 2024 Upcoming Investor Relations Events • September 18th - Sidoti Small Cap Conference Q2 2024 Earnings Conference Call Information Luxfer will conduct an investor teleconference at 8:30 a.m. ET on Wednesday July 31, 2024. Investors can access this conference via any of the following: • Webcast: Accessible by clicking on this link LXFR Q2 2024 Earnings • Live Telephone: Call 800-579-2543 within the U.S. or +1 785-424-1789 outside the U.S. Please join the call at least 15 minutes before the start time (Conference ID:LXFRQ224). • Webcast Replay: Available on Luxfer’s website beginning at approximately 4:30 p.m. Eastern Time on July 31, 2024. • Telephone Replay: Call 800-839-2485 within the U.S. or +1 402-220-7222 outside the U.S. (for both U.S. and outside the U.S. access code is 6639). • Presentation Material: Earnings presentation material and podcasts can be accessed through the Investors portion of the Company’s website at luxfer.com under Quarterly Reports and Presentations.

 
About Luxfer Luxfer is a global industrial company innovating niche applications in materials engineering. Using its broad array of proprietary technologies, Luxfer focuses on value creation, customer satisfaction, and demanding applications where technical know-how and manufacturing expertise combine to deliver a superior product. Luxfer’s high-performance materials, components, and high-pressure gas containment devices are used in defense and emergency response, clean energy, healthcare, transportation, and general industrial applications. For more information, please visit www.luxfer.com. Luxfer is listed on the New York Stock Exchange and its ordinary shares trade under the symbol LXFR. Non-GAAP Financial Measures Luxfer Holdings PLC prepares its financial statements using U.S. Generally Accepted Accounting Principles (GAAP). When a company discloses material information containing non-GAAP financial measures, SEC regulations require that the disclosure include a presentation of the most directly comparable GAAP measure and a reconciliation of the GAAP and non-GAAP financial measures. Management’s inclusion of non-GAAP financial measures in this release is intended to supplement, not replace, the presentation of the Company’s financial results in accordance with GAAP. Luxfer management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any period. Management also believes that these non-GAAP financial measures enhance the ability of investors to analyze the Company’s business trends and understand the Company’s performance. In addition, management may utilize non-GAAP financial measures as a guide in the Company’s forecasting, budgeting, and long-term planning process. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures presented in accordance with GAAP. With respect to the Company’s 2024 adjusted earnings per share guidance, the Company is not able to provide a reconciliation of the non-GAAP financial measure to GAAP because it does not provide specific guidance for the various extraordinary, nonrecurring, or unusual charges and other certain items. These items have not yet occurred, are out of the Company’s control, and/or cannot be reasonably predicted. As a result, reconciliation of the non-GAAP guidance measure to GAAP is not available without unreasonable effort, and the Company is unable to address the probable significance of the unavailable information. Forward-Looking Statements This release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. Examples of such forward-looking statements include but are not limited to: (i) statements regarding the Company’s results of operations and financial condition; (ii) statements of plans, objectives or goals of the Company or its management, including those related to financing, products, or services; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as “believes,” “anticipates,” “expects,” “intends,” “forecasts,” and “plans,” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. By their very nature, forward- looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections, and other forward-looking statements will not be achieved. The Company cautions that several important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates, and intentions expressed in such forward-looking statements. These factors include but are not limited to: (i) lower than expected future sales; (ii) increasing competitive industry pressures; (iii) general economic conditions or conditions affecting demand for the products and services it offers, both domestically and internationally; (iv) worldwide economic and business conditions and conditions in the industries in which the Company operates; (v) geopolitcal issues (vi) fluctuations in the cost of raw materials, utilities, and other inputs; (vii) currency fluctuations and hedging risks; (viii) the Company’s ability to protect its intellectual property; (ix) the significant amount.

 
Forward-Looking Statements (continued) of indebtedness the Company has incurred and may incur and the obligations to service such indebtedness and to comply with the covenants contained therein; and (x) risks related to the impact of COVID-19. The Company cautions that the foregoing list of important factors are not exhaustive. These factors are more fully discussed in the sections entitled “Forward-Looking Statements” and “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the U.S. Securities and Exchange Commission on February 27, 2024. When relying on forward-looking statements to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and events. Forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update or revise any such statement, whether because of new information, future events, or otherwise. Contact Info: Kevin Cornelius Grant Vice President of Investor Relations and Business Development Kevin.Grant@luxfer.com

 
Luxfer Holdings PLC LUXFER HOLDINGS PLC CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) / INCOME (UNAUDITED) Second Quarter Year-to-date In millions, except share and per-share data 2024 2023 2024 2023 Net sales $ 99.7 $ 110.4 $ 189.1 $ 211.7 Cost of goods sold (77.7) (86.2) (148.7) (166.4) Gross profit 22.0 24.2 40.4 45.3 Selling, general and administrative expenses (11.9) (12.8) (23.5) (25.3) Research and development (1.1) (1.0) (2.3) (2.2) Restructuring charges (1.1) (2.5) (1.8) (2.8) Acquisition and disposal related costs (9.2) — (9.4) — Other income 5.1 — 5.3 — Operating income 3.8 7.9 8.7 15.0 Net interest expense (1.3) (1.8) (2.7) (3.1) Defined benefit pension credit / (charge) 0.2 0.6 0.5 (8.3) Income before income taxes 2.7 6.7 6.5 3.6 (Provision) / credit for income taxes (3.1) (1.8) (4.1) 1.8 Net (loss) / income from continuing operations (0.4) 4.9 2.4 5.4 Loss from discontinued operations, net of tax (0.1) (0.2) (0.2) (0.2) Net loss from discontinued operations (0.1) (0.2) (0.2) (0.2) Net (loss) / income $ (0.5) $ 4.7 $ 2.2 $ 5.2 (Loss) / earnings / per share1 Basic from continuing operations $ (0.01) $ 0.18 $ 0.09 $ 0.20 Basic from discontinued operations2 $ (0.01) $ (0.01) $ (0.01) $ (0.01) Basic $ (0.02) $ 0.17 $ 0.08 $ 0.19 Diluted from continuing operations $ (0.01) $ 0.18 $ 0.09 $ 0.20 Diluted from discontinued operations2 $ — $ (0.01) $ (0.01) $ (0.01) Diluted $ (0.02) $ 0.17 $ 0.08 $ 0.19 Weighted average ordinary shares outstanding Basic 26,831,372 26,923,804 26,826,123 26,922,528 Diluted 26,932,291 27,065,338 26,892,230 27,083,986 1 The calculation of earnings per share is performed separately for continuing and discontinued operations. As a result, the sum of the two in any particular period may not equal the earnings-per-share amount in total. 2 The loss per share for discontinued operations has not been diluted, since the incremental shares included in the weighted-average number of shares outstanding would have been anti-dilutive.

 
LUXFER HOLDINGS PLC CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) June 30, December 31, In millions, except share and per-share data 2024 2023 Current assets Cash and cash equivalents $ 4.3 $ 2.3 Restricted cash 0.3 0.3 Accounts and other receivables, net of allowances of $0.6 and $0.7, respectively 60.9 59.9 Inventories 88.2 95.9 Current assets held-for-sale 23.4 8.9 Other current assets 1.5 1.5 Total current assets $ 178.6 $ 168.8 Non-current assets Property, plant and equipment, net $ 63.1 $ 63.8 Right-of-use assets from operating leases 14.3 15.4 Goodwill 67.2 67.5 Intangibles, net 11.6 12.0 Deferred tax assets 3.5 3.9 Investments and loans to joint ventures and other affiliates 0.4 0.4 Pensions and other retirement benefits 41.1 40.3 Total assets $ 379.8 $ 372.1 Current liabilities Current maturities of long-term debt and short-term borrowing $ 0.2 $ 4.6 Accounts payable 27.5 26.5 Accrued liabilities 23.2 20.9 Taxes on income 5.1 — Current liabilities held-for-sale 9.4 3.9 Other current liabilities 9.4 8.9 Total current liabilities $ 74.8 $ 64.8 Non-current liabilities Long-term debt $ 74.0 $ 67.6 Pensions and other retirement benefits — 0.1 Deferred tax liabilities 10.2 10.2 Other non-current liabilities 14.5 16.8 Total liabilities $ 173.5 $ 159.5 Commitments and contingencies Shareholders' equity Ordinary shares of £0.50 par value; authorized 40,000,000 shares for 2024 and 2023; issued and outstanding 28,944,000 for 2024 and 2023 26.5 26.5 Additional paid-in capital 224.2 223.5 Treasury shares (23.6) (22.9) Company shares held by ESOP (0.8) (0.9) Retained earnings 99.5 104.3 Accumulated other comprehensive loss (119.5) (117.9) Total shareholders' equity 206.3 212.6 Total liabilities and shareholders' equity $ 379.8 $ 372.1

 
LUXFER HOLDINGS PLC CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Year-to-date In millions 2024 2023 Operating activities Net income $ 2.2 $ 5.2 Net loss from discontinued operations 0.2 0.2 Net income from continuing operations 2.4 5.4 Adjustments to reconcile net income to net cash provided / (used) by operating activities Depreciation 4.5 6.2 Amortization of purchased intangible assets 0.4 0.4 Amortization of debt issuance costs 0.1 0.2 Share-based compensation charges 1.4 1.3 Deferred income taxes 0.3 1.5 Asset impairment charges — 2.3 Loss on held for sale asset group 7.5 — Defined benefit pension (credit) / charge (0.5) 8.3 Defined benefit pension contributions — (2.1) Changes in assets and liabilities Accounts and other receivables (7.9) 3.8 Inventories (7.5) (6.4) Current assets held-for-sale (2.5) 1.2 Accounts payable 2.4 (9.1) Accrued liabilities 3.5 (5.9) Current liabilities held-for-sale 2.0 (1.5) Other current liabilities 5.8 (7.4) Other non-current assets and liabilities 0.6 0.5 Net cash provided / (used) by operating activities - continuing 12.5 (1.3) Net cash provided by operating activities - discontinued 0.1 0.1 Net cash provided / (used) by operating activities 12.6 (1.2) Investing activities Capital expenditures (4.1) (4.9) Net cash used by investing activities - continuing (4.1) (4.9) Net cash used by investing activities - discontinued (0.1) (0.1) Net cash used by investing activities (4.2) (5.0) Financing activities Net repayment of short-term borrowings (4.4) (25.0) Net drawdown of long-term borrowings 6.4 35.1 Repurchase of own shares (1.0) (1.6) Share-based compensation cash paid (0.3) (0.3) Dividends paid (7.0) (7.0) Net cash (used) / provided by financing activities (6.3) 1.2 Effect of exchange rate changes on cash and cash equivalents (0.1) 0.3 Net increase / (decrease) $ 2.0 $ (4.7) Cash, cash equivalents and restricted cash; beginning of year 2.6 12.9 Cash, cash equivalents and restricted cash; end of the second quarter 4.6 8.2 Supplemental cash flow information: Interest payments $ 2.8 $ 2.8 Income tax payments, net 0.3 2.8

 
LUXFER HOLDINGS PLC SUPPLEMENTAL INFORMATION SEGMENT INFORMATION (UNAUDITED) Net sales Adjusted EBITDA Second Quarter Year-to-date Second Quarter Year-to-date In millions 2024 2023 2024 2023 2024 2023 2024 2023 Gas Cylinders segment $ 49.8 $ 48.5 $ 95.2 $ 90.0 $ 4.9 $ 4.9 $ 9.0 $ 7.4 Elektron segment 42.0 53.0 79.7 105.4 12.4 9.5 18.8 19.0 Excluding Graphic Arts segment 91.8 101.5 174.9 195.4 17.3 14.4 27.8 26.4 Graphic Arts segment 7.9 8.9 14.2 16.3 0.1 — (1.6) (0.7) Consolidated $ 99.7 $ 110.4 $ 189.1 $ 211.7 $ 17.4 $ 14.4 $ 26.2 $ 25.7 Depreciation and amortization Restructuring charges Second Quarter Year-to-date Second Quarter Year-to-date In millions 2024 2023 2024 2023 2024 2023 2024 2023 Gas Cylinders segment $ 0.9 $ 1.0 $ 1.7 $ 2.1 $ 1.1 $ 2.5 $ 1.6 $ 2.8 Elektron segment 1.6 1.8 3.2 3.5 — — 0.2 — Excluding Graphic Arts segment 2.5 2.8 4.9 5.6 1.1 2.5 1.8 2.8 Graphic Arts segment — 0.5 — 1.0 — — — — Consolidated $ 2.5 $ 3.3 $ 4.9 $ 6.6 $ 1.1 $ 2.5 $ 1.8 $ 2.8 Gross profit Second Quarter Year-to-date In millions 2024 2023 2024 2023 Gas Cylinders segment $ 8.3 $ 7.7 $ 16.0 $ 12.9 Elektron segment 12.2 15.6 23.0 31.3 Excluding Graphic Arts segment 20.5 23.3 39.0 44.2 Graphic Arts segment 1.5 0.9 1.4 1.1 Consolidated $ 22.0 $ 24.2 $ 40.4 $ 45.3

 
ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE (UNAUDITED) Second Quarter In millions except per share data 2024 2023 Continuing operations Graphic Arts Adjusted Total Continuing operations Graphic Arts Adjusted Total Net (loss) / income $ (0.4) $ (9.0) $ 8.6 $ 4.9 (0.5) $ 5.4 Accounting charges relating to acquisitions and disposals of businesses: Amortization on acquired intangibles 0.2 — 0.2 0.2 — 0.2 Acquisition and disposal related charge 9.2 9.1 0.1 — — — Defined benefit pension credit (0.2) — (0.2) (0.6) — (0.6) Restructuring charge 1.1 — 1.1 2.5 — 2.5 Share-based compensation charge 0.8 0.1 0.7 0.7 — 0.7 Income tax on adjusted items (0.2) (0.1) (0.1) (0.3) — (0.3) Adjusted net income / (loss) 10.5 0.1 10.4 7.4 (0.5) 7.9 Less: Legal cost (recovery) / expense (5.1) — (5.1) 1.2 — 1.2 Tax on legal cost recovery / (expense) 1.2 — 1.2 (0.3) — (0.3) Adjusted net income / (loss) excluding Legal $ 6.6 $ 0.1 $ 6.5 $ 8.3 $ (0.5) $ 8.8 Adjusted earnings per ordinary share (1) Diluted (loss) / earnings per ordinary share $ (0.01) $ (0.33) $ 0.32 $ 0.18 $ (0.02) $ 0.20 Impact of adjusted items 0.40 0.33 0.07 0.09 — 0.09 Adjusted diluted earnings / (loss) per ordinary share 0.39 — 0.39 0.27 (0.02) 0.29 Impact of legal cost (recovery) / expense (0.15) — (0.15) 0.04 — 0.04 Adjusted diluted earnings / (loss) per ordinary share excluding Legal cost recovery / expense $ 0.24 $ — $ 0.24 $ 0.31 $ (0.02) $ 0.33 Year-to-date In millions except per share data 2024 2023 Continuing operations Graphic Arts Adjusted Total Continuing operations Graphic Arts Adjusted Total Net income / (loss) $ 2.4 $ (10.6) $ 13.0 $ 5.4 (1.5) $ 6.9 Accounting charges relating to acquisitions and disposals of businesses: Amortization on acquired intangibles 0.4 — 0.4 0.4 — 0.4 Acquisition and disposal related charge 9.4 9.3 0.1 — — — Defined benefit pension (credit) / charge (0.5) — (0.5) 8.3 — 8.3 Restructuring charge 1.8 — 1.8 2.8 — 2.8 Share-based compensation charge 1.4 0.2 1.2 1.3 — 1.3 Tax impact of defined benefit settlement — — — (4.9) — (4.9) Income tax on adjusted items (0.4) (0.1) (0.3) (0.5) — (0.5) Adjusted net income / (loss) $ 14.5 $ (1.2) $ 15.7 $ 12.8 $ (1.5) $ 14.3 Less: Legal cost (recovery) / expense (5.3) — (5.3) 2.3 — 2.3 Tax on legal cost recovery / (expense) 1.3 — 1.3 (0.5) — (0.5) Adjusted net income / (loss) excluding Legal $ 10.5 $ (1.2) $ 11.7 $ 14.6 $ (1.5) $ 16.1 Adjusted earnings per ordinary share (1) Diluted earnings / (loss) per ordinary share $ 0.09 $ (0.39) $ 0.48 $ 0.20 $ (0.06) $ 0.25 Impact of adjusted items 0.45 0.35 0.10 0.27 — 0.28 Adjusted diluted earnings / (loss) per ordinary share 0.54 (0.04) 0.58 0.47 (0.06) 0.53 Impact of legal cost (recovery) / expense (0.15) — (0.15) 0.07 — 0.06 Adjusted diluted earnings / (loss) per ordinary share excluding Legal cost recovery / expense $ 0.39 $ (0.04) $ 0.43 $ 0.54 $ (0.06) $ 0.59 (1) For the purpose of calculating diluted earnings per share, the weighted average number of ordinary shares outstanding during the financial year has been adjusted for the dilutive effects of all potential ordinary shares and share options granted to employees, except where there is a loss in the period, then no adjustment is made.

 
ADJUSTED EBITDA (UNAUDITED) Second Quarter In millions except per share data 2024 2023 Continuing operations Graphic Arts Adjusted Total Continuing operations Graphic Arts Adjusted Total Adjusted net income from continuing operations $ 10.5 $ 0.1 $ 10.4 $ 7.4 $ (0.5) $ 7.9 Add back: Income tax on adjusted items 0.2 0.1 0.1 0.3 — 0.3 Provision / (credit) for income taxes 3.1 (0.1) 3.2 1.8 — 1.8 Net finance costs 1.3 — 1.3 1.8 — 1.8 Adjusted EBITA 15.1 0.1 15.0 11.3 (0.5) 11.8 Depreciation 2.3 — 2.3 3.1 0.5 2.6 Adjusted EBITDA 17.4 0.1 17.3 14.4 — 14.4 Less: Legal cost (recovery) / expense (5.1) — (5.1) 1.2 — 1.2 Tax on legal cost recovery / (expense) 1.2 — 1.2 (0.3) — (0.3) Adjusted EBITDA excluding legal $ 13.5 $ 0.1 $ 13.4 $ 15.3 $ — $ 15.3 Year-to-date In millions except per share data 2024 2023 Continuing operations Graphic Arts Adjusted Total Continuing operations Graphic Arts Adjusted Total Adjusted net income from continuing operations $ 14.5 $ (1.2) $ 15.7 $ 12.8 $ (1.5) $ 14.3 Add back: Income tax on adjusted items 0.4 0.1 0.3 0.5 — 0.5 Provision / (credit) for income taxes 4.1 (0.5) 4.6 (1.8) (0.2) (1.6) Tax impact of defined benefit pension settlement — — — 4.9 — 4.9 Net finance costs 2.7 — 2.7 3.1 — 3.1 Adjusted EBITA 21.7 (1.6) 23.3 19.5 (1.7) 21.2 Depreciation 4.5 — 4.5 6.2 1.0 5.2 Adjusted EBITDA 26.2 (1.6) 27.8 25.7 (0.7) 26.4 Less: Legal cost (recovery) / expense (5.3) — (5.3) 2.3 — 2.3 Tax on legal cost recovery / (expense) 1.3 — 1.3 (0.5) — (0.5) Adjusted EBITDA excluding legal $ 22.2 $ (1.6) $ 23.8 $ 27.5 $ (0.7) $ 28.2

 
ADJUSTED EFFECTIVE TAX RATE (UNAUDITED) Second Quarter In millions except per share data 2024 2023 Continuing operations Graphic Arts Adjusted Total Continuing operations Graphic Arts Adjusted Total Adjusted net income from continuing operations $ 10.5 $ 0.1 $ 10.4 $ 7.4 $ (0.5) $ 7.9 Add back: Income tax on adjusted items 0.2 0.1 0.1 0.3 — 0.3 Provision for income taxes 3.1 (0.1) 3.2 1.8 — 1.8 Adjusted income from continuing operations before income taxes 13.8 0.1 13.7 9.5 (0.5) 10.0 Adjusted provision for income taxes 3.3 — 3.3 2.1 — 2.1 Adjusted effective tax rate from continuing operations 23.9 % — % 24.1 % 22.1 % — % 21.0 % Year-to-date In millions except per share data 2024 2023 Continuing operations Graphic Arts Adjusted Total Continuing operations Graphic Arts Adjusted Total Adjusted net income from continuing operations $ 14.5 $ (1.2) $ 15.7 $ 12.8 $ (1.5) $ 14.3 Add back: Income tax on adjusted items 0.4 0.1 0.3 0.5 — 0.5 Tax impact of defined benefit pension settlement — — — 4.9 — 4.9 Provision / (credit) for income taxes 4.1 (0.5) 4.6 (1.8) (0.2) (1.6) Adjusted income from continuing operations before income taxes 19.0 (1.6) 20.6 16.4 (1.7) 18.1 Adjusted provision / (credit) for income taxes 4.5 (0.4) 4.9 3.6 (0.2) 3.8 Adjusted effective tax rate from continuing operations 23.7 % 25.0 % 23.8 % 22.0 % 11.8 % 21.0 % NET DEBT RATIO (UNAUDITED) Second Quarter In millions 2024 Cash and cash equivalents $ 4.3 Total debt (74.2) Net debt 69.9 Adjusted EBITDA 39.3 Net debt to EBITDA ratio 1.8 Adjusted EBITDA excluding Graphic Arts segment 44.7 Net debt to EBITDA ratio excluding Graphic Arts segment 1.6

 
FREE CASH FLOW (UNAUDITED) Second Quarter Year-to-date In millions 2024 2023 2024 2023 Net cash provided / (used) by continuing operating activities $ 8.9 $ 13.1 $ 12.5 $ (1.3) Net cash provided by Graphic Arts operating activities 0.1 0.4 0.1 0.4 Net cash provided / (used) by continuing operating activities excluding Graphic Arts 8.8 12.7 12.4 (1.7) Capital expenditures (2.7) (2.9) (4.1) (4.9) Graphic Arts capital expenditures (0.1) (0.4) (0.1) (0.4) Capital expenditures excluding Graphic Arts (2.6) (2.5) (4.0) (4.5) Free cash flow $ 6.2 $ 10.2 $ 8.4 $ (6.2) Free cash flow excluding Graphic Arts $ 6.2 $ 10.2 $ 8.4 $ (6.2)

 
v3.24.2
Cover
Jul. 30, 2024
Apr. 30, 2024
Cover [Abstract]    
Document Type 8-K  
Document Period End Date Jul. 30, 2024  
Entity Registrant Name LUXFER HOLDINGS PLC  
Entity Incorporation, State or Country Code X0  
Entity File Number 001-35370  
Entity Tax Identification Number 98-1024030  
Entity Address, Address Line One 8989 North Port Washington Road, Suite 211  
Entity Address, City or Town Milwaukee  
Entity Address, Postal Zip Code WI, 53217  
Country Region +1  
City Area Code 414  
Local Phone Number 269-2419  
Written Communications false  
Soliciting Material false  
Pre-commencement Tender Offer false  
Pre-commencement Issuer Tender Offer false  
Title of 12(b) Security Ordinary Shares, nominal value £0.50 each  
Trading Symbol LXFR  
Security Exchange Name NYSE  
Entity Emerging Growth Company false  
Entity Central Index Key 0001096056  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus   Q2
Entity Address, Country GB  
Entity Information [Line Items]    
Entity Emerging Growth Company false  
Amendment Flag false  
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