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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 29, 2024


OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-35370
Luxfer Holdings PLC
(Exact Name of Registrant as Specified in Its Charter)
England and Wales98-1024030
State or Other Jurisdiction of
 Incorporation or Organization		I.R.S. Employer Identification No.
1433 North Water Street, Suite 400,
Milwaukee, WI, 53202
Address of principal executive offices
Registrant’s telephone number, including area code: +1 414-269-2419
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Ordinary Shares, nominal value £0.50 eachLXFRNew York Stock Exchange
Securities registered or to be registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    x No    o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    x No    o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See definition of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.:
Large accelerated filer 
oAccelerated Filerx
Non-accelerated filer 
o
Smaller reporting company 
☐
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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes    ☐ No    x
The number of shares outstanding of Registrant’s only class of ordinary stock on September 29, 2024, was 26,784,848.


TABLE OF CONTENTS
Page
PART I FINANCIAL INFORMATION
Item 1.Condensed Consolidated Financial Statements (unaudited)
Condensed Consolidated Statements of Income / (Loss) (unaudited)
Condensed Consolidated Statements of Comprehensive Income / (Loss) (unaudited)
Condensed Consolidated Balance Sheets (unaudited)
Condensed Consolidated Statements of Cash Flows (unaudited)
Condensed Consolidated Statements of Changes in Equity (unaudited)
Notes to Condensed Consolidated Financial Statements (unaudited)
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
PART II OTHER INFORMATION
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 5.Other Information
Item 6.Exhibits
Signatures


PART I - FINANCIAL INFORMATION

Item 1.        Condensed Consolidated Financial Statements (unaudited)
LUXFER HOLDINGS PLC
CONDENSED CONSOLIDATED STATEMENTS OF INCOME / (LOSS) (UNAUDITED)
Third QuarterYear-to-date
In millions, except share and per-share data2024202320242023
Net sales$99.4 $97.4 $288.5 $309.1 
Cost of goods sold(77.0)(82.8)(225.7)(249.2)
Gross profit22.4 14.6 62.8 59.9 
Selling, general and administrative expenses(11.4)(11.3)(34.9)(36.6)
Research and development(1.0)(1.2)(3.3)(3.4)
Restructuring charges(0.5)(1.6)(2.3)(4.4)
Acquisition and disposal related costs (0.1)— (9.5)— 
Gain on disposal of assets held-for-sale6.1 — 6.1 — 
Other income1.9 — 7.2 — 
Operating income17.4 0.5 26.1 15.5 
Net interest expense(1.4)(1.6)(4.1)(4.7)
Defined benefit pension credit / (charge)0.3 0.3 0.8 (8.0)
Income / (loss) before income taxes16.3 (0.8)22.8 2.8 
(Provision) / credit for income taxes(3.7)(0.7)(7.8)1.1 
Net income / (loss) from continuing operations12.6 (1.5)15.0 3.9 
Income / (loss) from discontinued operations, net of tax0.1 0.2 (0.1)— 
Net income / (loss) from discontinued operations0.1 0.2 (0.1)— 
Net income / (loss)$12.7 $(1.3)$14.9 $3.9 
Earnings / (loss) per share1
Basic from continuing operations$0.47 $(0.06)$0.56 $0.14 
Basic from discontinued operations2
$— $0.01 $— $— 
Basic$0.47 $(0.05)$0.56 $0.14 
Diluted from continuing operations$0.47 $(0.06)$0.56 $0.14 
Diluted from discontinued operations2$— $0.01 $— $— 
Diluted$0.47 $(0.05)$0.55 $0.14 
Weighted average ordinary shares outstanding
Basic26,808,401 26,895,968 26,820,280 26,913,771 
Diluted26,932,411 27,016,373 26,961,125 27,072,425 
See accompanying notes to condensed consolidated financial statements
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 continuing operations for the third quarter of 2023 and for discontinued operations for first nine months of 2024, has not been diluted since the incremental shares included in the weighted-average number of shares outstanding would have been anti-dilutive.
1

LUXFER HOLDINGS PLC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS)
Third QuarterYear-to-date
In millions2024202320242023
Net income / (loss)$12.7 $(1.3)$14.9 $3.9 
Other comprehensive income / (loss)
Net change in foreign currency translation adjustment, net of tax9.5 (5.4)7.5 1.4 
Pension and post-retirement actuarial gains, net of $nil, $0.1, $0.2 and $5.1 tax, respectively
0.1 0.3 0.5 7.3 
Other comprehensive income / (loss), net of tax9.6 (5.1)8.0 8.7 
Total comprehensive income / (loss)$22.3 $(6.4)$22.9 $12.6 
See accompanying notes to condensed consolidated financial statements
2

LUXFER HOLDINGS PLC
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 29,December 31,
In millions, except share and per-share data20242023
Current assets
Cash and cash equivalents$3.5 $2.3 
Restricted cash0.6 0.3 
Accounts and other receivables, net of allowances of $0.5 and $0.7, respectively
75.2 59.9 
Inventories93.5 95.9 
Current assets held-for-sale22.1 8.9 
Other current assets1.5 1.5 
Total current assets$196.4 $168.8 
Non-current assets
Property, plant and equipment, net$65.7 $63.8 
Right-of-use assets from operating leases13.7 15.4 
Goodwill69.5 67.5 
Intangibles, net11.9 12.0 
Deferred tax assets3.1 3.9 
Investments and loans to joint ventures and other affiliates0.4 0.4 
Pensions and other retirement benefits44.1 40.3 
Total assets$404.8 $372.1 
Current liabilities
Current maturities of long-term debt and short-term borrowing$3.7 $4.6 
Accounts payable27.7 26.5 
Accrued liabilities33.3 20.9 
Taxes on income8.5 — 
Current liabilities held-for-sale7.2 3.9 
Other current liabilities9.9 8.9 
Total current liabilities$90.3 $64.8 
Non-current liabilities
Long-term debt$65.8 $67.6 
Pensions and other retirement benefits— 0.1 
Deferred tax liabilities10.2 10.2 
Other non-current liabilities13.4 16.8 
Total liabilities$179.7 $159.5 
Commitments and contingencies (Note 16)
Shareholders' equity
Ordinary shares of £0.50 par value; authorized 40,000,000 shares for 2024 and 2023; issued 28,944,000 for 2024 and 2023; outstanding 26,784,848 and 26,834,628 for 2024 and 2023, respectively
26.5 26.5 
Additional paid-in capital224.8 223.5 
Treasury shares(24.2)(22.9)
Company shares held by ESOP(0.8)(0.9)
Retained earnings108.7 104.3 
Accumulated other comprehensive loss(109.9)(117.9)
Total shareholders' equity225.1 212.6 
Total liabilities and shareholders' equity$404.8 $372.1 
See accompanying notes to condensed consolidated financial statements
3

LUXFER HOLDINGS PLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Year-to-date
In millions20242023
Operating activities
Net income $14.9 $3.9 
Net loss from discontinued operations0.1 — 
Net income from continuing operations15.0 3.9 
Adjustments to reconcile net income to net cash provided / (used) by operating activities
   Depreciation6.9 9.2 
   Amortization of purchased intangible assets0.6 0.6 
   Amortization of debt issuance costs0.2 0.3 
   Share-based compensation charges2.1 2.0 
   Deferred income taxes0.5 1.6 
   Loss on disposal of property, plant and equipment0.1 — 
   Asset impairment charges— 2.7 
   Gain on disposal of held for sale assets(6.1)— 
   Loss on held for sale asset group7.5 — 
   Defined benefit pension (credit) / charge(0.8)8.0 
   Defined benefit pension contributions— (2.1)
Changes in assets and liabilities
   Accounts and other receivables(5.5)(0.6)
   Inventories(10.3)1.2 
   Current assets held-for-sale(2.2)0.4 
   Accounts payable(4.4)(0.9)
   Accrued liabilities12.9 (8.7)
   Current liabilities held-for-sale0.1 (0.7)
   Other current liabilities8.9 (7.0)
   Other non-current assets and liabilities(0.1)0.3 
Net cash provided by operating activities - continuing25.4 10.2 
Net cash provided by operating activities - discontinued0.2 0.1 
Net cash provided by operating activities25.6 10.3 
Investing activities
Capital expenditures(7.3)(7.5)
Purchase of intangible assets(0.4)— 
Net cash used by investing activities - continuing(7.7)(7.5)
Net cash used by investing activities - discontinued(0.2)(0.1)
Net cash used by investing activities(7.9)(7.6)
Financing activities
Net repayment of short-term borrowings(0.9)(25.0)
Net (repayment) / drawdown of long-term borrowings(2.9)22.5 
Repurchase of own shares(1.6)(2.2)
Share-based compensation cash paid(0.4)(0.3)
Dividends paid(10.5)(10.5)
Net cash used by financing activities(16.3)(15.5)
Effect of exchange rate changes on cash and cash equivalents0.1 0.3 
Net increase / (decrease)$1.5 $(12.5)
Cash, cash equivalents and restricted cash; beginning of year2.6 12.9 
Cash, cash equivalents and restricted cash; end of the third quarter4.1 0.4 
Supplemental cash flow information:
Interest payments$4.4 $4.8 
Income tax payments, net0.5 2.8 
See accompanying notes to condensed consolidated financial statements
4

LUXFER HOLDINGS PLC
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
In millions, Ordinary
shares		Additional paid-in capitalTreasury shares NumberTreasury shares AmountOwn shares held by ESOP NumberOwn shares held by ESOP AmountRetained
earnings		Accumulated other comprehensive lossTotal
equity
At January 1, 2024$26.5 $223.5 (1.5)$(22.9)(0.6)$(0.9)$104.3 $(117.9)$212.6 
Net income— — — — — — 2.7 — 2.7 
Other comprehensive loss, net of tax— — — — — — — (1.5)(1.5)
Dividends declared— — — — — — (3.5)— (3.5)
Share-based compensation
— 0.6 — — — — — — 0.6 
Share buyback— — — (0.4)— — — — (0.4)
Utilization of shares from ESOP to satisfy share based compensation
— (0.2)— — — — — — (0.2)
At March 31, 202426.5 223.9 (1.5)(23.3)(0.6)(0.9)103.5 (119.4)210.3 
Net loss— — — — — — (0.5)— (0.5)
Other comprehensive loss, net of tax— — — — — — — (0.1)(0.1)
Dividends declared— — — — — — (3.5)— (3.5)
Share based compensation— 0.8 — — — — — — 0.8 
Share buyback— — (0.1)(0.6)— — — — (0.6)
Utilization of treasury shares to satisfy share based compensation— (0.3)— 0.3 — — — — — 
Utilization of shares from ESOP to satisfy share based compensation— (0.2)— — — 0.1 — — (0.1)
At June 30, 202426.5 224.2 (1.6)(23.6)(0.6)(0.8)99.5 (119.5)206.3 
Net income— — — — — — 12.7 — 12.7 
Other comprehensive income, net of tax— — — — — — — 9.6 9.6 
Dividends declared— — — — — — (3.5)— (3.5)
Share based compensation— 0.7 — — — — — — 0.7 
Share buy back— — — (0.6)— — — — (0.6)
Utilization of shares from ESOP to satisfy share based compensation— (0.1)— — — — — — (0.1)
At September 29, 2024$26.5 $224.8 (1.6)$(24.2)(0.6)$(0.8)$108.7 $(109.9)$225.1 


See accompanying notes to condensed consolidated financial statements





5


LUXFER HOLDINGS PLC
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
In millions,Ordinary sharesAdditional paid-in capitalTreasury shares NumberTreasury shares AmountOwn shares held by ESOP NumberOwn shares held by ESOP AmountRetained earningsAccumulated other comprehensive lossTotal equity
At January 1, 2023$26.5 $221.4 (1.3)$(20.4)(0.7)$(1.0)$120.2 $(139.4)$207.3 
Net income — — — — — — 0.5 — 0.5 
Other comprehensive income, net of tax— — — — — — — 10.2 10.2 
Dividends declared— — — — — — (3.5)— (3.5)
Share based compensation— 0.6 — — — — — — 0.6 
Share buyback— — (0.1)(0.8)— — — — (0.8)
Utilization of shares from ESOP to satisfy share based compensation— (0.3)— — — — — — (0.3)
At April, 2023$26.5 $221.7 (1.4)$(21.2)(0.7)$(1.0)$117.2 $(129.2)$214.0 
Net income — — — — — — 4.7 — 4.7 
Other comprehensive income, net of tax— — — — — — — 3.6 3.6 
Dividends declared— — — — — — (7.0)— (7.0)
Share based compensation— 0.7 — — — — — — 0.7 
Share buyback— — — (0.8)— — — — (0.8)
Utilization of treasury shares to satisfy share based compensation— (0.3)— 0.2 — — — — (0.1)
Utilization of shares from ESOP to satisfy share based compensation— — — — 0.1 0.1 — — 0.1 
At July 2, 2023$26.5 $222.1 (1.4)$(21.8)(0.6)$(0.9)$114.9 $(125.6)$215.2 
Net loss— — — — — — (1.3)— (1.3)
Other comprehensive loss, net of tax— — — — — — — (5.1)(5.1)
Dividends declared— — — — — — (3.5)— (3.5)
Share based compensation— 0.7 — — — — — — 0.7 
Share buy back— — — (0.6)— — — — (0.6)
At October 1, 2023$26.5 $222.8 (1.4)$(22.4)(0.6)$(0.9)$110.1 $(130.7)$205.4 

See accompanying notes to condensed consolidated financial statements
6

LUXFER HOLDINGS PLC
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1.    Basis of Presentation and Responsibility for interim Financial Statements
We prepared the accompanying unaudited condensed consolidated financial statements of Luxfer Holdings PLC and all wholly-owned, majority owned or otherwise controlled subsidiaries on the same basis as our annual audited financial statements. We condensed or omitted certain information and footnote disclosures normally included in our annual audited financial statements, which we prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP).
Our quarterly financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2023. As used in this report, the terms "we," "us," "our," "Luxfer" and "the Company" mean Luxfer Holdings PLC and its subsidiaries, unless the context indicates another meaning.
In the opinion of management, our financial statements reflect all adjustments, which are only of a normal recurring nature, necessary for the fair statement of financial statements for interim periods in accordance with U.S. GAAP and with the instructions to Form 10-Q in Article 10 of Securities and Exchange Commission (SEC) Regulation S-X.
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of our financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates, and any such differences may be material to our financial statements.
Our fiscal year ends on December 31. We report our interim quarterly periods on a 13-week quarter basis, ending on a Sunday. The third quarter 2024, ended on September 29, 2024, and the third quarter 2023, ended on October 1, 2023.
Accounting standards issued but not yet effective
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements. The new guidance requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included in the reported measure of segment profit or loss. It does not change the definition of a segment or the guidance for determining reportable segments. The new guidance is effective for the Company in the annual period beginning January 1, 2024 and in 2025 for interim periods. Adoption of this ASU will result in additional disclosure, but it will not impact the Company’s consolidated financial position, results of operations or cash flows.
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures, which enhances the transparency of income tax disclosures in ASC 740, Income Taxes, primarily related to rate reconciliation and income taxes paid information. The ASU is effective for fiscal years beginning after December 15, 2024 and early adoption is permitted. The Company is currently assessing the impact on its Consolidated Condensed Financial Statements and related disclosures.


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2.    Earnings / (loss) per share

Basic earnings / (loss) per share are computed by dividing net income or (loss) for the period by the weighted-average number of ordinary shares outstanding, net of treasury shares and shares held in ESOP. Diluted earnings per share are computed by dividing net income for the period by the weighted average number of ordinary shares outstanding and the dilutive ordinary shares equivalents.
Basic and diluted earnings per share were calculated as follows:
Third QuarterYear-to-date
In millions except share and per-share data2024202320242023
Basic earnings / (loss):
Net income / (loss) from continuing operations$12.6 $(1.5)$15.0 $3.9 
Net income / (loss) from discontinued operations0.1 0.2 (0.1)— 
Net income / (loss)$12.7 $(1.3)$14.9 $3.9 
Weighted average number of £0.50 ordinary shares:
For basic earnings / (loss) per share26,808,401 26,895,968 26,820,280 26,913,771 
Dilutive effect of potential common stock124,010 120,405 140,845 158,654 
For diluted earnings / (loss) per share26,932,411 27,016,373 26,961,125 27,072,425 
Earnings / (loss) per share using weighted average number of ordinary shares outstanding(1):
Basic earnings / (loss) per ordinary share for continuing operations$0.47 $(0.06)$0.56 $0.14 
Basic earnings / (loss) per ordinary share for discontinued operations— 0.01 — — 
Basic earnings / (loss) per ordinary share$0.47 $(0.05)$0.56 $0.14 
Diluted earnings / (loss) per ordinary share for continuing operations$0.47 $(0.06)$0.56 $0.14 
Diluted earnings / (loss) per ordinary share for discontinued operations— 0.01 — — 
Diluted earnings / (loss) per ordinary share$0.47 $(0.05)$0.55 $0.14 
(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
Basic average shares outstanding and diluted average shares outstanding were the same for discontinued operations in 2024 year-to-date and for continuing operations in the third quarter of 2023 because the effect of potential shares of common stock was anti-dilutive since the Company generated a net loss from discontinued operations.

8

3.    Net Sales
Disaggregated sales disclosures for the third quarter and year-to-date ended September 29, 2024, and October 1, 2023, are included below and in Note 15, Segmental Information.
Third Quarter
20242023
In millionsGas CylindersElektronGraphic ArtsTotalGas CylindersElektronGraphic ArtsTotal
Defense, First Response & Healthcare$19.2 $24.0 $— $43.2 $20.3 $19.4 $— $39.7 
Transportation14.2 11.5 — 25.7 18.1 12.9 — 31.0 
General industrial9.2 13.3 8.0 30.5 6.3 13.3 7.1 26.7 
$42.6 $48.8 $8.0 $99.4 $44.7 $45.6 $7.1 $97.4 
Year-to-date
20242023
In millionsGas CylindersElektronGraphic ArtsTotalGas CylindersElektronGraphic ArtsTotal
Defense, First Response & Healthcare$64.4 $55.8 $— $120.2 $59.3 $68.0 $— $127.3 
Transportation50.5 32.4 — 82.9 50.6 38.6 $— 89.2 
General industrial22.9 40.3 22.2 85.4 24.8 44.4 $23.4 92.6 
$137.8 $128.5 $22.2 $288.5 $134.7 $151.0 $23.4 $309.1 
The Company’s performance obligations are satisfied at a point in time. With the reclassification of our Superform business as discontinued operations, none of the Company's revenue from continuing operations is satisfied over time. As a result, the Company's contract receivables, contract assets and contract liabilities are included within current assets and liabilities held-for-sale.

4.    Restructuring
The $0.5 million and $2.3 million restructuring charge in the third quarter and first nine months, respectively, of 2024 predominantly relates to continued costs aimed at reducing our fixed cost structure and realigning our business.
Restructuring-related costs by reportable segment were as follows:
Third QuarterYear-to-date
In millions2024202320242023
Severance and other costs
Gas Cylinders $0.5 $1.1 $2.1 $1.6 
Elektron — 0.1 0.2 0.1 
$0.5 $1.2 $2.3 $1.7 
Asset impairments
Gas Cylinders$— $0.3 $— $2.6 
Elektron segment— 0.1 — 0.1 
$— $0.4 $— $2.7 
Total restructuring charges$0.5 $1.6 $2.3 $4.4 
Activity related to restructuring, recorded in Other current liabilities in the consolidated balance sheets is summarized as follows:
9

In millions2024
Balance at January 1,$3.3 
Costs incurred2.3 
Cash payments and other(2.4)
Balance at September 29,$3.2 

5.    Other income
In December 2023, it was established that any potential liability arising from the lawsuits and reasonable defense costs related to the previously disclosed US Ecology case are covered by insurance. The Company recognized $1.9 million and $7.2 million in the third quarter and first nine months, respectively, of 2024, in relation to these costs previously incurred by the Company. $5.3 million cash has been received in the first nine months of 2024 with a further $1.9 million accrued at September 2024.
6.    Income Taxes
We manage our affairs so that we are centrally managed and controlled in the United Kingdom (“U.K.”) and therefore have our tax residency in the U.K. The provision for income taxes consists of provisions for the U.K. and international income taxes. We operate in an international environment with operations in various locations outside the U.K. Accordingly, the consolidated income tax rate is a composite rate reflecting the earnings in the various locations and the applicable rates.
The effective income tax rate on continuing operations for the first nine months ended September 29, 2024, was a 34.2%, tax charge compared to a 39.3% tax credit for the first nine months ended October 1, 2023. The rate was impacted by non-deductible expenses and the loss on held-for-sale asset group. 2023 was also impacted by a deferred tax credit primarily in relation to the U.S. pension buyout.
7.    Acquisition and disposal related costs
Third QuarterYear-to-date
In millions2024202320242023
Loss on held-for-sale asset group$— $— $7.5 $— 
Disposal related costs0.1 — 2.0 — 
$0.1 $— $9.5 $— 
The $7.5 million loss on held-for-sale asset group in the first nine months of 2024 relates to the Graphic Arts' assets which have been revalued to the expected consideration the Company will receive.
Disposal-related costs of $0.1 million and $2.0 million in the third quarter and first nine months of 2024, respectively, represent professional fees incurred and accrued in relation to the planned divestiture of the Graphic Arts segment.
10

8.    Supplementary balance sheet information
September 29,December 31,
In millions20242023
Accounts and other receivables
Trade receivables$55.9 $52.3 
Related parties0.1 0.1
Prepayments and accrued income7.95.7
Derivative financial instruments0.90.4
Other receivables10.41.4
Total accounts and other receivables$75.2 $59.9 
Inventories
Raw materials and supplies$34.7 $34.7 
Work-in-process28.1 34.8 
Finished goods30.7 26.4 
Total inventories$93.5 $95.9 
Other current assets
Income tax receivable1.5 1.5 
Total other current assets$1.5 $1.5 
Property, plant and equipment, net
Land, buildings and leasehold improvements$53.7 $51.0 
Machinery and equipment244.8 234.9 
Construction in progress12.7 13.6 
Total property, plant and equipment311.2 299.5 
Accumulated depreciation and impairment(245.5)(235.7)
Total property, plant and equipment, net$65.7 $63.8 
Current maturities of long-term debt and short-term borrowings
Overdrafts3.7 4.6 
Total current maturities of long-term debt and short-term borrowings$3.7 $4.6 
Other current liabilities
Restructuring provision$3.2 $3.3 
Short term provision0.1 0.1 
Derivative financial instruments— — 
Operating lease liability4.6 4.7 
Advance payments2.0 0.8 
Total other current liabilities$9.9 $8.9 
Other non-current liabilities
Contingent liabilities$1.8 $1.6 
Operating lease liability11.5 15.0 
Other non-current liabilities0.1 0.2 
Total other non-current liabilities$13.4 $16.8 
11

9.     Goodwill and other identifiable intangible assets
Changes in goodwill during the first nine months ended September 29, 2024, were as follows:
In millionsGas CylindersElektronTotal
At January 1, 2024$26.2 $41.3 $67.5 
Exchange difference1.2 0.8 2.0 
Net balance at September 29, 2024$27.4 $42.1 $69.5 
Accumulated goodwill impairment losses in relation to continuing activities were $8.0 million as of September 29, 2024 and December 31, 2023.

Identifiable intangible assets consisted of the following:

In millionsCustomer relationshipsTechnology and trading relatedTotal
Cost:   
At January 1, 2024$15.2 $7.8 $23.0 
Additions0.4 — 0.4 
Exchange movements— 0.3 0.3 
At September 29, 2024$15.6 $8.1 $23.7 
Accumulated amortization:  
At January 1, 2024$6.6 $4.4 $11.0 
Charge0.3 0.3 0.6 
Exchange movements— 0.2 0.2 
At September 29, 2024$6.9 $4.9 $11.8 
Net book values:  
At January 1, 2024$8.6 $3.4 $12.0 
At September 29, 2024$8.7 $3.2 $11.9 

Identifiable intangible asset amortization expense was $0.6 million and $0.6 million for the first nine months of 2024 and 2023 respectively.
Intangible asset amortization expense during each of the following five years is expected to be approximately $0.8 million per year.


10.    Debt

Debt outstanding was as follows:
September 29,December 31,
In millions20242023
4.94% Loan Notes due 2026
$25.0 $25.0 
Revolving credit facility41.1 43.1 
Bank overdraft3.7 4.6 
Unamortized debt issuance costs(0.3)(0.5)
Total debt69.5 72.2 
Less current portion(3.7)(4.6)
Non-current debt$65.8 $67.6 
The weighted-average interest rate on the revolving credit facility was 7.80% for first nine months of the year and 7.70% for the full-year 2023.


12

10.    Debt (continued)
Loan notes due and shelf facility
The Note Purchase Agreement and Private Shelf Agreement requires us to maintain compliance with a minimum interest coverage ratio and a leverage ratio. We have been in compliance with the covenants under the Note Purchase and Private Shelf Agreement throughout all of the quarterly measurement dates from and including September 30, 2014, to September 29, 2024.
The Loan Notes due 2026, the Shelf Facility and the Note Purchase and Private Shelf Agreement are governed by the law of the State of New York.
Senior Facilities Agreement
During the first nine months of 2024, we repaid net $2.9 million on the Revolving Credit Facility and the balance outstanding at September 29, 2024, was $41.1 million, and at December 31, 2023, was $43.1 million, with $83.9 million undrawn at September 29, 2024.
We have been in compliance with the covenants under the Senior Facilities Agreement throughout all of the quarterly measurement dates from and including September 30, 2011 to September 29, 2024.
Bank Overdraft
The bank overdraft is an uncommitted facility with no expiration date, this is reviewed annually and can be cancelled by either the bank or the Company on demand.
11.    Discontinued Operations
Our Superform aluminum superplastic forming business operating in the U.S. was historically included in the Gas Cylinders segment. As a result of our decision to exit non-strategic aluminum product lines, we have reflected the results of operations of this business as discontinued operations in the Condensed Consolidated Statements of Income for all periods presented. We expect the sale of our Superform business to occur in the next twelve months.
The assets and liabilities of the Superform business have been presented within assets held-for-sale and liabilities held-for-sale in the consolidated balance sheets for 2024 and 2023.
Results of discontinued operations in the third quarter and first nine months of 2024 and 2023 were as follows:
Third QuarterYear-to-date
In millions2024202320242023
Net sales$1.6 $1.9 $4.7 $6.1 
Cost of goods sold(1.1)(1.4)(3.6)(5.0)
Gross profit0.5 0.5 1.1 1.1 
Selling, general and administrative expenses(0.3)(0.3)(1.1)(1.0)
Restructuring charge— 0.1 (0.1)(0.1)
Operating income / (loss)0.2 0.3 (0.1)— 
Tax (charge) / credit(0.1)(0.1)— — 
Net income / (loss)$0.1 $0.2 $(0.1)$— 


13

11.    Discontinued Operations (continued)
The assets and liabilities classified as held-for-sale related to discontinued operations were as follows:
Held-for-sale assets September 29,December 31,
In millions20242023
Inventory$4.1 $3.3 
Accounts and other receivables2.1 2.3 
Current assets6.2 5.6 
Right-of-use-assets1.6 2.1 
Held-for-sale assets$7.8 $7.7 
Held-for-sale liabilities
Accounts payable$0.7 $0.9 
Accrued liabilities0.4 0.4 
Other liabilities2.2 2.6 
Held-for-sale liabilities$3.3 $3.9 
There was $0.1m and $0.2m of capital expenditure in the third quarter and first nine months of 2024 respectively (2023: none), there was no depreciation and amortization or any other significant non-cash items.
12.    Held-for-sale assets and liabilities
The total assets and liabilities classified as held-for-sale, including those that qualify as discontinued operations are as follows:
Held-for-sale assets September 29,December 31,
In millions20242023
Inventory$12.1 $3.3 
Accounts and other receivables8.2 2.3 
Current assets20.3 5.6 
Property, plant and equipment0.2 1.2 
Right-of-use-assets1.6 2.1 
Non-current assets1.8 3.3 
Total held-for-sale assets$22.1 $8.9 
Held-for-sale liabilities
Accounts payable2.1 0.9 
Accrued liabilities1.8 0.4 
Other liabilities3.3 2.6 
Held-for-sale liabilities$7.2 $3.9 
As a result of the Company’s strategic review process announced in October 2023, the Company concluded that its Graphic Arts business no longer aligns with the Company’s overall business and value proposition. In 2024, the Company initiated a sale process for its Graphic Arts business with the intention of divesting this business in 2024.

In the first nine months of 2024, the company recognized a $7.5 million loss on held-for-sale asset group recognized in continuing operations, relating to our Graphic Arts segment to reflect the the fair value of Graphic Arts. A $1.4 million accrual, also recognized within acquisition and disposal related costs in the Income Statement, has been recognized for expected costs in relation to professional fees in relation to the planned divestiture of the Graphic Arts segment.

In accordance with ASC 205-20 and ASC 360-10, our Graphic Arts business is classified as held-for-sale at September 29, 2024, however the business does not meet the criteria to be classified as a discontinued operation.
14

12.    Held-for-sale assets and liabilities (continued)
In the third quarter and first nine months of 2024, the Company recognized a $6.1m gain on disposal of assets in relation to the sale of previously disclosed held-for-sale land and buildings in our Elektron division, net consideration of $7.3 million was received in the fourth quarter of 2024.
13.    Share Plans

Total share-based compensation expense for the quarters ended September 29, 2024, and October 1, 2023, was as follows:
Third QuarterYear-to-date
In millions2024202320242023
Total share-based compensation charges$0.7 $0.7 $2.1 $2.0 
In March 2024, we issued our annual share-based compensation grants under the Luxfer Holdings PLC Long-Term Umbrella Incentive Plan. The total number of awards issued was approximately 155,000 and the weighted average fair value of options granted in 2024 was estimated to be $10.44 per share.
In June 2024, we issued our annual share-based compensation grants under the Luxfer Holdings PLC Non-Executive Directors' Equity Incentive Plan. The total number of awards issued was 47,012 and the weighted-average fair value of options granted was estimated to be $10.53 per share.
The following table illustrates the assumptions used in deriving the fair value of share options granted during 2024 and the year-ended December 31, 2023:
20242023
Dividend yield (%)
3.15 - 3.32
3.15 - 3.32
Expected volatility range (%)
31.54 - 43.49
31.54 - 43.49
Risk-free interest rate (%)
3.67 - 5.16
3.67 - 5.16
Expected life of share options range (years)
1.00 - 4.00
1.00 - 4.00
Forfeiture rate (%)5.00 5.00 
Weighted average exercise price ($)$1.00$1.00
Model usedBlack-Scholes & Monte-CarloBlack-Scholes & Monte-Carlo
The expected life of the share options is based on historical data and current expectations, and is not necessarily indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual outcome.
15

14.    Shareholders' Equity
Dividends paid and proposed
Third QuarterYear-to-date
In millions2024202320242023
Dividends declared and paid / accrued during the year:
Interim dividend declared January 3, 2023 and paid February 1, 2023 ($0.130 per ordinary share)
$— $— $— $3.5 
Interim dividend declared April 3, 2023 and paid May 3, 2023 ($0.130 per ordinary share)
— — — 3.5 
Interim dividend declared June 29, 2023 and paid August 2, 2023 ($0.130 per ordinary share)
— — — 3.5 
Interim dividend declared September 25, 2023 and paid November 1, 2023 ($0.130 per ordinary share)
— 3.5 — 3.5 
Interim dividend declared January 19, 2024 and paid February 7, 2024 ($0.130 per ordinary share)
— — 3.5 — 
Interim dividend declared April 9, 2024 and paid May 8, 2024 ($0.130 per ordinary share)
— — 3.5 — 
Interim dividend declared July 8, 2024 and paid August 7, 2024 ($0.130 per ordinary share)
3.5 — 3.5 — 
$3.5 $3.5 $10.5 $14.0 
In millions20242023
Dividends declared and paid after the quarter end (not recognized as a liability at the quarter end):
Interim dividend declared October 4, 2024 and to be paid November 6, 2024 ($0.130 per ordinary share)
$3.5 $— 
$3.5 $— 
16

15.    Segmental Information
We classify our operations into business segments, based primarily on shared economic characteristics for the nature of the products and services; the nature of the production processes; the type or class of customer for their products and services; the methods used to distribute their products or provide their services; and the nature of the regulatory environment. The Company has five identified business units, which aggregate into three reportable segments within continuing operations, and one within discontinued operations. Luxfer Gas Cylinders forms the Gas Cylinders segment, and Luxfer MEL Technologies and Luxfer Magtech aggregate into the Elektron segment. As of December 31, 2023, it was determined that the Luxfer Graphic Arts reporting segment no longer met the criteria, specifically, similar economic characteristics, to be aggregated within the Elektron segment for 2023. As a result, Luxfer Graphic Arts has been disaggregated from the Elektron segment and is being reported separately as the Graphic Arts segment. The Elektron segment's results for 2023 have been adjusted to exclude Graphic Arts' results. Our Superform business unit used to aggregate into the Gas Cylinders segment but is now recognized within discontinued operations. A summary of the operations of the segments within continuing operations is provided below:
Gas Cylinders segment
Our Gas Cylinders segment manufactures and markets specialized highly-engineered cylinders, using composites and aluminum alloys, including pressurized cylinders for use in various applications including self-contained breathing apparatus ('SCBA') for firefighters, containment of oxygen and other medical gases for healthcare, alternative fuel ('AF') vehicles, and general industrial applications.
Elektron segment                                                Our Elektron segment focuses on specialty materials based primarily on magnesium and zirconium, with key product lines including advanced lightweight magnesium alloys with a variety of uses across a variety of industries; magnesium powders for use in countermeasure flares, as well as heater meals; and high-performance zirconium-based materials and oxides used as catalysts and in the manufacture of advances ceramics, fiber-optic fuel cells, and many other performance products.
Graphic Arts segment
Our Graphic Arts segment provides a full range of pre-sensitized magnesium, copper and zinc plates, along with associated chemicals, for the production of foil-stamping and embossing dies. In addition, non-sensitized polished brass and magnesium plates are also manufactured for computer numerical control ('CNC') engraving. The segment also advises on turnkey engraving operations, complete with etching machines, computer-to-plate ('CtP') machines, exposure units and film setters.
Other
Other, as used below, primarily represents unallocated corporate expense and includes non-service related defined benefit pension credit / charge.
Management monitors the operating results of its reportable segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated by the chief operating decision maker, the CEO, who is responsible for allocating resources and assessing performance of the operating segments, using adjusted EBITA(1) and adjusted EBITDA, which is defined as segment income, and is based on operating income adjusted for share-based compensation charges; restructuring charges; loss on disposal of property, plant and equipment; gain on disposal of held for sale assets; acquisitions and disposals costs; and depreciation and amortization.
Unallocated assets and liabilities include those which are held on behalf of the Company and cannot be allocated to a segment, such as taxation, investments, cash, retirement benefits obligations, bank and other loans and holding company assets and liabilities.
Financial information by reportable segment for the Third Quarter and first half ended September 29, 2024, and October 1, 2023, is included in the following summary:
Net salesAdjusted EBITDA
Third QuarterYear-to-dateThird QuarterYear-to-date
In millions20242023202420232024202320242023
Gas Cylinders segment$42.6 $44.7 $137.8 $134.7 $4.6 $2.8 $13.6 $10.2 
Elektron segment48.8 45.6 128.5 151.0 10.8 6.0 29.6 25.0 
Graphic Arts segment8.0 7.1 22.2 23.4 (0.1)(2.8)(1.7)(3.5)
Consolidated$99.4 $97.4 $288.5 $309.1 $15.3 $6.0 $41.5 $31.7 
(1) Adjusted EBITA is adjusted EBITDA less depreciation and loss on disposal of property, plant and equipment.
17

15.    Segmental Information (continued)
Depreciation and amortizationRestructuring charges
Third QuarterYear-to-dateThird QuarterYear-to-date
In millions20242023202420232024202320242023
Gas Cylinders segment$0.9 $1.1 $2.6 $3.2 $0.5 $1.4 $2.1 $4.2 
Elektron segment1.7 1.6 4.9 5.1 — 0.2 0.2 0.2 
Graphic Arts segment— 0.5 — 1.5 — — — — 
Consolidated$2.6 $3.2 $7.5 $9.8 $0.5 $1.6 $2.3 $4.4 

Total assetsCapital expenditures
September 29,December 31,Third QuarterYear-to-date
In millions202420232024202320242023
Gas Cylinders segment$139.0 $131.0 $1.1 $0.8 $3.2 $1.4 
Elektron segment183.8 162.4 1.8 1.6 3.9 5.5 
Graphic Arts segment14.3 19.6 0.1 0.1 0.2 0.6 
Total reportable segments337.1 313.0 3.0 2.5 7.3 7.5 
Other59.9 51.3 — — — — 
Discontinued operations7.8 7.8 — — — 0.1 
Consolidated$404.8 $372.1 $3.0 $2.5 $7.3 $7.6 

Property, plant and equipment, net
September 29,December 31,
In millions20242023
U.S.$27.1 $26.8 
United Kingdom34.4 32.8 
Canada2.9 2.9 
Rest of Europe1.0 1.0 
Asia Pacific0.3 0.3 
$65.7 $63.8 

The following table presents a reconciliation of Adjusted EBITDA to net income before income taxes, from continuing operations:
Third QuarterYear-to-date
In millions2024202320242023
Adjusted EBITDA$15.3 $6.0 $41.5 $31.7 
Other share-based compensation charges(0.7)(0.7)(2.1)(2.0)
Gain on disposal of held for sale assets6.1 — 6.1 — 0
Depreciation and amortization(2.6)(3.2)(7.5)(9.8)
Loss on disposal of property, plant and equipment(0.1)— (0.1)— 
Restructuring charges(0.5)(1.6)(2.3)(4.4)
Acquisition and disposal related costs(0.1)— (9.5)— 
Defined benefits pension credit / (charge)0.3 0.3 0.8 (8.0)
Interest expense, net(1.4)(1.6)(4.1)(4.7)
Net income before income taxes from continuing operations$16.3 $(0.8)$22.8 $2.8 



18

15.    Segmental Information (continued)
The following tables present certain geographic information by geographic region for the Third Quarter ended September 29, 2024, and October 1, 2023:
Net Sales(1)
Third QuarterYear-to-date
2024202320242023
$MPercent$MPercent$MPercent$MPercent
United States$57.7 58.1 %$59.0 60.7 %$168.2 58.3 %$184.5 59.7 %
Germany5.8 5.8 %4.7 4.8 %18.4 6.4 %14.8 4.8 %
United Kingdom7.4 7.4 %4.3 4.4 %18.0 6.2 %15.1 4.9 %
Japan5.7 5.7 %5.1 5.2 %14.7 5.1 %15.9 5.1 %
Canada2.8 2.8 %3.3 3.4 %9.3 3.2 %8.5 2.7 %
Top five countries79.4 79.8 %76.4 78.5 %228.6 79.2 %238.8 77.2 %
Rest of Europe12.1 12.3 %10.8 11.1 %36.5 12.7 %35.5 11.5 %
Asia Pacific5.8 5.8 %4.9 5.0 %16.1 5.6 %22.2 7.2 %
Other (2)
2.1 2.1 %5.3 5.4 %7.3 2.5 %12.6 4.1 %
$99.4 $97.4 $288.5 $309.1 
(1) Net sales are based on the geographic destination of sale.
(2) Other includes South America, Latin America and Africa.
19

16.     Commitments and Contingencies
Committed and uncommitted banking facilities
The Company had committed banking facilities of $125.0 million at September 29, 2024 and December 31, 2023. Of these committed facilities, $41.1 million was drawn at September 29, 2024 and $43.1 million at December 31, 2023. The Company also had an additional $25.0 million of uncommitted facilities through an accordion provision at September 29, 2024 and December 31, 2023.
Uncommitted Facilities
September 29, 2024December 31, 2023
FacilityDrawnFacilityDrawn
Bond and Guarantees$0.7 $0.2 $0.6 $0.2 
Letters of Credit$4.0 $2.8 $4.0 $2.2 
Overdraft$8.0 $3.7 $7.8 $4.6 
$12.7 $6.7 $12.4 $7.0 
Contingencies
In November 2018, an alleged explosion occurred at a third-party waste disposal and treatment site in Grand View, Idaho, reportedly causing property damage, personal injury, and one fatality. The Company had contracted with a service company for removal and disposal of certain waste resulting from the magnesium powder manufacturing operations at the Reade facility in Manchester, New Jersey. The Company believes this service company, in turn, contracted with the third-party disposal company, at whose facility the explosion occurred, for treatment and disposal of the waste. In November 2020, we were named as a defendant in three lawsuits in relation to the incident – one by the third-party disposal company, one by the estate of the decedent, and one by an injured employee of the third-party disposal company. The three lawsuits were administratively consolidated and, to date, two lawsuits remain ongoing. The Company believes that we are not liable for the incident, have asserted such, and, in conjunction with our insurers, continue to fully defend the Company against these lawsuits. Therefore, we do not currently expect any eventual outcome in these matters to have a material impact on the Company's financial position or results of operations.
In December 2023, it was established that any potential liability arising from the lawsuits and reasonable defense costs related to the previously disclosed US Ecology case are covered by insurance. The Company recognized $1.9 million and $7.2 million in the third quarter and first nine months, respectively, of 2024, in relation to these costs previously incurred by the Company. $5.3 million cash has been received in the first nine months of 2024 with a further $1.9 million accrued at September 2024.

17. Pension Settlement
In the first quarter of 2023, there was a $9.2 million charge in relation to the sale of the U.S. pension plan liability to an insurer, which included $2.3 million cash and $6.9 million in relation to the derecognition of the U.S. pension liability and reallocation of accumulated actuarial losses from other comprehensive income. This was partially offset by a $0.3 million defined benefit credit on the U.K. pension plan.
There was also a $0.3 million and $0.8 million defined benefit credit on the U.K pension plan for the third quarter and first nine months of 2024 respectively, consistent with the $0.3 million and $1.0 million for the third quarter and first nine months of 2023.

18. Subsequent Events
Other than those disclosed elsewhere in the note to the financial statements, no material subsequent events to report.
20

Item 2.        Management's Discussion and Analysis of Financial Condition and Results of Operations
Information regarding forward-looking statements
This Interim Report on Form 10-Q contains certain statements, statistics and projections that are, or may be, forward-looking. These forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors that could cause our actual results of operations, financial condition, liquidity, performance, prospects, opportunities, achievements or industry results, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or suggested by, these forward-looking statements. The accuracy and completeness of all such statements, including, without limitation, statements regarding our future financial position, strategy, plans and objectives for the management of future operations, is not warranted or guaranteed. These statements typically contain words such as "believes," "intends," "expects," "anticipates," "estimates," "may," "will," "should" and words of similar import. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Although we believe that the expectations reflected in such statements are reasonable, no assurance can be given that such expectations will prove to be correct. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. These factors include, but are not limited to, factors identified in "Business," "Risk factors," and "Management's Discussion and Analysis of Financial Condition and Results of Operations," or elsewhere in this Interim Report, as well as:
•general economic conditions, or conditions affecting demand for the services offered by us in the markets in which we operate, both domestically and internationally, being less favorable than expected;
•worldwide economic and business conditions and conditions in the industries in which we operate;
•our ability to execute a turnaround plan in our Graphic Arts business to safeguard revenues and reduce costs;
•post-pandemic impact of COVID-19 and future pandemics;
•fluctuations in the cost and / or availability of raw materials, labor and energy, as well as our ability to pass on cost increases to customers;
•currency fluctuations and other financial risks;
•our ability to protect our intellectual property;
•the amount of indebtedness we have incurred and may incur, and the obligations to service such indebtedness and to comply with the covenants contained therein;
•relationships with our customers and suppliers;
•increased competition from other companies in the industries in which we operate;
•changing technology;
•our ability to execute and integrate new acquisitions;
•claims for personal injury, death or property damage arising from the use of products produced by us;
•the occurrence of accidents or other interruptions to our production processes;
•changes in our business strategy or development plans, and our expected level of capital expenditure;
•our ability to attract and retain qualified personnel;
•restrictions on the ability of Luxfer Holdings PLC to receive dividends or loans from certain of its subsidiaries;
•climate change regulations and the potential impact on energy costs;
•regulatory, environmental, legislative and judicial developments; and
•our intention to pay dividends.
Please read the sections "Business" and "Risk factors" included within the 2023 Annual Report on Form 10-K and "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Risk factors" of this Interim Report on Form 10-Q for a more complete discussion of the factors that could affect our performance and the industries in which we operate, as well as those discussed in other documents we file or furnish with the SEC.
21

About Luxfer
Luxfer Holdings PLC ("Luxfer," "the Company," "we," "our") is a global industrial company innovating niche applications in materials engineering. Luxfer focuses on value creation by using its broad array of technical know-how and proprietary technologies to help create a safe, clean and energy-efficient world. Luxfer's high performance materials, components and high-pressure gas containment devices are used in defense, first response and healthcare, transportation and general industrial applications.
Luxfer is a global industrial company innovating niche applications in materials engineering. Luxfer focuses on value creation by using its broad array of technical know-how and proprietary technologies to help create a safe, clean and energy-efficient world. Luxfer's high-performance materials, components and high-pressure gas containment devices are used in defense, first response and healthcare, transportation and general industrial applications.
Key trends and uncertainties regarding our existing business
Uncertainty of demand in certain end-markets
Macro-economic conditions have continued to impact our general industrial end-market with demand softening for our products across all segments. We have also experienced variability of demand for certain products in our defense, first response & healthcare end-market, particularly defense applications, including countermeasure flares and flameless ration heaters, although we have seen the former improve in the third quarter. We have been able to navigate these challenges through productivity and cost management initiatives resulting in improved margins. Legal recoveries and inventory management contributed to solid cash conversion and reduced net debt levels.
While the outlook remains uncertain there are some signs of recovery within the industrial and defense end-markets within our Elektron segment, which we are well-placed to capitalize on.
Operating objectives and trends
In 2024, we expect the following operating objectives and trends to impact our business:
•Addressing continuing general macro uncertainty and building resilience into the outlook;
•Ongoing focus on cost control, new product launches and productivity improvements across the business, driving margin improvement;
•Execution of actions identified upon completion of the previously announced expanded and accelerated strategic review, including the divestiture of Graphic Arts;
•Execution of selected capital investment projects, especially those related to clean energy, to support our strategy of profitable growth while maintaining our infrastructure;
•Continued emphasis on operating cash generation and maintaining strong working capital performance;
•Further improvements in ESG standing through focus on sustainability and on our values of teamworking and accountability; and
•Focus on recruiting, developing and maintaining talent, including our new leadership development programs, while driving a high-performance culture.

22

CONSOLIDATED RESULTS OF OPERATIONS
The consolidated results of operations for the third quarter of 2024 and 2023 of Luxfer were as follows:
Third Quarter% / point change
In millions202420232024 v 2023
Net sales$99.4 $97.4 2.1 %
Cost of goods sold(77.0)(82.8)(7.0)%
Gross profit$22.4 $14.6 53.4 %
     % of net sales22.5 %15.0 %7.5 
Selling, general and administrative expenses(11.4)(11.3)0.9 %
     % of net sales11.5 %11.6 %(0.1)
Research and development(1.0)(1.2)(16.7)%
     % of net sales1.0 %1.2 %(0.2)
Restructuring charges(0.5)(1.6)(68.8)%
     % of net sales0.5 %1.6 %(1.1)
Acquisition and disposal related costs(0.1)— n/a
     % of net sales0.1 %— %0.1 
Gain on disposal of assets hed for sale6.1 — n/a
% of net sales(6.1)%— %(6.1)
Other income1.9 — n/a
     % of net sales(1.9)%— %(1.9)
Operating income$17.4 $0.5 3380.0 %
     % of net sales17.5 %0.5 %17.0 
Net interest expense(1.4)(1.6)(12.5)%
     % of net sales1.4 %1.6 %(0.2)
Defined benefit pension credit 0.3 0.3 — %
     % of net sales0.3 %0.3 %— 
Income / (loss) before income taxes$16.3 $(0.8)n/a
     % of net sales16.4 %(0.8)%17.2 
Provision for income taxes(3.7)(0.7)428.6 %
     Effective tax rate22.7 %(87.5)%110.2 
Net income / (loss) from continuing activities$12.6 $(1.5)n/a
     % of net sales12.7 %(1.5)%14.2 














23

The consolidated results of operations for the first nine months of 2024 and 2023 of Luxfer were as follows:
Year-to-date% / point change
In millions202420232024 v 2023
Net sales$288.5 $309.1 (6.7)%
Cost of goods sold(225.7)(249.2)(9.4)%
Gross profit62.8 59.9 4.8 %
% of net sales21.8 %19.4 %2.4 
Selling, general and administrative expenses(34.9)(36.6)(4.6)%
% of net sales12.1 %11.8 %0.3 
Research and development(3.3)(3.4)(2.9)%
% of net sales1.1 %1.1 %— 
Restructuring charges(2.3)(4.4)(47.7)%
% of net sales0.8 %1.4 %(0.6)
Acquisition and disposal related costs(9.5)— n/a
% of net sales3.3 %— %3.3 
Gain on disposal of assets held for sale6.1 — n/a
% of net sales(2.1)%— %(2.1)
Other income7.2 — n/a
% of net sales(2.5)%— %(2.5)
Operating income$26.1 $15.5 68.4 %
% of net sales9.0 %5.0 %4.0 
Net interest expense(4.1)(4.7)(12.8)%
% of net sales1.4 %1.5 %(0.1)
Defined benefit pension credit / (charge)0.8 (8.0)n/a
% of net sales0.3 %(2.6)%2.9 
Income from continuing operations$22.8 $2.8 714.3 %
% of net sales7.9 %0.9 %7.0 
(Provision) / credit for income taxes(7.8)1.1 n/a
Effective tax rate34.2 %(39.3)%73.5 
Net income from continuing operations$15.0 $3.9 284.6 %
% of net sales5.2 %1.3 %3.9 
24

Net sales
Adjusting for a foreign exchange tailwind of $1.8 million and $2.2 million in the third quarter and first nine months of 2024, respectively, net sales have increased by 0.2% and decreased 7.4% respectively.
Revenue for the quarter was positively impacted by:
•Elevated sales of magnesium powders, especially those used in military applications, including countermeasure flares;
•Increased sales of MRE and chemical response kits in our Magtech division;
•Strong sales of magnesium alloys, particularly those used in aerospace and automotive applications; and
•Improved sales of both medical and industrial gas cylinders.
These increases were partially offset by:
•Significant decrease in demand for zirconium products, particularly those used in auto-catalyst products, as well as those used by our industrial end-markets; and
•Lower sales for our AF cylinders, off the back of strong comparative performance, coupled with weaker demand for our SCBA cylinders.
Further to the above, the first nine months of the year were also affected by;
•Strong demand for SCBA cylinders in the first half of the year; and
•Offset by significant reductions in chemical response kit and magnesium powders' sales in the first six months of the year.
Gross profit
The 7.5 and 2.4 percentage point increase in gross profit as a percentage of sales in the third quarter and first nine months of 2024 from 2023 was primarily the result of contract renegotiation and manufacturing efficiencies having a positive impact on margins within the Gas Cylinders and Elektron Divisions respectively. This has been partially offset by adverse volume and mix.
Selling, general and administrative expenses ("SG&A")
SG&A costs as a percentage of sales in 2024 from 2023 has increased by 0.1 percentage points and 0.3 percentage points in the quarter and first nine months respectively. This is primarily the result of movement in variable management compensation in 2024 compared to 2023. SG&A costs in 2023 included $2.2 million and $4.5 million, respectively, in legal fees which did not re-occur in 2024, these predominantly related to the case described in Note 16 - Commitments and Contingencies.
Research and development costs
Research and development costs as a percentage of sales reduced by 0.2 percentage points in the third quarter although remained flat for first nine months of 2024 respectively. The slight reduction in the third quarter is a result of timing of research and development spend.
Restructuring charges
The $0.5 million and $2.3 million restructuring charge in the third quarter and first nine months respectively of 2024 predominantly relates to the execution of cost savings initiatives affecting our North American Gas Cylinders business. This amounted to $0.4 million and $1.4 million in the third quarter and first nine months of the year respectively. There was a further $0.1 million and $0.7 million in the third quarter and first nine months of the year primarily relating to site clean-up costs associated with the closure of Luxfer Gas Cylinders France, which ceased operations in 2019. Additionally, there were clean-up costs of $0.2 million in the first nine months of the year within our Elektron Division relating to the consolidation of production facilities in the Magnesium Powders operations.
The $1.6 million and $4.4 million restructuring charge in the third quarter and first nine months of 2023 relates predominantly to asset impairments in relation to rationalization of our North American Gas Cylinders businesses to reduce our fixed cost base. This amounted to $0.3 million in the third quarter and $2.6 million in the first nine months of the year respectively. There was an additional $0.9 million and $1.3 million of other expenses in the third quarter and first nine months of the year in relation to the aforementioned rationalization.
25

Acquisition and disposal related costs
Acquisition and disposal related costs of $0.1 million and $9.5 million in the third quarter and first nine months respectively of 2024 were incurred in relation to the divestiture of our Graphic Arts segment. $7.5 million represents a loss on held-for-sale asset group, recognized in the first half of 2024 and $0.1 million and $2.0 million respectively, represents professional fees. No acquisition and disposal related costs were incurred during 2023.
Other Income
Other Income of $1.9 million and $7.2 million in the third quarter and first nine months of 2024 relate to the recovery of legal costs from our insurer related to the previously disclosed US Ecology case.
Gain on Disposal of assets held for sale
The $6.1 million gain on disposal recognized in the third quarter and first nine months respectively of 2024 were in relation to the sale of previously disclosed held-for-sale land and buildings in our Elektron division. Net consideration of $7.3 million was received in the fourth quarter of 2024.
Net Interest Expense
Net interest expense of $1.4 million in the Third Quarter of 2024 decreased 12.5% from $1.6 million in the Third Quarter of 2023, due to a decrease in drawings and average lower interest rates. Interest expense of $4.1 million in the first nine months of 2024 was also lower than the $4.7 million in the first nine months of 2023.
Defined benefit pension credit
There was a defined benefit credit of $0.3 million and $0.8 million in the third quarter and first nine months respectively for the U.K. plan, consistent with 2023. 2023 was also impacted by the sale of the U.S. pension plan liability to an insurer, which included $2.3 million cash and $6.9 million in relation to the derecognition of the U.S. pension liability and reallocation of accumulated actuarial losses from other comprehensive income. In the second quarter of 2023, we received a $0.2 million contribution refund, resulting in a net cash outflow of $2.1 million and a half year charge of $9.0 million.
Provision for income taxes
The movement in the year to date statutory effective tax rate from negative 39.3% in 2023, to positive 34.2% in 2024, was primarily due to non-deductible expenses and deferred tax credit, predominantly in relation to the previously mentioned pension buy-out and impairment charges. When stripping out the impact of this, as well as other less significant adjusting items, the adjusted effective tax rate has increased to 23.4% in 2024 from 21.9% in 2023, largely as a result of the statutory tax rate increase in the U.K. from 19% to 25%, which came into effect in April 2023.

26

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES
The following tables of non-GAAP summary financial data presents a reconciliation of net income from continuing operations and diluted earnings per ordinary share from continuing operations to adjusted net income from continuing operations, adjusted EBITA from continuing operations, adjusted income from continuing operations before income taxes, adjusted EBITDA from continuing operations, adjusted earnings per ordinary share from continuing operations, adjusted provision for income taxes and adjusted effective tax rate from continuing operations, for the periods presented, being the most comparable GAAP measures. Management believes that adjusted net income, adjusted earnings per share, adjusted EBITA and adjusted EBITDA are key performance indicators ("KPIs") used by the investment community and that such presentation will enhance an investor’s understanding of the Company's operational results. In addition, Luxfer's CEO and other senior management use these KPIs, among others, to evaluate business performance. However, investors should not consider adjusted net income from continuing operations, adjusted earnings per share from continuing operations, adjusted EBITA from continuing operations and adjusted EBITDA from continuing operations in isolation as an alternative to net income and earnings per share when evaluating Luxfer's operating performance or measuring Luxfer's profitability. In 2024, the Company initiated a process to divest the Graphic Arts business. While Graphic Arts does not meet the 'strategic shift' criteria outlined in ASC 205-20 for it to be classified as a discontinued operation, we believe that given the expectation that divestiture will be completed in the current year, it is appropriate in the the tables below to separate out the results of Graphic Arts in order to provide a more complete financial summary for the period.
Third Quarter
In millions except per share data20242023
Continuing operationsGraphic ArtsAdjusted TotalContinuing operationsGraphic ArtsAdjusted Total
Net income / (loss)$12.6 $— $12.6 $(1.5)(2.6)$1.1 
Accounting charges relating to acquisitions and disposals of businesses:
     Amortization on acquired intangibles0.2 — 0.2 0.2 — 0.2 
     Acquisition and disposal related charge0.1 0.1 — — — — 
Defined benefit pension credit(0.3)— (0.3)(0.3)— (0.3)
Restructuring charge0.5 — 0.5 1.6 — 1.6 
Gain on disposal of assets held-for-sale assets(6.1)— (6.1)— — — 
Share-based compensation charge0.7 0.1 0.6 0.7 — 0.7 
Income tax on adjusted items1.1 — 1.1 0.4 — 0.4 
Adjusted net income / (loss)$8.8 $0.2 $8.6 $1.1 $(2.6)$3.7 
Adjusted earnings / (loss) per ordinary share (1)
Diluted earnings / (loss) per ordinary share$0.47 $— $0.47 $(0.06)$(0.10)$0.04 
Impact of adjusted items(0.14)0.01 (0.15)0.10 — 0.10 
Adjusted diluted earnings / (loss) per ordinary share$0.33 $0.01 $0.32 $0.04 $(0.10)$0.14 

27

Year-to-date
In millions except per share data20242023
Continuing operationsGraphic ArtsAdjusted TotalContinuing operationsGraphic ArtsAdjusted Total
Net income / (loss)$15.0 $(10.6)$25.6 $3.9 (4.1)$8.0 
Accounting charges relating to acquisitions and disposals of businesses:
     Amortization on acquired intangibles0.6 — 0.6 0.6 — 0.6 
     Acquisition and disposal related charge9.5 9.4 0.1 — — — 
Defined benefit pension (credit) / charge(0.8)— (0.8)8.0 — 8.0 
Restructuring charge2.3 — 2.3 4.4 — 4.4 
Gain on disposal of assets held-for-sale(6.1)— (6.1)— — — 
Share-based compensation charge2.1 0.3 1.8 2.0 — 2.0 
Income tax on adjusted items0.7 (0.1)0.8 (0.1)— (0.1)
Adjusted net income / (loss)$23.3 $(1.0)$24.3 $13.9 $(4.1)$18.0 
Adjusted earnings / (loss) per ordinary share (1)
Diluted earnings / (loss) per ordinary share$0.56 $(0.39)$0.95 $0.14 $(0.15)$0.30 
Impact of adjusted items0.30 0.36 (0.05)0.37 — 0.36 
Adjusted diluted earnings / (loss) per ordinary share$0.86 $(0.04)$0.90 $0.51 $(0.15)$0.66 
(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.
Thid Quarter
In millions except per share data20242023
Continuing operationsGraphic ArtsAdjusted TotalContinuing operationsGraphic ArtsAdjusted Total
Adjusted net income from continuing operations$8.8 $0.2 $8.6 $1.1 $(2.6)$3.7 
Add back:
Income tax on adjusted items(1.1)— (1.1)(0.4)— (0.4)
Provision / (credit) for income taxes3.7 — 3.7 0.7 (0.6)1.3 
Net finance costs1.4 (0.3)1.7 1.6 (0.1)1.7 
Adjusted EBITA12.8 (0.1)12.9 3.0 (3.3)6.3 
Loss on disposal of property, plant and equipment0.1 — 0.1 — — — 
Depreciation2.4 — 2.4 3.0 0.5 2.5 
Adjusted EBITDA15.3 (0.1)15.4 6.0 (2.8)8.8 
Year-to-date
In millions except per share data20242023
Continuing operationsGraphic ArtsAdjusted TotalContinuing operationsGraphic ArtsAdjusted Total
Adjusted net income from continuing operations$23.3 $(1.0)$24.3 $13.9 $(4.1)$18.0 
Add back:
Income tax on adjusted items(0.7)0.1 (0.8)0.1 — 0.1 
Provision / (credit) for income taxes7.8 (0.5)8.3 (1.1)(0.8)(0.3)
Tax impact of defined benefit pension settlement— — — 4.9 — 4.9 
Net finance costs4.1 (0.3)4.4 4.7 (0.1)4.8 
Adjusted EBITA34.5 (1.7)36.2 22.5 (5.0)27.5 
Loss on disposal of property, plant and equipment0.1 — 0.1 — — — 
Depreciation6.9 — 6.9 9.2 1.5 7.7 
Adjusted EBITDA41.5 (1.7)43.2 31.7 (3.5)35.2 
28

The following table presents a reconciliation for the adjusted effective tax rate, adjusted income before income taxes and adjusted provision for income taxes all of which are non-GAAP measures that management believes are KPIs used by the investment community and that such presentation will enhance an investor’s understanding of the Company's operational results.
Second Quarter
In millions except per share data20242023
Continuing operationsGraphic ArtsAdjusted TotalContinuing operationsGraphic ArtsAdjusted Total
Adjusted net income / (loss) from continuing operations$8.8 $0.2 $8.6 $1.1 $(2.6)$3.7 
Add back:
Income tax on adjusted items(1.1)— (1.1)(0.4)— (0.4)
Provision / (credit) for income taxes3.7 — 3.7 0.7 (0.6)1.3 
Adjusted income / (loss) from continuing operations before income taxes11.4 0.2 11.2 1.4 (3.2)4.6 
Adjusted provision for income taxes2.6 — 2.6 0.3 (0.6)0.9 
Adjusted effective tax rate from continuing operations22.8 %n/a23.2 %21.4 %18.8 %19.6 %
Year-to-date
In millions except per share data20242023
Continuing operationsGraphic ArtsAdjusted TotalContinuing operationsGraphic ArtsAdjusted Total
Adjusted net income / (loss) from continuing operations$23.3 $(1.0)$24.3 $13.9 $(4.1)$18.0 
Add back:
Income tax on adjusted items(0.7)0.1 (0.8)0.1 — 0.1 
Tax impact of defined benefit pension settlement— — — 4.9 — 4.9 
Provision / (credit) for income taxes7.8 (0.5)8.3 (1.1)(0.8)(0.3)
Adjusted income / (loss) from continuing operations before income taxes30.4 (1.4)31.8 17.8 (4.9)22.7 
Adjusted provision / (credit) for income taxes7.1 (0.4)7.5 3.9 (0.8)4.7 
Adjusted effective tax rate from continuing operations23.4 %28.6 %23.6 %21.9 %16.3 %20.7 %


29

SEGMENT RESULTS OF OPERATIONS
The summary that follows provides a discussion of the results of operations of each of our three reportable segments (Gas Cylinders, Elektron and Graphic Arts). The three segments comprise various product offerings that serve multiple end-markets.
During 2023, the Graphic Arts reporting segment has been disaggregated from the Elektron segment and is being reported separately as the Graphic Arts segment. The Elektron segment's results for 2023 has been adjusted to strip out Graphic Arts' results.
Adjusted EBITDA represents operating income adjusted for share based compensation charges; restructuring charges; acquisition and disposal related gains and costs; depreciation and amortization. A reconciliation to net income and taxes can be found in Note 15 to the condensed consolidated financial statements.

GAS CYLINDERS
The net sales and adjusted EBITDA for Gas Cylinders were as follows:
Third Quarter% / point changeYear-to-date% / point change
In millions202420232024 v 2023202420232024 v 2023
Net sales$42.6 $44.7 (4.7)%$137.8 $134.7 2.3%
Adjusted EBITDA4.6 2.8 64.3%13.6 10.2 33.3%
     % of net sales10.8 %6.3 %4.59.9 %7.6 %2.3
Net sales
The 4.7% decrease in Gas Cylinders sales in the third quarter of 2024 from 2023 was primarily the result of reduced sales of SCBA and alternative fuel cylinders, these reductions have been partially offset by increases in cylinders sold to our medical and industrial end markets.
The 2.3% increase in sales for the first nine months of the year was primarily the benefit from renegotiated contracts, which previously constrained inflationary cost pass through in the first six months of 2023. These increases have been partially offset by reduced sales of aluminum cylinders used in our general industrial end market.
Adjusted EBITDA
The 4.5 and 2.3 percentage point increase in adjusted EBITDA for Gas Cylinders as a percentage of net sales in the third quarter and first nine months of 2024 relative to 2023 is predominantly the result of pricing improvements from new sales contracts partially offset by adverse sales mix and volume.


30

ELEKTRON
The net sales and adjusted EBITDA for Elektron were as follows:
Third Quarter% / point changeYear-to-date% / point change
In millions202420232024 v 2023202420232024 v 2023
Net sales$48.8 $45.6 7.0%$128.5 $151.0 (14.9)%
Adjusted EBITDA10.8 6.0 80.0%29.6 25.0 18.4%
     % of net sales22.1 %13.2 %8.923.0 %16.6 %6.4
Net sales
The 7.0% increase in Elektron sales in the third quarter of 2024 from 2023 was primarily the result of:
•Elevated sales of magnesium powders, especially those used in military applications, including countermeasure flares;
•Increased sales of MRE and chemical response kits in our Magtech division; and
•Strong sales of magnesium alloys, particularly those used in aerospace and automotive applications.
These increases were partially offset by a decrease in demand for zirconium products, particularly those used in auto-catalyst products, as well as those used by our industrial end-markets
The 14.9% decrease in Elektron sales in the first nine months of 2024 from 2023 was also impacted by the significant reduction of magnesium powders sales in the first half of 2024.
Adjusted EBITDA
The 8.9 and 6.4 percentage point increase in adjusted EBITDA for Elektron as a percentage of net sales in the third quarter and first nine months respectively of 2024 from 2023 was a result of the net recovery from the previously disclosed US Ecology case in 2024 of $1.9 million and $7.2 million, compared to the net cost of $2.2 million and $4.5 million in 2023.This was partially offset by adverse price and unfavorable FX.

GRAPHIC ARTS
The net sales and adjusted EBITDA for Graphic Arts were as follows:
Third Quarter% / point changeYear-to-date% / point change
In millions202420232024 v 2023202420232024 v 2023
Net sales$8.0 $7.1 12.7%$22.2 $23.4 (5.1)%
Adjusted EBITDA(0.1)(2.8)n/a(1.7)(3.5)(51.4)%
     % of net sales(1.3)%(39.4)%38.1(7.7)%(15.0)%7.3
Net sales
The 12.7% increase and 5.1% decrease in Graphic Arts sales in the third quarter and first nine months of 2024 from 2023 respectively was primarily the result of fluctuating demand for photo-engraving plates, particularly outside the North American market.
Adjusted EBITDA
Graphic Arts made a small, negative EBITDA of $0.1 million for the third quarter of 2024, compared to a loss of $2.8 million in the third quarter of 2023. For the first nine months of 2024 there was an EBITDA loss of $1.7 million, compared to a $3.5 million loss in the first nine months of 2023. 2023 was significantly impacted by material cost inflation resulting in competitive constraints. Magnesium purchase price has reduced as we progress through 2024, consistent with the improvement in adjusted EBITDA in the second and third quarter of 2024.


31

LIQUIDITY AND CAPITAL RESOURCES
Our liquidity requirements arise primarily from obligations under our indebtedness, capital expenditures, acquisitions, the funding of working capital and the funding of hedging facilities to manage foreign exchange and commodity purchase price risks. We meet these requirements primarily through cash flows from operating activities, cash deposits and borrowings under the Revolving Credit Facility and accompanying ancillary hedging facilities and the Loan Note due in 2026. Our principal liquidity needs are:
•funding acquisitions, including deferred contingent consideration payments;
•capital expenditure requirements;
•payment of shareholder dividends;
•servicing interest on the Loan Notes, which is payable at each quarter end, in addition to interest and / or commitment fees on the Senior Facilities Agreement;
•working capital requirements, particularly in the short term as we aim to achieve organic sales growth; and
•hedging facilities used to manage our foreign exchange risks and aluminum purchase price risks.
We believe that, in the long term, cash generated from our operations will be adequate to meet our anticipated requirements for working capital, capital expenditures and interest payments on our indebtedness. In the short term, we believe we have sufficient credit facilities to cover any variation in our cash flow generation. However, any major repayments of indebtedness will be dependent on our ability to raise alternative financing or to realize substantial returns from operational sales. Also, our ability to expand operations through sales development and capital expenditures could be constrained by the availability of liquidity, which, in turn, could impact the profitability of our operations.
We have been in compliance with the covenants under the Loan Notes and the Senior Facilities Agreement throughout all of the quarterly measurement dates from and including September 30, 2011, to September 29, 2024.

Luxfer conducts all of its operations through its subsidiaries, joint ventures and affiliates. Accordingly, Luxfer's main cash source is dividends from its subsidiaries. The ability of each subsidiary to make distributions depends on the funds that a subsidiary receives from its operations in excess of the funds necessary for its operations, obligations or other business plans. We have not historically experienced any material impediment to these distributions, and we do not expect any local legal or regulatory regimes to have any impact on our ability to meet our liquidity requirements in the future. In addition, since our subsidiaries are wholly-owned, our claims will generally rank junior to all other obligations of the subsidiaries. If our operating subsidiaries are unable to make distributions, our growth may slow, unless we are able to obtain additional debt or equity financing. In the event of a subsidiary's liquidation, there may not be assets sufficient for us to recoup our investment in the subsidiary.
Our ability to maintain or increase the generation of cash from our operations in the future will depend significantly on the competitiveness of and demand for our products, including our success in launching new products. Achieving such success is a key objective of our business strategy. Due to commercial, competitive and external economic factors, however, we cannot guarantee that we will generate sufficient cash flows from operations or that future working capital will be available in an amount sufficient to enable us to service our indebtedness or make necessary capital expenditures.
Cash Flows
Operating activities
Cash generated by continuing operating activities was $25.4 million inflow and $10.2 million inflow for the first nine months in 2024 and 2023 respectively. It was primarily related to net income from operating activities, net of the following non-cash items: depreciation and amortization; share-based compensation charges; pension credit / (charge); gain on disposal of held for sale assets; loss on held-for-sale asset group and net changes to assets and liabilities. Cash flow was impacted by the $5.3 million receipt arising from the reimbursement of legal costs in relation to the previously disclosed US Ecology case, the first nine months in 2023 had an equivalent outflow of $4.5 million. Also impacting the 2023 cash flow was the $2.1 million contribution the Company made in relation to the sale of the U.S. pension plan to an insurer.
Investing activities
Net cash used by continuing investing activities was $7.7 million for the first nine months of 2024, compared to net cash used by investing activities of $7.5 million in 2023, comparable quarter on quarter.

32

Financing activities
In the first nine months of 2024, net cash used by financing activities was $16.3 million, (2023: $15.5 million used by financing activities). We made a net repayment on our banking facilities of $3.8 million, having repaid $2.9 million on our revolving credit facility and paid back $0.9 million of short term debt (2023: $2.5 million net repayment). Dividend payments of $10.5 million (2022: $10.5 million), equating to $0.390 per ordinary share. We paid out $0.4 million, (2023: $0.3 million) in settling share based compensation and $1.6 million, (2023: $2.2 million) in repurchasing our own shares as part of the share buyback program which equates to approximately 150,000 shares (2023: 150,000 shares).
Capital Resources
Dividends
We paid year-to-date dividends in 2024 of $10.5 million and declared an additional $3.5 million in the fourth quarter of 2024 (2023: $14.0 million declared year-to-date and $10.5 million paid year-to-date), or $0.390 per ordinary share (2023: $0.390).
Any payment of dividends is also subject to the provisions of the U.K. Companies Act, according to which dividends may only be paid out of profits available for distribution determined by reference to financial statements prepared in accordance with the Companies Act and IFRS as adopted by the E.U., which differ in some respects from GAAP. In the event that dividends are paid in the future, holders of the ordinary shares will be entitled to receive payments in U.S. dollars in respect of dividends on the underlying ordinary shares in accordance with the deposit agreement. Furthermore, because we are a holding company, any dividend payments would depend on cash flows from our subsidiaries.


33

Authorized shares
Our authorized share capital consists of 40.0 million ordinary shares with a par value of £0.50 per share.

Contractual obligations
The following summarizes our significant contractual obligations that impact our liquidity:
 Payments Due by Period
 TotalLess than
1 year		1 – 3
years		3 – 5
years		After
5 years
 (in $ million)
Contractual cash obligations     
Loan Notes due 202625.0 — 25.0 — — 
Revolving credit facility41.1 — 41.1 — — 
Overdraft facility3.7 3.7 — — — 
Obligations under operating leases22.0 4.7 7.0 2.3 8.0 
Capital commitments2.3 2.3 — — — 
Interest payments8.9 3.8 5.1 — — 
Total contractual cash obligations$103.0 $14.5 $78.2 $2.3 $8.0 
Off-balance sheet measures
At September 29, 2024, we had no off-balance sheet arrangements other than the bonding facilities disclosed in Note 16.

NEW ACCOUNTING STANDARDS
See Note 1 of the Notes to Condensed Consolidated Financial Statements for information pertaining to recently adopted accounting standards or accounting standards to be adopted in the future.

CRITICAL ACCOUNTING POLICIES
We have adopted various accounting policies to prepare the consolidated financial statements in accordance with GAAP. Certain of our accounting policies require the application of significant judgment by management in selecting the appropriate assumptions for calculating financial estimates. In our 2023 Annual Report on Form 10K, filed with the SEC on February 27, 2024, we identified the critical accounting policies which affect our more significant estimates and assumptions used in preparing our consolidated financial statements.




34

Item 3.        Quantitative and qualitative disclosures about market risk
There have been no material changes in our market risk during the first nine months ended September 29, 2024. For additional information, refer to Item 7A of our 2023 Annual Report on Form 10-K, filed with the SEC on February 27, 2024.

Item 4.        Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We maintain a system of disclosure controls and procedures designed to provide reasonable assurance as to the reliability of our published financial statements and other disclosures included in this report. Our management evaluated, with the participation of our Chief Executive Officer and our Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the quarter ended March 31, 2024 ,pursuant to Rule 13a-15(b) of the Securities Exchange Act of 1934 (the “Exchange Act”). Based upon their evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that our disclosure controls and procedures were effective, at a reasonable assurance level, as of the quarter ended September 29, 2024.
Remediation of Previously Reported Material Weakness
As previously disclosed in Item 9A of our Annual Report on Form 10-K for the year ended December 31.2023 filed with the SEC on February 27,2024, we identified a material weakness in internal control over financial reporting as we did not properly design or maintain effective risk assessment control activities to allow for timely reassessment of the material risks of misstatement in financial reporting due to a lack of controls related to the accounting for inventory in-transit. During the first nine months of 2024, we undertook efforts to develop and design enhanced risk assessment procedures to identify and analyze changes in the business that could have a significant impact on financial reporting and determine actions necessary to mitigate new or evolving risks. We have also implemented a new period-end control over the recording of inventory in-transit and enhanced other post-closing controls. Management has operated the new risk assessment process for a sufficient period of time and have concluded, through testing, that these controls are operating effectively.
Changes in Internal Control over Financial Reporting
Other than the changes related to the remediation activities related to the material weakness noted above, no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the nine months or quarter ended September 29, 2024, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
35

PART II - OTHER INFORMATION

Item 1.        Legal Proceedings
The Company is a defendant in various lawsuits and is subject to various claims that arise in the normal course of business, the most significant of which are summarized in Note 16 (commitments and contingencies) to the consolidated financial statements in ITEM 1. In the opinion of management, the likelihood that the ultimate disposition of these matters will have a material adverse impact is remote.
Item 1A.    Risk Factors

There have been no material changes from the risk factors previously disclosed in Item 1A. of our 2023 Annual Report on Form 10-K filed with the SEC on February 27, 2024.
Item 2.        Unregistered Sales of Equity Securities and Use of Proceeds
Not applicable.
Item 5.        Other Information
Director and Officer Trading Arrangements
None of Luxfer’s directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the quarterly period covered by this Report.

Item 6.    Exhibits
101.INS    The financial statements from the Company’s Interim Report on Form 10-Q for the quarter ended September 29, 2024, formatted in inline XRBL: (i) Condensed Consolidated Statements of Income; (ii) Condensed Consolidated Statements of Comprehensive Income; (iii) Condensed Consolidated Balance Sheets; (iv) Condensed Consolidated Statements of Cash Flows; (v) Condensed Consolidated Statements of Changes in Equity; and (vi) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text and including detailed tags. The instance document does not appear in the Interactive Data File because its XRBL tags are embedded within the Inline XRBL document
101.SCH    Inline XRBL Taxonomy Extension Schema Document
101.CAL    Inline XRBL Taxonomy Extension Calculation Linkbase Document
101.DEF    Inline XRBL Taxonomy Extension Definition Linkbase Document
101.LAB    Inline XRBL Taxonomy Extension Label Linkbase Document
101.PRE    Inline XRBL Taxonomy Extension Presentation Linkbase Document
104    Cover Page Interactive Data File (formatted as inline XRBL and contained in Exhibit 101)
36

SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Luxfer Holdings plc
(Registrant)
/s/Andrew Butcher
Andrew Butcher
Chief Executive Officer
(Duly Authorized Officer)
October 29, 2024


37

Section 302 Certificate
Certification Required by Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934
I, Andrew Butcher, certify that:
1.     I have reviewed this quarterly report on Form 10-Q of Luxfer Holdings PLC;
2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.     Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)     designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)     designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)     disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


5.     The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)     all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)     any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 29, 2024__/s/ Andrew Butcher____________________
Andrew Butcher
Chief Executive Officer



Section 302 Certificate
Certification Required by Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934
I, Stephen Webster, certify that:
1.     I have reviewed this quarterly report on Form 10-Q of Luxfer Holdings PLC;
2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.     Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)     designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)     designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)     disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


5.     The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)     all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)     any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 29, 2024__/s/ Stephen Webster____________________
Stephen Webster
Chief Financial Officer



Section 906 Certificate
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)
Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Andrew Butcher, the Chief Executive Officer of Luxfer Holdings PLC, a public limited company incorporated under English law (the “Company”), do hereby certify, to my knowledge, that:
•the Quarterly Report on Form 10-Q for the period ended September 29, 2024 (the “Report”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
•information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: October 29, 2024__/s/ Andrew Butcher_______
Andrew Butcher
Chief Executive Officer


Section 906 Certificate
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)
Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Stephen Webster, the Chief Financial Officer of Luxfer Holdings PLC, a public limited company incorporated under English law (the “Company”), do hereby certify, to my knowledge, that:
•the Quarterly Report on Form 10-Q for the period ended September 29, 2024 (the “Report”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
•information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: October 29, 2024__/s/ Stephen Webster_______
Stephen Webster
Chief Financial Officer

v3.24.3
Cover
 9 Months Ended
Sep. 29, 2024
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Sep. 29, 2024
Document Transition Report false
Entity File Number 001-35370
Entity Registrant Name Luxfer Holdings PLC
Entity Incorporation, State or Country Code X0
Entity Tax Identification Number 98-1024030
Entity Address, Address Line One 1433 North Water Street, Suite 400
Entity Address, City or Town Milwaukee
Entity Address, State or Province WI
Entity Address, Postal Zip Code 53202
Country Region +1
City Area Code 414
Local Phone Number 269-2419
Title of 12(b) Security Ordinary Shares, nominal value £0.50 each
Trading Symbol LXFR
Security Exchange Name NYSE
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding (in shares) 26,784,848
Entity Central Index Key 0001096056
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2024
Document Fiscal Period Focus Q3
Amendment Flag false
Entity Address, Country US
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME / (LOSS) (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Income Statement [Abstract]        
Net sales $ 99.4 $ 97.4 $ 288.5 $ 309.1
Cost of goods sold (77.0) (82.8) (225.7) (249.2)
Gross profit 22.4 14.6 62.8 59.9
Selling, general and administrative expenses (11.4) (11.3) (34.9) (36.6)
Research and development (1.0) (1.2) (3.3) (3.4)
Restructuring charges (0.5) (1.6) (2.3) (4.4)
Acquisition and disposal related costs (0.1) 0.0 (9.5) 0.0
Gain on disposal of assets held-for-sale 6.1 0.0 6.1 0.0
Other income 1.9 0.0 7.2 0.0
Operating income 17.4 0.5 26.1 15.5
Net interest expense (1.4) (1.6) (4.1) (4.7)
Defined benefit pension credit / (charge) 0.3 0.3 0.8 (8.0)
Income / (loss) before income taxes 16.3 (0.8) 22.8 2.8
(Provision) / credit for income taxes (3.7) (0.7) (7.8) 1.1
Net income / (loss) from continuing operations 12.6 (1.5) 15.0 3.9
Income / (loss) from discontinued operations, net of tax 0.1 0.2 (0.1) 0.0
Net income / (loss) from discontinued operations 0.1 0.2 (0.1) 0.0
Net income / (loss) $ 12.7 $ (1.3) $ 14.9 $ 3.9
Earnings / (loss) per share        
Basic from continuing operations (usd per share) [1] $ 0.47 $ (0.06) $ 0.56 $ 0.14
Basic from discontinued operations (usd per share) [1],[2] 0 0.01 0 0
Basic (usd per share) [1] 0.47 (0.05) 0.56 0.14
Diluted from continuing operations (usd per share) [1] 0.47 (0.06) 0.56 0.14
Diluted from discontinued operations (usd per share) [1],[2] 0 0.01 0 0
Diluted (usd per share) [1] $ 0.47 $ (0.05) $ 0.55 $ 0.14
Weighted average ordinary shares outstanding        
Basic (in shares) 26,808,401 26,895,968 26,820,280 26,913,771
Diluted (in shares) 26,932,411 27,016,373 26,961,125 27,072,425
[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 continuing operations for the third quarter of 2023 and for discontinued operations for first nine months of 2024, has not been diluted since the incremental shares included in the weighted-average number of shares outstanding would have been anti-dilutive.
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS) (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Statement of Comprehensive Income [Abstract]        
Net income / (loss) $ 12.7 $ (1.3) $ 14.9 $ 3.9
Other comprehensive income / (loss)        
Net change in foreign currency translation adjustment, net of tax 9.5 (5.4) 7.5 1.4
Pension and post-retirement actuarial gains, net of $nil, $0.1, $0.2 and $5.1 tax, respectively 0.1 0.3 0.5 7.3
Other comprehensive income / (loss), net of tax 9.6 (5.1) 8.0 8.7
Total comprehensive income / (loss) $ 22.3 $ (6.4) $ 22.9 $ 12.6
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS) (UNAUDITED) - Parenthetical - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Statement of Comprehensive Income [Abstract]        
Tax on other comprehensive income $ 0.0 $ 0.1 $ 0.2 $ 5.1
v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Millions
Sep. 29, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 3.5 $ 2.3
Restricted cash 0.6 0.3
Accounts and other receivables, net of allowances of $0.5 and $0.7, respectively 75.2 59.9
Inventories 93.5 95.9
Current assets held-for-sale 22.1 8.9
Other current assets 1.5 1.5
Total current assets 196.4 168.8
Non-current assets    
Property, plant and equipment, net 65.7 63.8
Right-of-use assets from operating leases 13.7 15.4
Goodwill 69.5 67.5
Intangibles, net 11.9 12.0
Deferred tax assets 3.1 3.9
Investments and loans to joint ventures and other affiliates 0.4 0.4
Pensions and other retirement benefits 44.1 40.3
Total assets 404.8 372.1
Current liabilities    
Current maturities of long-term debt and short-term borrowing 3.7 4.6
Accounts payable 27.7 26.5
Accrued liabilities 33.3 20.9
Taxes on income 8.5 0.0
Current liabilities held-for-sale 7.2 3.9
Other current liabilities 9.9 8.9
Total current liabilities 90.3 64.8
Non-current liabilities    
Long-term debt 65.8 67.6
Pensions and other retirement benefits 0.0 0.1
Deferred tax liabilities 10.2 10.2
Other non-current liabilities 13.4 16.8
Total liabilities 179.7 159.5
Commitments and contingencies (Note 16)
Shareholders' equity    
Ordinary shares of £0.50 par value; authorized 40,000,000 shares for 2024 and 2023; issued 28,944,000 for 2024 and 2023; outstanding 26,784,848 and 26,834,628 for 2024 and 2023, respectively 26.5 26.5
Additional paid-in capital 224.8 223.5
Treasury shares (24.2) (22.9)
Company shares held by ESOP (0.8) (0.9)
Retained earnings 108.7 104.3
Accumulated other comprehensive loss (109.9) (117.9)
Total shareholders' equity 225.1 212.6
Total liabilities and shareholders' equity $ 404.8 $ 372.1
Common stock, shares outstanding (in shares) 26,784,848 26,834,628
v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical)
$ in Millions
Sep. 29, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
shares
Statement of Financial Position [Abstract]    
Accounts and other receivables, net of allowance | $ $ 0.5 $ 0.7
Common stock, shares authorized (in shares) 40,000,000 40,000,000
Common stock, shares issued (in shares) 28,944,000 28,944,000
Common stock, shares outstanding (in shares) 26,784,848 26,834,628
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Operating activities    
Net income $ 14.9 $ 3.9
Net loss from discontinued operations 0.1 0.0
Net income from continuing operations 15.0 3.9
Adjustments to reconcile net income to net cash provided / (used) by operating activities    
Depreciation 6.9 9.2
Amortization of purchased intangible assets 0.6 0.6
Amortization of debt issuance costs 0.2 0.3
Share-based compensation charges 2.1 2.0
Deferred income taxes 0.5 1.6
Loss on disposal of property, plant and equipment 0.1 0.0
Asset impairments 0.0 2.7
Gain on disposal of held for sale assets (6.1) 0.0
Loss on held for sale asset group 7.5 0.0
Defined benefit pension (credit) / charge (0.8) 8.0
Defined benefit pension contributions 0.0 (2.1)
Changes in assets and liabilities    
Accounts and other receivables (5.5) (0.6)
Inventories (10.3) 1.2
Current assets held-for-sale (2.2) 0.4
Accounts payable (4.4) (0.9)
Accrued liabilities 12.9 (8.7)
Current liabilities held-for-sale 0.1 (0.7)
Other current liabilities 8.9 (7.0)
Other non-current assets and liabilities (0.1) 0.3
Net cash provided by operating activities - continuing 25.4 10.2
Net cash provided by operating activities - discontinued 0.2 0.1
Net cash provided by operating activities 25.6 10.3
Investing activities    
Capital expenditures (7.3) (7.5)
Purchase of intangible assets (0.4) 0.0
Net cash used by investing activities - continuing (7.7) (7.5)
Net cash used by investing activities - discontinued (0.2) (0.1)
Net cash used by investing activities (7.9) (7.6)
Financing activities    
Net repayment of short-term borrowings (0.9) (25.0)
Net (repayment) / drawdown of long-term borrowings (2.9) 22.5
Repurchase of own shares (1.6) (2.2)
Share-based compensation cash paid (0.4) (0.3)
Dividends paid (10.5) (10.5)
Net cash used by financing activities (16.3) (15.5)
Effect of exchange rate changes on cash and cash equivalents 0.1 0.3
Net increase / (decrease) 1.5 (12.5)
Cash, cash equivalents and restricted cash; beginning of year 2.6 12.9
Cash, cash equivalents and restricted cash; end of the third quarter 4.1 0.4
Supplemental cash flow information:    
Interest payments 4.4 4.8
Income tax payments, net $ 0.5 $ 2.8
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
Total
Additional paid-in capital
Treasury shares
Own shares held by ESOP
Retained earnings
Accumulated other comprehensive loss
Ordinary shares
Common stock
Beginning balance at Dec. 31, 2022 $ 207.3 $ 221.4 $ (20.4) $ (1.0) $ 120.2 $ (139.4) $ 26.5
Beginning balance (in shares) at Dec. 31, 2022     (1.3) (0.7)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income / (loss) 0.5       0.5    
Other comprehensive loss, net of tax 10.2         10.2  
Dividends declared (3.5)       (3.5)    
Share-based compensation 0.6 0.6          
Share buyback (in shares)     (0.1)        
Share buyback (0.8)   $ (0.8)        
Utilization of treasury shares to satisfy share based compensation (0.3) (0.3)          
Ending balance at Apr. 02, 2023 214.0 221.7 $ (21.2) $ (1.0) 117.2 (129.2) 26.5
Ending balance (in shares) at Apr. 02, 2023     (1.4) (0.7)      
Beginning balance at Dec. 31, 2022 207.3 221.4 $ (20.4) $ (1.0) 120.2 (139.4) 26.5
Beginning balance (in shares) at Dec. 31, 2022     (1.3) (0.7)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income / (loss) 3.9            
Other comprehensive loss, net of tax 8.7            
Dividends declared (14.0)            
Ending balance at Oct. 01, 2023 205.4 222.8 $ (22.4) $ (0.9) 110.1 (130.7) 26.5
Ending balance (in shares) at Oct. 01, 2023     (1.4) (0.6)      
Beginning balance at Apr. 02, 2023 214.0 221.7 $ (21.2) $ (1.0) 117.2 (129.2) 26.5
Beginning balance (in shares) at Apr. 02, 2023     (1.4) (0.7)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income / (loss) 4.7       4.7    
Other comprehensive loss, net of tax 3.6         3.6  
Dividends declared (7.0)       (7.0)    
Share-based compensation 0.7 0.7          
Share buyback (0.8)   $ (0.8)        
Utilization of treasury shares to satisfy share based compensation (0.1) (0.3) 0.2        
Utilization of shares from ESOP to satisfy share based compensation (in shares)       0.1      
Utilization of treasury shares to satisfy share based compensation 0.1     $ 0.1      
Ending balance at Jul. 02, 2023 215.2 222.1 $ (21.8) $ (0.9) 114.9 (125.6) 26.5
Ending balance (in shares) at Jul. 02, 2023     (1.4) (0.6)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income / (loss) (1.3)       (1.3)    
Other comprehensive loss, net of tax (5.1)         (5.1)  
Dividends declared (3.5)       (3.5)    
Share-based compensation 0.7 0.7          
Share buyback (0.6)   $ (0.6)        
Ending balance at Oct. 01, 2023 205.4 222.8 $ (22.4) $ (0.9) 110.1 (130.7) 26.5
Ending balance (in shares) at Oct. 01, 2023     (1.4) (0.6)      
Beginning balance at Dec. 31, 2023 212.6 223.5 $ (22.9) $ (0.9) 104.3 (117.9) 26.5
Beginning balance (in shares) at Dec. 31, 2023     (1.5) (0.6)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income / (loss) 2.7       2.7    
Other comprehensive loss, net of tax (1.5)         (1.5)  
Dividends declared (3.5)       (3.5)    
Share-based compensation 0.6 0.6          
Share buyback (0.4)   $ (0.4)        
Utilization of treasury shares to satisfy share based compensation (0.2) (0.2)          
Ending balance at Mar. 31, 2024 210.3 223.9 $ (23.3) $ (0.9) 103.5 (119.4) 26.5
Ending balance (in shares) at Mar. 31, 2024     (1.5) (0.6)      
Beginning balance at Dec. 31, 2023 212.6 223.5 $ (22.9) $ (0.9) 104.3 (117.9) 26.5
Beginning balance (in shares) at Dec. 31, 2023     (1.5) (0.6)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income / (loss) 14.9            
Other comprehensive loss, net of tax 8.0            
Dividends declared (10.5)            
Ending balance at Sep. 29, 2024 225.1 224.8 $ (24.2) $ (0.8) 108.7 (109.9) 26.5
Ending balance (in shares) at Sep. 29, 2024     (1.6) (0.6)      
Beginning balance at Mar. 31, 2024 210.3 223.9 $ (23.3) $ (0.9) 103.5 (119.4) 26.5
Beginning balance (in shares) at Mar. 31, 2024     (1.5) (0.6)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income / (loss) (0.5)       (0.5)    
Other comprehensive loss, net of tax (0.1)         (0.1)  
Dividends declared (3.5)       (3.5)    
Share-based compensation 0.8 0.8          
Share buyback (in shares)     (0.1)        
Share buyback (0.6)   $ (0.6)        
Utilization of treasury shares to satisfy share based compensation 0.0 (0.3) 0.3        
Utilization of treasury shares to satisfy share based compensation (0.1) (0.2)   $ 0.1      
Ending balance at Jun. 30, 2024 206.3 224.2 $ (23.6) $ (0.8) 99.5 (119.5) 26.5
Ending balance (in shares) at Jun. 30, 2024     (1.6) (0.6)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income / (loss) 12.7       12.7    
Other comprehensive loss, net of tax 9.6         9.6  
Dividends declared (3.5)       (3.5)    
Share-based compensation 0.7 0.7          
Share buyback (0.6)   $ (0.6)        
Utilization of treasury shares to satisfy share based compensation (0.1) (0.1)          
Ending balance at Sep. 29, 2024 $ 225.1 $ 224.8 $ (24.2) $ (0.8) $ 108.7 $ (109.9) $ 26.5
Ending balance (in shares) at Sep. 29, 2024     (1.6) (0.6)      
v3.24.3
Basis of Presentation and Responsibility for interim Financial Statements
 9 Months Ended
Sep. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of presentation and responsibility for interim financial statements Basis of Presentation and Responsibility for interim Financial Statements
We prepared the accompanying unaudited condensed consolidated financial statements of Luxfer Holdings PLC and all wholly-owned, majority owned or otherwise controlled subsidiaries on the same basis as our annual audited financial statements. We condensed or omitted certain information and footnote disclosures normally included in our annual audited financial statements, which we prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP).
Our quarterly financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2023. As used in this report, the terms "we," "us," "our," "Luxfer" and "the Company" mean Luxfer Holdings PLC and its subsidiaries, unless the context indicates another meaning.
In the opinion of management, our financial statements reflect all adjustments, which are only of a normal recurring nature, necessary for the fair statement of financial statements for interim periods in accordance with U.S. GAAP and with the instructions to Form 10-Q in Article 10 of Securities and Exchange Commission (SEC) Regulation S-X.
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of our financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates, and any such differences may be material to our financial statements.
Our fiscal year ends on December 31. We report our interim quarterly periods on a 13-week quarter basis, ending on a Sunday. The third quarter 2024, ended on September 29, 2024, and the third quarter 2023, ended on October 1, 2023.
Accounting standards issued but not yet effective
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements. The new guidance requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included in the reported measure of segment profit or loss. It does not change the definition of a segment or the guidance for determining reportable segments. The new guidance is effective for the Company in the annual period beginning January 1, 2024 and in 2025 for interim periods. Adoption of this ASU will result in additional disclosure, but it will not impact the Company’s consolidated financial position, results of operations or cash flows.
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures, which enhances the transparency of income tax disclosures in ASC 740, Income Taxes, primarily related to rate reconciliation and income taxes paid information. The ASU is effective for fiscal years beginning after December 15, 2024 and early adoption is permitted. The Company is currently assessing the impact on its Consolidated Condensed Financial Statements and related disclosures.
v3.24.3
Earnings / (loss) per share
 9 Months Ended
Sep. 29, 2024
Earnings Per Share [Abstract]  
Earnings / (loss) per share Earnings / (loss) per share
Basic earnings / (loss) per share are computed by dividing net income or (loss) for the period by the weighted-average number of ordinary shares outstanding, net of treasury shares and shares held in ESOP. Diluted earnings per share are computed by dividing net income for the period by the weighted average number of ordinary shares outstanding and the dilutive ordinary shares equivalents.
Basic and diluted earnings per share were calculated as follows:
Third QuarterYear-to-date
In millions except share and per-share data2024202320242023
Basic earnings / (loss):
Net income / (loss) from continuing operations$12.6 $(1.5)$15.0 $3.9 
Net income / (loss) from discontinued operations0.1 0.2 (0.1)— 
Net income / (loss)$12.7 $(1.3)$14.9 $3.9 
Weighted average number of £0.50 ordinary shares:
For basic earnings / (loss) per share26,808,401 26,895,968 26,820,280 26,913,771 
Dilutive effect of potential common stock124,010 120,405 140,845 158,654 
For diluted earnings / (loss) per share26,932,411 27,016,373 26,961,125 27,072,425 
Earnings / (loss) per share using weighted average number of ordinary shares outstanding(1):
Basic earnings / (loss) per ordinary share for continuing operations$0.47 $(0.06)$0.56 $0.14 
Basic earnings / (loss) per ordinary share for discontinued operations— 0.01 — — 
Basic earnings / (loss) per ordinary share$0.47 $(0.05)$0.56 $0.14 
Diluted earnings / (loss) per ordinary share for continuing operations$0.47 $(0.06)$0.56 $0.14 
Diluted earnings / (loss) per ordinary share for discontinued operations— 0.01 — — 
Diluted earnings / (loss) per ordinary share$0.47 $(0.05)$0.55 $0.14 
(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
Basic average shares outstanding and diluted average shares outstanding were the same for discontinued operations in 2024 year-to-date and for continuing operations in the third quarter of 2023 because the effect of potential shares of common stock was anti-dilutive since the Company generated a net loss from discontinued operations.
v3.24.3
Net Sales
 9 Months Ended
Sep. 29, 2024
Revenue from Contract with Customer [Abstract]  
Net Sales Net Sales
Disaggregated sales disclosures for the third quarter and year-to-date ended September 29, 2024, and October 1, 2023, are included below and in Note 15, Segmental Information.
Third Quarter
20242023
In millionsGas CylindersElektronGraphic ArtsTotalGas CylindersElektronGraphic ArtsTotal
Defense, First Response & Healthcare$19.2 $24.0 $— $43.2 $20.3 $19.4 $— $39.7 
Transportation14.2 11.5 — 25.7 18.1 12.9 — 31.0 
General industrial9.2 13.3 8.0 30.5 6.3 13.3 7.1 26.7 
$42.6 $48.8 $8.0 $99.4 $44.7 $45.6 $7.1 $97.4 
Year-to-date
20242023
In millionsGas CylindersElektronGraphic ArtsTotalGas CylindersElektronGraphic ArtsTotal
Defense, First Response & Healthcare$64.4 $55.8 $— $120.2 $59.3 $68.0 $— $127.3 
Transportation50.5 32.4 — 82.9 50.6 38.6 $— 89.2 
General industrial22.9 40.3 22.2 85.4 24.8 44.4 $23.4 92.6 
$137.8 $128.5 $22.2 $288.5 $134.7 $151.0 $23.4 $309.1 
The Company’s performance obligations are satisfied at a point in time. With the reclassification of our Superform business as discontinued operations, none of the Company's revenue from continuing operations is satisfied over time. As a result, the Company's contract receivables, contract assets and contract liabilities are included within current assets and liabilities held-for-sale.
v3.24.3
Restructuring
 9 Months Ended
Sep. 29, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
The $0.5 million and $2.3 million restructuring charge in the third quarter and first nine months, respectively, of 2024 predominantly relates to continued costs aimed at reducing our fixed cost structure and realigning our business.
Restructuring-related costs by reportable segment were as follows:
Third QuarterYear-to-date
In millions2024202320242023
Severance and other costs
Gas Cylinders $0.5 $1.1 $2.1 $1.6 
Elektron — 0.1 0.2 0.1 
$0.5 $1.2 $2.3 $1.7 
Asset impairments
Gas Cylinders$— $0.3 $— $2.6 
Elektron segment— 0.1 — 0.1 
$— $0.4 $— $2.7 
Total restructuring charges$0.5 $1.6 $2.3 $4.4 
Activity related to restructuring, recorded in Other current liabilities in the consolidated balance sheets is summarized as follows:
In millions2024
Balance at January 1,$3.3 
Costs incurred2.3 
Cash payments and other(2.4)
Balance at September 29,$3.2 
v3.24.3
Other Income
 9 Months Ended
Sep. 29, 2024
Other Income and Expenses [Abstract]  
Other income Other income
In December 2023, it was established that any potential liability arising from the lawsuits and reasonable defense costs related to the previously disclosed US Ecology case are covered by insurance. The Company recognized $1.9 million and $7.2 million in the third quarter and first nine months, respectively, of 2024, in relation to these costs previously incurred by the Company. $5.3 million cash has been received in the first nine months of 2024 with a further $1.9 million accrued at September 2024.
v3.24.3
Income Taxes
 9 Months Ended
Sep. 29, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We manage our affairs so that we are centrally managed and controlled in the United Kingdom (“U.K.”) and therefore have our tax residency in the U.K. The provision for income taxes consists of provisions for the U.K. and international income taxes. We operate in an international environment with operations in various locations outside the U.K. Accordingly, the consolidated income tax rate is a composite rate reflecting the earnings in the various locations and the applicable rates.
The effective income tax rate on continuing operations for the first nine months ended September 29, 2024, was a 34.2%, tax charge compared to a 39.3% tax credit for the first nine months ended October 1, 2023. The rate was impacted by non-deductible expenses and the loss on held-for-sale asset group. 2023 was also impacted by a deferred tax credit primarily in relation to the U.S. pension buyout.
v3.24.3
Acquisition and disposal related costs
 9 Months Ended
Sep. 29, 2024
Business Combinations [Abstract]  
Acquisition and disposal related costs Acquisition and disposal related costs
Third QuarterYear-to-date
In millions2024202320242023
Loss on held-for-sale asset group$— $— $7.5 $— 
Disposal related costs0.1 — 2.0 — 
$0.1 $— $9.5 $— 
The $7.5 million loss on held-for-sale asset group in the first nine months of 2024 relates to the Graphic Arts' assets which have been revalued to the expected consideration the Company will receive.
Disposal-related costs of $0.1 million and $2.0 million in the third quarter and first nine months of 2024, respectively, represent professional fees incurred and accrued in relation to the planned divestiture of the Graphic Arts segment.
v3.24.3
Supplementary balance sheet information
 9 Months Ended
Sep. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplementary balance sheet information Supplementary balance sheet information
September 29,December 31,
In millions20242023
Accounts and other receivables
Trade receivables$55.9 $52.3 
Related parties0.1 0.1
Prepayments and accrued income7.95.7
Derivative financial instruments0.90.4
Other receivables10.41.4
Total accounts and other receivables$75.2 $59.9 
Inventories
Raw materials and supplies$34.7 $34.7 
Work-in-process28.1 34.8 
Finished goods30.7 26.4 
Total inventories$93.5 $95.9 
Other current assets
Income tax receivable1.5 1.5 
Total other current assets$1.5 $1.5 
Property, plant and equipment, net
Land, buildings and leasehold improvements$53.7 $51.0 
Machinery and equipment244.8 234.9 
Construction in progress12.7 13.6 
Total property, plant and equipment311.2 299.5 
Accumulated depreciation and impairment(245.5)(235.7)
Total property, plant and equipment, net$65.7 $63.8 
Current maturities of long-term debt and short-term borrowings
Overdrafts3.7 4.6 
Total current maturities of long-term debt and short-term borrowings$3.7 $4.6 
Other current liabilities
Restructuring provision$3.2 $3.3 
Short term provision0.1 0.1 
Derivative financial instruments— — 
Operating lease liability4.6 4.7 
Advance payments2.0 0.8 
Total other current liabilities$9.9 $8.9 
Other non-current liabilities
Contingent liabilities$1.8 $1.6 
Operating lease liability11.5 15.0 
Other non-current liabilities0.1 0.2 
Total other non-current liabilities$13.4 $16.8 
v3.24.3
Goodwill and other identifiable intangible assets
 9 Months Ended
Sep. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and other identifiable intangible assets Goodwill and other identifiable intangible assets
Changes in goodwill during the first nine months ended September 29, 2024, were as follows:
In millionsGas CylindersElektronTotal
At January 1, 2024$26.2 $41.3 $67.5 
Exchange difference1.2 0.8 2.0 
Net balance at September 29, 2024$27.4 $42.1 $69.5 
Accumulated goodwill impairment losses in relation to continuing activities were $8.0 million as of September 29, 2024 and December 31, 2023.

Identifiable intangible assets consisted of the following:

In millionsCustomer relationshipsTechnology and trading relatedTotal
Cost:   
At January 1, 2024$15.2 $7.8 $23.0 
Additions0.4 — 0.4 
Exchange movements— 0.3 0.3 
At September 29, 2024$15.6 $8.1 $23.7 
Accumulated amortization:  
At January 1, 2024$6.6 $4.4 $11.0 
Charge0.3 0.3 0.6 
Exchange movements— 0.2 0.2 
At September 29, 2024$6.9 $4.9 $11.8 
Net book values:  
At January 1, 2024$8.6 $3.4 $12.0 
At September 29, 2024$8.7 $3.2 $11.9 

Identifiable intangible asset amortization expense was $0.6 million and $0.6 million for the first nine months of 2024 and 2023 respectively.
Intangible asset amortization expense during each of the following five years is expected to be approximately $0.8 million per year.
v3.24.3
Debt
 9 Months Ended
Sep. 29, 2024
Debt Disclosure [Abstract]  
Debt Debt
Debt outstanding was as follows:
September 29,December 31,
In millions20242023
4.94% Loan Notes due 2026
$25.0 $25.0 
Revolving credit facility41.1 43.1 
Bank overdraft3.7 4.6 
Unamortized debt issuance costs(0.3)(0.5)
Total debt69.5 72.2 
Less current portion(3.7)(4.6)
Non-current debt$65.8 $67.6 
The weighted-average interest rate on the revolving credit facility was 7.80% for first nine months of the year and 7.70% for the full-year 2023.
10.    Debt (continued)
Loan notes due and shelf facility
The Note Purchase Agreement and Private Shelf Agreement requires us to maintain compliance with a minimum interest coverage ratio and a leverage ratio. We have been in compliance with the covenants under the Note Purchase and Private Shelf Agreement throughout all of the quarterly measurement dates from and including September 30, 2014, to September 29, 2024.
The Loan Notes due 2026, the Shelf Facility and the Note Purchase and Private Shelf Agreement are governed by the law of the State of New York.
Senior Facilities Agreement
During the first nine months of 2024, we repaid net $2.9 million on the Revolving Credit Facility and the balance outstanding at September 29, 2024, was $41.1 million, and at December 31, 2023, was $43.1 million, with $83.9 million undrawn at September 29, 2024.
We have been in compliance with the covenants under the Senior Facilities Agreement throughout all of the quarterly measurement dates from and including September 30, 2011 to September 29, 2024.
Bank Overdraft
The bank overdraft is an uncommitted facility with no expiration date, this is reviewed annually and can be cancelled by either the bank or the Company on demand.
v3.24.3
Discontinued Operations
 9 Months Ended
Sep. 29, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
Our Superform aluminum superplastic forming business operating in the U.S. was historically included in the Gas Cylinders segment. As a result of our decision to exit non-strategic aluminum product lines, we have reflected the results of operations of this business as discontinued operations in the Condensed Consolidated Statements of Income for all periods presented. We expect the sale of our Superform business to occur in the next twelve months.
The assets and liabilities of the Superform business have been presented within assets held-for-sale and liabilities held-for-sale in the consolidated balance sheets for 2024 and 2023.
Results of discontinued operations in the third quarter and first nine months of 2024 and 2023 were as follows:
Third QuarterYear-to-date
In millions2024202320242023
Net sales$1.6 $1.9 $4.7 $6.1 
Cost of goods sold(1.1)(1.4)(3.6)(5.0)
Gross profit0.5 0.5 1.1 1.1 
Selling, general and administrative expenses(0.3)(0.3)(1.1)(1.0)
Restructuring charge— 0.1 (0.1)(0.1)
Operating income / (loss)0.2 0.3 (0.1)— 
Tax (charge) / credit(0.1)(0.1)— — 
Net income / (loss)$0.1 $0.2 $(0.1)$— 
11.    Discontinued Operations (continued)
The assets and liabilities classified as held-for-sale related to discontinued operations were as follows:
Held-for-sale assets September 29,December 31,
In millions20242023
Inventory$4.1 $3.3 
Accounts and other receivables2.1 2.3 
Current assets6.2 5.6 
Right-of-use-assets1.6 2.1 
Held-for-sale assets$7.8 $7.7 
Held-for-sale liabilities
Accounts payable$0.7 $0.9 
Accrued liabilities0.4 0.4 
Other liabilities2.2 2.6 
Held-for-sale liabilities$3.3 $3.9 
There was $0.1m and $0.2m of capital expenditure in the third quarter and first nine months of 2024 respectively (2023: none), there was no depreciation and amortization or any other significant non-cash items.
Held-for-sale assets and liabilities
The total assets and liabilities classified as held-for-sale, including those that qualify as discontinued operations are as follows:
Held-for-sale assets September 29,December 31,
In millions20242023
Inventory$12.1 $3.3 
Accounts and other receivables8.2 2.3 
Current assets20.3 5.6 
Property, plant and equipment0.2 1.2 
Right-of-use-assets1.6 2.1 
Non-current assets1.8 3.3 
Total held-for-sale assets$22.1 $8.9 
Held-for-sale liabilities
Accounts payable2.1 0.9 
Accrued liabilities1.8 0.4 
Other liabilities3.3 2.6 
Held-for-sale liabilities$7.2 $3.9 
As a result of the Company’s strategic review process announced in October 2023, the Company concluded that its Graphic Arts business no longer aligns with the Company’s overall business and value proposition. In 2024, the Company initiated a sale process for its Graphic Arts business with the intention of divesting this business in 2024.

In the first nine months of 2024, the company recognized a $7.5 million loss on held-for-sale asset group recognized in continuing operations, relating to our Graphic Arts segment to reflect the the fair value of Graphic Arts. A $1.4 million accrual, also recognized within acquisition and disposal related costs in the Income Statement, has been recognized for expected costs in relation to professional fees in relation to the planned divestiture of the Graphic Arts segment.

In accordance with ASC 205-20 and ASC 360-10, our Graphic Arts business is classified as held-for-sale at September 29, 2024, however the business does not meet the criteria to be classified as a discontinued operation.
12.    Held-for-sale assets and liabilities (continued)
In the third quarter and first nine months of 2024, the Company recognized a $6.1m gain on disposal of assets in relation to the sale of previously disclosed held-for-sale land and buildings in our Elektron division, net consideration of $7.3 million was received in the fourth quarter of 2024.
v3.24.3
Held-for-sale assets and liabilities
 9 Months Ended
Sep. 29, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Held-for-sale assets and liabilities Discontinued Operations
Our Superform aluminum superplastic forming business operating in the U.S. was historically included in the Gas Cylinders segment. As a result of our decision to exit non-strategic aluminum product lines, we have reflected the results of operations of this business as discontinued operations in the Condensed Consolidated Statements of Income for all periods presented. We expect the sale of our Superform business to occur in the next twelve months.
The assets and liabilities of the Superform business have been presented within assets held-for-sale and liabilities held-for-sale in the consolidated balance sheets for 2024 and 2023.
Results of discontinued operations in the third quarter and first nine months of 2024 and 2023 were as follows:
Third QuarterYear-to-date
In millions2024202320242023
Net sales$1.6 $1.9 $4.7 $6.1 
Cost of goods sold(1.1)(1.4)(3.6)(5.0)
Gross profit0.5 0.5 1.1 1.1 
Selling, general and administrative expenses(0.3)(0.3)(1.1)(1.0)
Restructuring charge— 0.1 (0.1)(0.1)
Operating income / (loss)0.2 0.3 (0.1)— 
Tax (charge) / credit(0.1)(0.1)— — 
Net income / (loss)$0.1 $0.2 $(0.1)$— 
11.    Discontinued Operations (continued)
The assets and liabilities classified as held-for-sale related to discontinued operations were as follows:
Held-for-sale assets September 29,December 31,
In millions20242023
Inventory$4.1 $3.3 
Accounts and other receivables2.1 2.3 
Current assets6.2 5.6 
Right-of-use-assets1.6 2.1 
Held-for-sale assets$7.8 $7.7 
Held-for-sale liabilities
Accounts payable$0.7 $0.9 
Accrued liabilities0.4 0.4 
Other liabilities2.2 2.6 
Held-for-sale liabilities$3.3 $3.9 
There was $0.1m and $0.2m of capital expenditure in the third quarter and first nine months of 2024 respectively (2023: none), there was no depreciation and amortization or any other significant non-cash items.
Held-for-sale assets and liabilities
The total assets and liabilities classified as held-for-sale, including those that qualify as discontinued operations are as follows:
Held-for-sale assets September 29,December 31,
In millions20242023
Inventory$12.1 $3.3 
Accounts and other receivables8.2 2.3 
Current assets20.3 5.6 
Property, plant and equipment0.2 1.2 
Right-of-use-assets1.6 2.1 
Non-current assets1.8 3.3 
Total held-for-sale assets$22.1 $8.9 
Held-for-sale liabilities
Accounts payable2.1 0.9 
Accrued liabilities1.8 0.4 
Other liabilities3.3 2.6 
Held-for-sale liabilities$7.2 $3.9 
As a result of the Company’s strategic review process announced in October 2023, the Company concluded that its Graphic Arts business no longer aligns with the Company’s overall business and value proposition. In 2024, the Company initiated a sale process for its Graphic Arts business with the intention of divesting this business in 2024.

In the first nine months of 2024, the company recognized a $7.5 million loss on held-for-sale asset group recognized in continuing operations, relating to our Graphic Arts segment to reflect the the fair value of Graphic Arts. A $1.4 million accrual, also recognized within acquisition and disposal related costs in the Income Statement, has been recognized for expected costs in relation to professional fees in relation to the planned divestiture of the Graphic Arts segment.

In accordance with ASC 205-20 and ASC 360-10, our Graphic Arts business is classified as held-for-sale at September 29, 2024, however the business does not meet the criteria to be classified as a discontinued operation.
12.    Held-for-sale assets and liabilities (continued)
In the third quarter and first nine months of 2024, the Company recognized a $6.1m gain on disposal of assets in relation to the sale of previously disclosed held-for-sale land and buildings in our Elektron division, net consideration of $7.3 million was received in the fourth quarter of 2024.
v3.24.3
Share Plans
 9 Months Ended
Sep. 29, 2024
Share-Based Payment Arrangement [Abstract]  
Share Plans Share Plans
Total share-based compensation expense for the quarters ended September 29, 2024, and October 1, 2023, was as follows:
Third QuarterYear-to-date
In millions2024202320242023
Total share-based compensation charges$0.7 $0.7 $2.1 $2.0 
In March 2024, we issued our annual share-based compensation grants under the Luxfer Holdings PLC Long-Term Umbrella Incentive Plan. The total number of awards issued was approximately 155,000 and the weighted average fair value of options granted in 2024 was estimated to be $10.44 per share.
In June 2024, we issued our annual share-based compensation grants under the Luxfer Holdings PLC Non-Executive Directors' Equity Incentive Plan. The total number of awards issued was 47,012 and the weighted-average fair value of options granted was estimated to be $10.53 per share.
The following table illustrates the assumptions used in deriving the fair value of share options granted during 2024 and the year-ended December 31, 2023:
20242023
Dividend yield (%)
3.15 - 3.32
3.15 - 3.32
Expected volatility range (%)
31.54 - 43.49
31.54 - 43.49
Risk-free interest rate (%)
3.67 - 5.16
3.67 - 5.16
Expected life of share options range (years)
1.00 - 4.00
1.00 - 4.00
Forfeiture rate (%)5.00 5.00 
Weighted average exercise price ($)$1.00$1.00
Model usedBlack-Scholes & Monte-CarloBlack-Scholes & Monte-Carlo
The expected life of the share options is based on historical data and current expectations, and is not necessarily indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual outcome.
v3.24.3
Shareholders' Equity
 9 Months Ended
Sep. 29, 2024
Equity [Abstract]  
Shareholders' Equity Shareholders' Equity
Dividends paid and proposed
Third QuarterYear-to-date
In millions2024202320242023
Dividends declared and paid / accrued during the year:
Interim dividend declared January 3, 2023 and paid February 1, 2023 ($0.130 per ordinary share)
$— $— $— $3.5 
Interim dividend declared April 3, 2023 and paid May 3, 2023 ($0.130 per ordinary share)
— — — 3.5 
Interim dividend declared June 29, 2023 and paid August 2, 2023 ($0.130 per ordinary share)
— — — 3.5 
Interim dividend declared September 25, 2023 and paid November 1, 2023 ($0.130 per ordinary share)
— 3.5 — 3.5 
Interim dividend declared January 19, 2024 and paid February 7, 2024 ($0.130 per ordinary share)
— — 3.5 — 
Interim dividend declared April 9, 2024 and paid May 8, 2024 ($0.130 per ordinary share)
— — 3.5 — 
Interim dividend declared July 8, 2024 and paid August 7, 2024 ($0.130 per ordinary share)
3.5 — 3.5 — 
$3.5 $3.5 $10.5 $14.0 
In millions20242023
Dividends declared and paid after the quarter end (not recognized as a liability at the quarter end):
Interim dividend declared October 4, 2024 and to be paid November 6, 2024 ($0.130 per ordinary share)
$3.5 $— 
$3.5 $— 
v3.24.3
Segmental Information
 9 Months Ended
Sep. 29, 2024
Segment Reporting [Abstract]  
Segmental Information Segmental Information
We classify our operations into business segments, based primarily on shared economic characteristics for the nature of the products and services; the nature of the production processes; the type or class of customer for their products and services; the methods used to distribute their products or provide their services; and the nature of the regulatory environment. The Company has five identified business units, which aggregate into three reportable segments within continuing operations, and one within discontinued operations. Luxfer Gas Cylinders forms the Gas Cylinders segment, and Luxfer MEL Technologies and Luxfer Magtech aggregate into the Elektron segment. As of December 31, 2023, it was determined that the Luxfer Graphic Arts reporting segment no longer met the criteria, specifically, similar economic characteristics, to be aggregated within the Elektron segment for 2023. As a result, Luxfer Graphic Arts has been disaggregated from the Elektron segment and is being reported separately as the Graphic Arts segment. The Elektron segment's results for 2023 have been adjusted to exclude Graphic Arts' results. Our Superform business unit used to aggregate into the Gas Cylinders segment but is now recognized within discontinued operations. A summary of the operations of the segments within continuing operations is provided below:
Gas Cylinders segment
Our Gas Cylinders segment manufactures and markets specialized highly-engineered cylinders, using composites and aluminum alloys, including pressurized cylinders for use in various applications including self-contained breathing apparatus ('SCBA') for firefighters, containment of oxygen and other medical gases for healthcare, alternative fuel ('AF') vehicles, and general industrial applications.
Elektron segment                                                Our Elektron segment focuses on specialty materials based primarily on magnesium and zirconium, with key product lines including advanced lightweight magnesium alloys with a variety of uses across a variety of industries; magnesium powders for use in countermeasure flares, as well as heater meals; and high-performance zirconium-based materials and oxides used as catalysts and in the manufacture of advances ceramics, fiber-optic fuel cells, and many other performance products.
Graphic Arts segment
Our Graphic Arts segment provides a full range of pre-sensitized magnesium, copper and zinc plates, along with associated chemicals, for the production of foil-stamping and embossing dies. In addition, non-sensitized polished brass and magnesium plates are also manufactured for computer numerical control ('CNC') engraving. The segment also advises on turnkey engraving operations, complete with etching machines, computer-to-plate ('CtP') machines, exposure units and film setters.
Other
Other, as used below, primarily represents unallocated corporate expense and includes non-service related defined benefit pension credit / charge.
Management monitors the operating results of its reportable segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated by the chief operating decision maker, the CEO, who is responsible for allocating resources and assessing performance of the operating segments, using adjusted EBITA(1) and adjusted EBITDA, which is defined as segment income, and is based on operating income adjusted for share-based compensation charges; restructuring charges; loss on disposal of property, plant and equipment; gain on disposal of held for sale assets; acquisitions and disposals costs; and depreciation and amortization.
Unallocated assets and liabilities include those which are held on behalf of the Company and cannot be allocated to a segment, such as taxation, investments, cash, retirement benefits obligations, bank and other loans and holding company assets and liabilities.
Financial information by reportable segment for the Third Quarter and first half ended September 29, 2024, and October 1, 2023, is included in the following summary:
Net salesAdjusted EBITDA
Third QuarterYear-to-dateThird QuarterYear-to-date
In millions20242023202420232024202320242023
Gas Cylinders segment$42.6 $44.7 $137.8 $134.7 $4.6 $2.8 $13.6 $10.2 
Elektron segment48.8 45.6 128.5 151.0 10.8 6.0 29.6 25.0 
Graphic Arts segment8.0 7.1 22.2 23.4 (0.1)(2.8)(1.7)(3.5)
Consolidated$99.4 $97.4 $288.5 $309.1 $15.3 $6.0 $41.5 $31.7 
(1) Adjusted EBITA is adjusted EBITDA less depreciation and loss on disposal of property, plant and equipment.
15.    Segmental Information (continued)
Depreciation and amortizationRestructuring charges
Third QuarterYear-to-dateThird QuarterYear-to-date
In millions20242023202420232024202320242023
Gas Cylinders segment$0.9 $1.1 $2.6 $3.2 $0.5 $1.4 $2.1 $4.2 
Elektron segment1.7 1.6 4.9 5.1 — 0.2 0.2 0.2 
Graphic Arts segment— 0.5 — 1.5 — — — — 
Consolidated$2.6 $3.2 $7.5 $9.8 $0.5 $1.6 $2.3 $4.4 

Total assetsCapital expenditures
September 29,December 31,Third QuarterYear-to-date
In millions202420232024202320242023
Gas Cylinders segment$139.0 $131.0 $1.1 $0.8 $3.2 $1.4 
Elektron segment183.8 162.4 1.8 1.6 3.9 5.5 
Graphic Arts segment14.3 19.6 0.1 0.1 0.2 0.6 
Total reportable segments337.1 313.0 3.0 2.5 7.3 7.5 
Other59.9 51.3 — — — — 
Discontinued operations7.8 7.8 — — — 0.1 
Consolidated$404.8 $372.1 $3.0 $2.5 $7.3 $7.6 

Property, plant and equipment, net
September 29,December 31,
In millions20242023
U.S.$27.1 $26.8 
United Kingdom34.4 32.8 
Canada2.9 2.9 
Rest of Europe1.0 1.0 
Asia Pacific0.3 0.3 
$65.7 $63.8 

The following table presents a reconciliation of Adjusted EBITDA to net income before income taxes, from continuing operations:
Third QuarterYear-to-date
In millions2024202320242023
Adjusted EBITDA$15.3 $6.0 $41.5 $31.7 
Other share-based compensation charges(0.7)(0.7)(2.1)(2.0)
Gain on disposal of held for sale assets6.1 — 6.1 — 0
Depreciation and amortization(2.6)(3.2)(7.5)(9.8)
Loss on disposal of property, plant and equipment(0.1)— (0.1)— 
Restructuring charges(0.5)(1.6)(2.3)(4.4)
Acquisition and disposal related costs(0.1)— (9.5)— 
Defined benefits pension credit / (charge)0.3 0.3 0.8 (8.0)
Interest expense, net(1.4)(1.6)(4.1)(4.7)
Net income before income taxes from continuing operations$16.3 $(0.8)$22.8 $2.8 
15.    Segmental Information (continued)
The following tables present certain geographic information by geographic region for the Third Quarter ended September 29, 2024, and October 1, 2023:
Net Sales(1)
Third QuarterYear-to-date
2024202320242023
$MPercent$MPercent$MPercent$MPercent
United States$57.7 58.1 %$59.0 60.7 %$168.2 58.3 %$184.5 59.7 %
Germany5.8 5.8 %4.7 4.8 %18.4 6.4 %14.8 4.8 %
United Kingdom7.4 7.4 %4.3 4.4 %18.0 6.2 %15.1 4.9 %
Japan5.7 5.7 %5.1 5.2 %14.7 5.1 %15.9 5.1 %
Canada2.8 2.8 %3.3 3.4 %9.3 3.2 %8.5 2.7 %
Top five countries79.4 79.8 %76.4 78.5 %228.6 79.2 %238.8 77.2 %
Rest of Europe12.1 12.3 %10.8 11.1 %36.5 12.7 %35.5 11.5 %
Asia Pacific5.8 5.8 %4.9 5.0 %16.1 5.6 %22.2 7.2 %
Other (2)
2.1 2.1 %5.3 5.4 %7.3 2.5 %12.6 4.1 %
$99.4 $97.4 $288.5 $309.1 
(1) Net sales are based on the geographic destination of sale.
(2) Other includes South America, Latin America and Africa.
v3.24.3
Commitments and Contingencies
 9 Months Ended
Sep. 29, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Committed and uncommitted banking facilities
The Company had committed banking facilities of $125.0 million at September 29, 2024 and December 31, 2023. Of these committed facilities, $41.1 million was drawn at September 29, 2024 and $43.1 million at December 31, 2023. The Company also had an additional $25.0 million of uncommitted facilities through an accordion provision at September 29, 2024 and December 31, 2023.
Uncommitted Facilities
September 29, 2024December 31, 2023
FacilityDrawnFacilityDrawn
Bond and Guarantees$0.7 $0.2 $0.6 $0.2 
Letters of Credit$4.0 $2.8 $4.0 $2.2 
Overdraft$8.0 $3.7 $7.8 $4.6 
$12.7 $6.7 $12.4 $7.0 
Contingencies
In November 2018, an alleged explosion occurred at a third-party waste disposal and treatment site in Grand View, Idaho, reportedly causing property damage, personal injury, and one fatality. The Company had contracted with a service company for removal and disposal of certain waste resulting from the magnesium powder manufacturing operations at the Reade facility in Manchester, New Jersey. The Company believes this service company, in turn, contracted with the third-party disposal company, at whose facility the explosion occurred, for treatment and disposal of the waste. In November 2020, we were named as a defendant in three lawsuits in relation to the incident – one by the third-party disposal company, one by the estate of the decedent, and one by an injured employee of the third-party disposal company. The three lawsuits were administratively consolidated and, to date, two lawsuits remain ongoing. The Company believes that we are not liable for the incident, have asserted such, and, in conjunction with our insurers, continue to fully defend the Company against these lawsuits. Therefore, we do not currently expect any eventual outcome in these matters to have a material impact on the Company's financial position or results of operations.
In December 2023, it was established that any potential liability arising from the lawsuits and reasonable defense costs related to the previously disclosed US Ecology case are covered by insurance. The Company recognized $1.9 million and $7.2 million in the third quarter and first nine months, respectively, of 2024, in relation to these costs previously incurred by the Company. $5.3 million cash has been received in the first nine months of 2024 with a further $1.9 million accrued at September 2024.
v3.24.3
Pension Settlement
 9 Months Ended
Sep. 29, 2024
Retirement Benefits [Abstract]  
Pension Settlement Pension Settlement
In the first quarter of 2023, there was a $9.2 million charge in relation to the sale of the U.S. pension plan liability to an insurer, which included $2.3 million cash and $6.9 million in relation to the derecognition of the U.S. pension liability and reallocation of accumulated actuarial losses from other comprehensive income. This was partially offset by a $0.3 million defined benefit credit on the U.K. pension plan.
There was also a $0.3 million and $0.8 million defined benefit credit on the U.K pension plan for the third quarter and first nine months of 2024 respectively, consistent with the $0.3 million and $1.0 million for the third quarter and first nine months of 2023.
v3.24.3
Subsequent Events
 9 Months Ended
Sep. 29, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Other than those disclosed elsewhere in the note to the financial statements, no material subsequent events to report.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Jun. 30, 2024
Mar. 31, 2024
Oct. 01, 2023
Jul. 02, 2023
Apr. 02, 2023
Sep. 29, 2024
Oct. 01, 2023
Pay vs Performance Disclosure                
Net income / (loss) $ 12.7 $ (0.5) $ 2.7 $ (1.3) $ 4.7 $ 0.5 $ 14.9 $ 3.9
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 29, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Basis of Presentation and Responsibility for interim Financial Statements (Policies)
 9 Months Ended
Sep. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of presentation Basis of Presentation and Responsibility for interim Financial Statements
We prepared the accompanying unaudited condensed consolidated financial statements of Luxfer Holdings PLC and all wholly-owned, majority owned or otherwise controlled subsidiaries on the same basis as our annual audited financial statements. We condensed or omitted certain information and footnote disclosures normally included in our annual audited financial statements, which we prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP).
Our quarterly financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2023. As used in this report, the terms "we," "us," "our," "Luxfer" and "the Company" mean Luxfer Holdings PLC and its subsidiaries, unless the context indicates another meaning.
In the opinion of management, our financial statements reflect all adjustments, which are only of a normal recurring nature, necessary for the fair statement of financial statements for interim periods in accordance with U.S. GAAP and with the instructions to Form 10-Q in Article 10 of Securities and Exchange Commission (SEC) Regulation S-X.
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of our financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates, and any such differences may be material to our financial statements.
Fiscal year Our fiscal year ends on December 31. We report our interim quarterly periods on a 13-week quarter basis, ending on a Sunday. The third quarter 2024, ended on September 29, 2024, and the third quarter 2023, ended on October 1, 2023.
Accounting standards issued but not yet effective
Accounting standards issued but not yet effective
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements. The new guidance requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included in the reported measure of segment profit or loss. It does not change the definition of a segment or the guidance for determining reportable segments. The new guidance is effective for the Company in the annual period beginning January 1, 2024 and in 2025 for interim periods. Adoption of this ASU will result in additional disclosure, but it will not impact the Company’s consolidated financial position, results of operations or cash flows.
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures, which enhances the transparency of income tax disclosures in ASC 740, Income Taxes, primarily related to rate reconciliation and income taxes paid information. The ASU is effective for fiscal years beginning after December 15, 2024 and early adoption is permitted. The Company is currently assessing the impact on its Consolidated Condensed Financial Statements and related disclosures.
v3.24.3
Earnings / (loss) per share (Tables)
 9 Months Ended
Sep. 29, 2024
Earnings Per Share [Abstract]  
Schedule of earnings per share
Basic and diluted earnings per share were calculated as follows:
Third QuarterYear-to-date
In millions except share and per-share data2024202320242023
Basic earnings / (loss):
Net income / (loss) from continuing operations$12.6 $(1.5)$15.0 $3.9 
Net income / (loss) from discontinued operations0.1 0.2 (0.1)— 
Net income / (loss)$12.7 $(1.3)$14.9 $3.9 
Weighted average number of £0.50 ordinary shares:
For basic earnings / (loss) per share26,808,401 26,895,968 26,820,280 26,913,771 
Dilutive effect of potential common stock124,010 120,405 140,845 158,654 
For diluted earnings / (loss) per share26,932,411 27,016,373 26,961,125 27,072,425 
Earnings / (loss) per share using weighted average number of ordinary shares outstanding(1):
Basic earnings / (loss) per ordinary share for continuing operations$0.47 $(0.06)$0.56 $0.14 
Basic earnings / (loss) per ordinary share for discontinued operations— 0.01 — — 
Basic earnings / (loss) per ordinary share$0.47 $(0.05)$0.56 $0.14 
Diluted earnings / (loss) per ordinary share for continuing operations$0.47 $(0.06)$0.56 $0.14 
Diluted earnings / (loss) per ordinary share for discontinued operations— 0.01 — — 
Diluted earnings / (loss) per ordinary share$0.47 $(0.05)$0.55 $0.14 
(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
v3.24.3
Net Sales (Tables)
 9 Months Ended
Sep. 29, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of revenue
Disaggregated sales disclosures for the third quarter and year-to-date ended September 29, 2024, and October 1, 2023, are included below and in Note 15, Segmental Information.
Third Quarter
20242023
In millionsGas CylindersElektronGraphic ArtsTotalGas CylindersElektronGraphic ArtsTotal
Defense, First Response & Healthcare$19.2 $24.0 $— $43.2 $20.3 $19.4 $— $39.7 
Transportation14.2 11.5 — 25.7 18.1 12.9 — 31.0 
General industrial9.2 13.3 8.0 30.5 6.3 13.3 7.1 26.7 
$42.6 $48.8 $8.0 $99.4 $44.7 $45.6 $7.1 $97.4 
Year-to-date
20242023
In millionsGas CylindersElektronGraphic ArtsTotalGas CylindersElektronGraphic ArtsTotal
Defense, First Response & Healthcare$64.4 $55.8 $— $120.2 $59.3 $68.0 $— $127.3 
Transportation50.5 32.4 — 82.9 50.6 38.6 $— 89.2 
General industrial22.9 40.3 22.2 85.4 24.8 44.4 $23.4 92.6 
$137.8 $128.5 $22.2 $288.5 $134.7 $151.0 $23.4 $309.1 
v3.24.3
Restructuring (Tables)
 9 Months Ended
Sep. 29, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and related costs
Restructuring-related costs by reportable segment were as follows:
Third QuarterYear-to-date
In millions2024202320242023
Severance and other costs
Gas Cylinders $0.5 $1.1 $2.1 $1.6 
Elektron — 0.1 0.2 0.1 
$0.5 $1.2 $2.3 $1.7 
Asset impairments
Gas Cylinders$— $0.3 $— $2.6 
Elektron segment— 0.1 — 0.1 
$— $0.4 $— $2.7 
Total restructuring charges$0.5 $1.6 $2.3 $4.4 
Schedule of restructuring reserve
Activity related to restructuring, recorded in Other current liabilities in the consolidated balance sheets is summarized as follows:
In millions2024
Balance at January 1,$3.3 
Costs incurred2.3 
Cash payments and other(2.4)
Balance at September 29,$3.2 
v3.24.3
Acquisition and disposal related costs (Tables)
 9 Months Ended
Sep. 29, 2024
Business Combinations [Abstract]  
Schedule of acquisition and disposal cost
Third QuarterYear-to-date
In millions2024202320242023
Loss on held-for-sale asset group$— $— $7.5 $— 
Disposal related costs0.1 — 2.0 — 
$0.1 $— $9.5 $— 
Results of discontinued operations in the third quarter and first nine months of 2024 and 2023 were as follows:
Third QuarterYear-to-date
In millions2024202320242023
Net sales$1.6 $1.9 $4.7 $6.1 
Cost of goods sold(1.1)(1.4)(3.6)(5.0)
Gross profit0.5 0.5 1.1 1.1 
Selling, general and administrative expenses(0.3)(0.3)(1.1)(1.0)
Restructuring charge— 0.1 (0.1)(0.1)
Operating income / (loss)0.2 0.3 (0.1)— 
Tax (charge) / credit(0.1)(0.1)— — 
Net income / (loss)$0.1 $0.2 $(0.1)$— 
The assets and liabilities classified as held-for-sale related to discontinued operations were as follows:
Held-for-sale assets September 29,December 31,
In millions20242023
Inventory$4.1 $3.3 
Accounts and other receivables2.1 2.3 
Current assets6.2 5.6 
Right-of-use-assets1.6 2.1 
Held-for-sale assets$7.8 $7.7 
Held-for-sale liabilities
Accounts payable$0.7 $0.9 
Accrued liabilities0.4 0.4 
Other liabilities2.2 2.6 
Held-for-sale liabilities$3.3 $3.9 
The total assets and liabilities classified as held-for-sale, including those that qualify as discontinued operations are as follows:
Held-for-sale assets September 29,December 31,
In millions20242023
Inventory$12.1 $3.3 
Accounts and other receivables8.2 2.3 
Current assets20.3 5.6 
Property, plant and equipment0.2 1.2 
Right-of-use-assets1.6 2.1 
Non-current assets1.8 3.3 
Total held-for-sale assets$22.1 $8.9 
Held-for-sale liabilities
Accounts payable2.1 0.9 
Accrued liabilities1.8 0.4 
Other liabilities3.3 2.6 
Held-for-sale liabilities$7.2 $3.9 
v3.24.3
Supplementary balance sheet information (Tables)
 9 Months Ended
Sep. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed balance sheet
September 29,December 31,
In millions20242023
Accounts and other receivables
Trade receivables$55.9 $52.3 
Related parties0.1 0.1
Prepayments and accrued income7.95.7
Derivative financial instruments0.90.4
Other receivables10.41.4
Total accounts and other receivables$75.2 $59.9 
Inventories
Raw materials and supplies$34.7 $34.7 
Work-in-process28.1 34.8 
Finished goods30.7 26.4 
Total inventories$93.5 $95.9 
Other current assets
Income tax receivable1.5 1.5 
Total other current assets$1.5 $1.5 
Property, plant and equipment, net
Land, buildings and leasehold improvements$53.7 $51.0 
Machinery and equipment244.8 234.9 
Construction in progress12.7 13.6 
Total property, plant and equipment311.2 299.5 
Accumulated depreciation and impairment(245.5)(235.7)
Total property, plant and equipment, net$65.7 $63.8 
Current maturities of long-term debt and short-term borrowings
Overdrafts3.7 4.6 
Total current maturities of long-term debt and short-term borrowings$3.7 $4.6 
Other current liabilities
Restructuring provision$3.2 $3.3 
Short term provision0.1 0.1 
Derivative financial instruments— — 
Operating lease liability4.6 4.7 
Advance payments2.0 0.8 
Total other current liabilities$9.9 $8.9 
Other non-current liabilities
Contingent liabilities$1.8 $1.6 
Operating lease liability11.5 15.0 
Other non-current liabilities0.1 0.2 
Total other non-current liabilities$13.4 $16.8 
v3.24.3
Goodwill and other identifiable intangible assets (Tables)
 9 Months Ended
Sep. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of goodwill
Changes in goodwill during the first nine months ended September 29, 2024, were as follows:
In millionsGas CylindersElektronTotal
At January 1, 2024$26.2 $41.3 $67.5 
Exchange difference1.2 0.8 2.0 
Net balance at September 29, 2024$27.4 $42.1 $69.5 
Schedule of intangible assets
Identifiable intangible assets consisted of the following:

In millionsCustomer relationshipsTechnology and trading relatedTotal
Cost:   
At January 1, 2024$15.2 $7.8 $23.0 
Additions0.4 — 0.4 
Exchange movements— 0.3 0.3 
At September 29, 2024$15.6 $8.1 $23.7 
Accumulated amortization:  
At January 1, 2024$6.6 $4.4 $11.0 
Charge0.3 0.3 0.6 
Exchange movements— 0.2 0.2 
At September 29, 2024$6.9 $4.9 $11.8 
Net book values:  
At January 1, 2024$8.6 $3.4 $12.0 
At September 29, 2024$8.7 $3.2 $11.9 
v3.24.3
Debt (Tables)
 9 Months Ended
Sep. 29, 2024
Debt Disclosure [Abstract]  
Schedule of debt
Debt outstanding was as follows:
September 29,December 31,
In millions20242023
4.94% Loan Notes due 2026
$25.0 $25.0 
Revolving credit facility41.1 43.1 
Bank overdraft3.7 4.6 
Unamortized debt issuance costs(0.3)(0.5)
Total debt69.5 72.2 
Less current portion(3.7)(4.6)
Non-current debt$65.8 $67.6 
v3.24.3
Discontinued Operations (Tables)
 9 Months Ended
Sep. 29, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of results of discontinued operations
Third QuarterYear-to-date
In millions2024202320242023
Loss on held-for-sale asset group$— $— $7.5 $— 
Disposal related costs0.1 — 2.0 — 
$0.1 $— $9.5 $— 
Results of discontinued operations in the third quarter and first nine months of 2024 and 2023 were as follows:
Third QuarterYear-to-date
In millions2024202320242023
Net sales$1.6 $1.9 $4.7 $6.1 
Cost of goods sold(1.1)(1.4)(3.6)(5.0)
Gross profit0.5 0.5 1.1 1.1 
Selling, general and administrative expenses(0.3)(0.3)(1.1)(1.0)
Restructuring charge— 0.1 (0.1)(0.1)
Operating income / (loss)0.2 0.3 (0.1)— 
Tax (charge) / credit(0.1)(0.1)— — 
Net income / (loss)$0.1 $0.2 $(0.1)$— 
The assets and liabilities classified as held-for-sale related to discontinued operations were as follows:
Held-for-sale assets September 29,December 31,
In millions20242023
Inventory$4.1 $3.3 
Accounts and other receivables2.1 2.3 
Current assets6.2 5.6 
Right-of-use-assets1.6 2.1 
Held-for-sale assets$7.8 $7.7 
Held-for-sale liabilities
Accounts payable$0.7 $0.9 
Accrued liabilities0.4 0.4 
Other liabilities2.2 2.6 
Held-for-sale liabilities$3.3 $3.9 
The total assets and liabilities classified as held-for-sale, including those that qualify as discontinued operations are as follows:
Held-for-sale assets September 29,December 31,
In millions20242023
Inventory$12.1 $3.3 
Accounts and other receivables8.2 2.3 
Current assets20.3 5.6 
Property, plant and equipment0.2 1.2 
Right-of-use-assets1.6 2.1 
Non-current assets1.8 3.3 
Total held-for-sale assets$22.1 $8.9 
Held-for-sale liabilities
Accounts payable2.1 0.9 
Accrued liabilities1.8 0.4 
Other liabilities3.3 2.6 
Held-for-sale liabilities$7.2 $3.9 
v3.24.3
Held-for-sale assets and liabilities (Tables)
 9 Months Ended
Sep. 29, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of current held-for-sale assets and liabilities
Third QuarterYear-to-date
In millions2024202320242023
Loss on held-for-sale asset group$— $— $7.5 $— 
Disposal related costs0.1 — 2.0 — 
$0.1 $— $9.5 $— 
Results of discontinued operations in the third quarter and first nine months of 2024 and 2023 were as follows:
Third QuarterYear-to-date
In millions2024202320242023
Net sales$1.6 $1.9 $4.7 $6.1 
Cost of goods sold(1.1)(1.4)(3.6)(5.0)
Gross profit0.5 0.5 1.1 1.1 
Selling, general and administrative expenses(0.3)(0.3)(1.1)(1.0)
Restructuring charge— 0.1 (0.1)(0.1)
Operating income / (loss)0.2 0.3 (0.1)— 
Tax (charge) / credit(0.1)(0.1)— — 
Net income / (loss)$0.1 $0.2 $(0.1)$— 
The assets and liabilities classified as held-for-sale related to discontinued operations were as follows:
Held-for-sale assets September 29,December 31,
In millions20242023
Inventory$4.1 $3.3 
Accounts and other receivables2.1 2.3 
Current assets6.2 5.6 
Right-of-use-assets1.6 2.1 
Held-for-sale assets$7.8 $7.7 
Held-for-sale liabilities
Accounts payable$0.7 $0.9 
Accrued liabilities0.4 0.4 
Other liabilities2.2 2.6 
Held-for-sale liabilities$3.3 $3.9 
The total assets and liabilities classified as held-for-sale, including those that qualify as discontinued operations are as follows:
Held-for-sale assets September 29,December 31,
In millions20242023
Inventory$12.1 $3.3 
Accounts and other receivables8.2 2.3 
Current assets20.3 5.6 
Property, plant and equipment0.2 1.2 
Right-of-use-assets1.6 2.1 
Non-current assets1.8 3.3 
Total held-for-sale assets$22.1 $8.9 
Held-for-sale liabilities
Accounts payable2.1 0.9 
Accrued liabilities1.8 0.4 
Other liabilities3.3 2.6 
Held-for-sale liabilities$7.2 $3.9 
v3.24.3
Share Plans (Tables)
 9 Months Ended
Sep. 29, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of share-based compensation expense
Total share-based compensation expense for the quarters ended September 29, 2024, and October 1, 2023, was as follows:
Third QuarterYear-to-date
In millions2024202320242023
Total share-based compensation charges$0.7 $0.7 $2.1 $2.0 
Schedule of share-based payment award, stock options, valuation assumptions
The following table illustrates the assumptions used in deriving the fair value of share options granted during 2024 and the year-ended December 31, 2023:
20242023
Dividend yield (%)
3.15 - 3.32
3.15 - 3.32
Expected volatility range (%)
31.54 - 43.49
31.54 - 43.49
Risk-free interest rate (%)
3.67 - 5.16
3.67 - 5.16
Expected life of share options range (years)
1.00 - 4.00
1.00 - 4.00
Forfeiture rate (%)5.00 5.00 
Weighted average exercise price ($)$1.00$1.00
Model usedBlack-Scholes & Monte-CarloBlack-Scholes & Monte-Carlo
v3.24.3
Shareholders' Equity (Tables)
 9 Months Ended
Sep. 29, 2024
Equity [Abstract]  
Schedule of dividends paid and proposed
Third QuarterYear-to-date
In millions2024202320242023
Dividends declared and paid / accrued during the year:
Interim dividend declared January 3, 2023 and paid February 1, 2023 ($0.130 per ordinary share)
$— $— $— $3.5 
Interim dividend declared April 3, 2023 and paid May 3, 2023 ($0.130 per ordinary share)
— — — 3.5 
Interim dividend declared June 29, 2023 and paid August 2, 2023 ($0.130 per ordinary share)
— — — 3.5 
Interim dividend declared September 25, 2023 and paid November 1, 2023 ($0.130 per ordinary share)
— 3.5 — 3.5 
Interim dividend declared January 19, 2024 and paid February 7, 2024 ($0.130 per ordinary share)
— — 3.5 — 
Interim dividend declared April 9, 2024 and paid May 8, 2024 ($0.130 per ordinary share)
— — 3.5 — 
Interim dividend declared July 8, 2024 and paid August 7, 2024 ($0.130 per ordinary share)
3.5 — 3.5 — 
$3.5 $3.5 $10.5 $14.0 
In millions20242023
Dividends declared and paid after the quarter end (not recognized as a liability at the quarter end):
Interim dividend declared October 4, 2024 and to be paid November 6, 2024 ($0.130 per ordinary share)
$3.5 $— 
$3.5 $— 
v3.24.3
Segmental Information (Tables)
 9 Months Ended
Sep. 29, 2024
Segment Reporting [Abstract]  
Schedule of segment reporting information, by segment
Financial information by reportable segment for the Third Quarter and first half ended September 29, 2024, and October 1, 2023, is included in the following summary:
Net salesAdjusted EBITDA
Third QuarterYear-to-dateThird QuarterYear-to-date
In millions20242023202420232024202320242023
Gas Cylinders segment$42.6 $44.7 $137.8 $134.7 $4.6 $2.8 $13.6 $10.2 
Elektron segment48.8 45.6 128.5 151.0 10.8 6.0 29.6 25.0 
Graphic Arts segment8.0 7.1 22.2 23.4 (0.1)(2.8)(1.7)(3.5)
Consolidated$99.4 $97.4 $288.5 $309.1 $15.3 $6.0 $41.5 $31.7 
(1) Adjusted EBITA is adjusted EBITDA less depreciation and loss on disposal of property, plant and equipment.
15.    Segmental Information (continued)
Depreciation and amortizationRestructuring charges
Third QuarterYear-to-dateThird QuarterYear-to-date
In millions20242023202420232024202320242023
Gas Cylinders segment$0.9 $1.1 $2.6 $3.2 $0.5 $1.4 $2.1 $4.2 
Elektron segment1.7 1.6 4.9 5.1 — 0.2 0.2 0.2 
Graphic Arts segment— 0.5 — 1.5 — — — — 
Consolidated$2.6 $3.2 $7.5 $9.8 $0.5 $1.6 $2.3 $4.4 

Total assetsCapital expenditures
September 29,December 31,Third QuarterYear-to-date
In millions202420232024202320242023
Gas Cylinders segment$139.0 $131.0 $1.1 $0.8 $3.2 $1.4 
Elektron segment183.8 162.4 1.8 1.6 3.9 5.5 
Graphic Arts segment14.3 19.6 0.1 0.1 0.2 0.6 
Total reportable segments337.1 313.0 3.0 2.5 7.3 7.5 
Other59.9 51.3 — — — — 
Discontinued operations7.8 7.8 — — — 0.1 
Consolidated$404.8 $372.1 $3.0 $2.5 $7.3 $7.6 
Property, plant and equipment, net by geographic region
Property, plant and equipment, net
September 29,December 31,
In millions20242023
U.S.$27.1 $26.8 
United Kingdom34.4 32.8 
Canada2.9 2.9 
Rest of Europe1.0 1.0 
Asia Pacific0.3 0.3 
$65.7 $63.8 
Reconciliation of operating profit (loss) from segments to consolidated
The following table presents a reconciliation of Adjusted EBITDA to net income before income taxes, from continuing operations:
Third QuarterYear-to-date
In millions2024202320242023
Adjusted EBITDA$15.3 $6.0 $41.5 $31.7 
Other share-based compensation charges(0.7)(0.7)(2.1)(2.0)
Gain on disposal of held for sale assets6.1 — 6.1 — 0
Depreciation and amortization(2.6)(3.2)(7.5)(9.8)
Loss on disposal of property, plant and equipment(0.1)— (0.1)— 
Restructuring charges(0.5)(1.6)(2.3)(4.4)
Acquisition and disposal related costs(0.1)— (9.5)— 
Defined benefits pension credit / (charge)0.3 0.3 0.8 (8.0)
Interest expense, net(1.4)(1.6)(4.1)(4.7)
Net income before income taxes from continuing operations$16.3 $(0.8)$22.8 $2.8 
Revenue from external customers and long-term assets by geographic areas
The following tables present certain geographic information by geographic region for the Third Quarter ended September 29, 2024, and October 1, 2023:
Net Sales(1)
Third QuarterYear-to-date
2024202320242023
$MPercent$MPercent$MPercent$MPercent
United States$57.7 58.1 %$59.0 60.7 %$168.2 58.3 %$184.5 59.7 %
Germany5.8 5.8 %4.7 4.8 %18.4 6.4 %14.8 4.8 %
United Kingdom7.4 7.4 %4.3 4.4 %18.0 6.2 %15.1 4.9 %
Japan5.7 5.7 %5.1 5.2 %14.7 5.1 %15.9 5.1 %
Canada2.8 2.8 %3.3 3.4 %9.3 3.2 %8.5 2.7 %
Top five countries79.4 79.8 %76.4 78.5 %228.6 79.2 %238.8 77.2 %
Rest of Europe12.1 12.3 %10.8 11.1 %36.5 12.7 %35.5 11.5 %
Asia Pacific5.8 5.8 %4.9 5.0 %16.1 5.6 %22.2 7.2 %
Other (2)
2.1 2.1 %5.3 5.4 %7.3 2.5 %12.6 4.1 %
$99.4 $97.4 $288.5 $309.1 
(1) Net sales are based on the geographic destination of sale.
(2) Other includes South America, Latin America and Africa.
v3.24.3
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 29, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of uncommitted facilities
Uncommitted Facilities
September 29, 2024December 31, 2023
FacilityDrawnFacilityDrawn
Bond and Guarantees$0.7 $0.2 $0.6 $0.2 
Letters of Credit$4.0 $2.8 $4.0 $2.2 
Overdraft$8.0 $3.7 $7.8 $4.6 
$12.7 $6.7 $12.4 $7.0 
v3.24.3
Earnings / (loss) per share (Details)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2024
USD ($)
$ / shares
shares
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Oct. 01, 2023
USD ($)
$ / shares
shares
Jul. 02, 2023
USD ($)
Apr. 02, 2023
USD ($)
Sep. 29, 2024
USD ($)
$ / shares
shares
Oct. 01, 2023
USD ($)
$ / shares
shares
Sep. 29, 2024
£ / shares
Dec. 31, 2023
£ / shares
Oct. 01, 2023
£ / shares
Basic earnings / (loss):                      
Net income / (loss) from continuing operations | $ $ 12.6     $ (1.5)     $ 15.0 $ 3.9      
Net income / (loss) from discontinued operations | $ 0.1     0.2     (0.1) 0.0      
Net income / (loss) | $ $ 12.7 $ (0.5) $ 2.7 $ (1.3) $ 4.7 $ 0.5 $ 14.9 $ 3.9      
Common stock, par value (in GBP per share) | £ / shares                 £ 0.50 £ 0.50  
Weighted average number of £0.50 ordinary shares:                      
For basic earnings per share (in shares) | shares 26,808,401     26,895,968     26,820,280 26,913,771      
Dilutive effect of potential common stock (in shares) | shares 124,010     120,405     140,845 158,654      
For diluted earnings per share (in shares) | shares 26,932,411     27,016,373     26,961,125 27,072,425      
Earnings / (loss) per share using weighted average number of ordinary shares outstanding                      
Basic earnings / (loss) per ordinary share for continuing operations (usd per share) [1] $ 0.47     $ (0.06)     $ 0.56 $ 0.14      
Basic earnings / (loss) per ordinary share for discontinued operations (usd per share) [1],[2] 0     0.01     0 0      
Basic (usd per share) [1] 0.47     (0.05)     0.56 0.14      
Diluted earnings / (loss) per ordinary share for continuing operations (usd per share) [1] 0.47     (0.06)     0.56 0.14      
Diluted earnings / (loss) per ordinary share for discontinued operations (usd per share) [1],[2] 0     0.01     0 0      
Diluted (usd per share) [1] $ 0.47     $ (0.05)     $ 0.55 $ 0.14      
Ordinary shares                      
Basic earnings / (loss):                      
Common stock, par value (in GBP per share) | £ / shares                 £ 0.50   £ 0.50
[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 continuing operations for the third quarter of 2023 and for discontinued operations for first nine months of 2024, has not been diluted since the incremental shares included in the weighted-average number of shares outstanding would have been anti-dilutive.
v3.24.3
Net Sales (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Disaggregation of Revenue [Line Items]        
Net sales $ 99.4 $ 97.4 $ 288.5 $ 309.1
Defense, First Response & Healthcare        
Disaggregation of Revenue [Line Items]        
Net sales 43.2 39.7 120.2 127.3
Transportation        
Disaggregation of Revenue [Line Items]        
Net sales 25.7 31.0 82.9 89.2
General industrial        
Disaggregation of Revenue [Line Items]        
Net sales 30.5 26.7 85.4 92.6
Gas Cylinders        
Disaggregation of Revenue [Line Items]        
Net sales 42.6 44.7 137.8 134.7
Gas Cylinders | Defense, First Response & Healthcare        
Disaggregation of Revenue [Line Items]        
Net sales 19.2 20.3 64.4 59.3
Gas Cylinders | Transportation        
Disaggregation of Revenue [Line Items]        
Net sales 14.2 18.1 50.5 50.6
Gas Cylinders | General industrial        
Disaggregation of Revenue [Line Items]        
Net sales 9.2 6.3 22.9 24.8
Elektron        
Disaggregation of Revenue [Line Items]        
Net sales 48.8 45.6 128.5 151.0
Elektron | Defense, First Response & Healthcare        
Disaggregation of Revenue [Line Items]        
Net sales 24.0 19.4 55.8 68.0
Elektron | Transportation        
Disaggregation of Revenue [Line Items]        
Net sales 11.5 12.9 32.4 38.6
Elektron | General industrial        
Disaggregation of Revenue [Line Items]        
Net sales 13.3 13.3 40.3 44.4
Graphic Arts        
Disaggregation of Revenue [Line Items]        
Net sales 8.0 7.1 22.2 23.4
Graphic Arts | Defense, First Response & Healthcare        
Disaggregation of Revenue [Line Items]        
Net sales 0.0 0.0 0.0 0.0
Graphic Arts | Transportation        
Disaggregation of Revenue [Line Items]        
Net sales 0.0 0.0 0.0 0.0
Graphic Arts | General industrial        
Disaggregation of Revenue [Line Items]        
Net sales $ 8.0 $ 7.1 $ 22.2 $ 23.4
v3.24.3
Restructuring - Additional information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Restructuring and Related Activities [Abstract]        
Restructuring charges $ 0.5 $ 1.6 $ 2.3 $ 4.4
v3.24.3
Restructuring - Schedule of restructuring related costs (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Restructuring Cost and Reserve [Line Items]        
Severance and other costs $ 0.5 $ 1.2 $ 2.3 $ 1.7
Asset impairments 0.0 0.4 0.0 2.7
Total restructuring charges 0.5 1.6 2.3 4.4
Gas Cylinders        
Restructuring Cost and Reserve [Line Items]        
Severance and other costs 0.5 1.1 2.1 1.6
Asset impairments 0.0 0.3 0.0 2.6
Elektron        
Restructuring Cost and Reserve [Line Items]        
Severance and other costs 0.0 0.1 0.2 0.1
Elektron | Other restructuring        
Restructuring Cost and Reserve [Line Items]        
Asset impairments $ 0.0 $ 0.1 $ 0.0 $ 0.1
v3.24.3
Restructuring - Schedule of restructuring reserve (Details)
$ in Millions
 9 Months Ended
Sep. 29, 2024
USD ($)
Restructuring Reserve [Roll Forward]  
Beginning balance $ 3.3
Costs incurred 2.3
Cash payments and other (2.4)
Ending balance $ 3.2
v3.24.3
Other Income (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Other Income and Expenses [Abstract]          
Other income   $ 1.9 $ 0.0 $ 7.2 $ 0.0
Insurance recoveries $ 1.9     $ 5.3  
v3.24.3
Income Taxes (Details)
 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Income Tax Disclosure [Abstract]    
Effective income tax rate (34.20%) 39.30%
v3.24.3
Acquisition and disposal related costs (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Asset Acquisition [Line Items]        
Loss on held for sale asset group     $ 7.5 $ 0.0
Total disposal related costs $ 0.1 $ 0.0 9.5 0.0
Graphic Arts        
Asset Acquisition [Line Items]        
Loss on held for sale asset group 0.0 0.0 7.5 0.0
Disposal related costs 0.1 0.0 2.0 0.0
Total disposal related costs $ 0.1 $ 0.0 $ 9.5 $ 0.0
v3.24.3
Acquisition and disposal related costs - Additional information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Asset Acquisition [Line Items]        
Loss on held for sale asset group     $ 7.5 $ 0.0
Graphic Arts        
Asset Acquisition [Line Items]        
Loss on held for sale asset group $ 0.0 $ 0.0 7.5 0.0
Disposal related costs $ 0.1 $ 0.0 $ 2.0 $ 0.0
v3.24.3
Supplementary balance sheet information (Details) - USD ($)
$ in Millions
Sep. 29, 2024
Dec. 31, 2023
Accounts and other receivables    
Trade receivables $ 55.9 $ 52.3
Prepayments and accrued income 7.9 5.7
Derivative financial instruments 0.9 0.4
Total accounts and other receivables 75.2 59.9
Inventories    
Raw materials and supplies 34.7 34.7
Work-in-process 28.1 34.8
Finished goods 30.7 26.4
Total inventories 93.5 95.9
Other current assets    
Income tax receivable 1.5 1.5
Total other current assets 1.5 1.5
Property, plant and equipment, net    
Total property, plant and equipment 311.2 299.5
Accumulated depreciation and impairment (245.5) (235.7)
Total property, plant and equipment, net 65.7 63.8
Current maturities of long-term debt and short-term borrowings    
Overdrafts 3.7 4.6
Total current maturities of long-term debt and short-term borrowings 3.7 4.6
Other current liabilities    
Restructuring provision 3.2 3.3
Short term provision 0.1 0.1
Derivative financial instruments 0.0 0.0
Operating lease liability 4.6 4.7
Advance payments 2.0 0.8
Total other current liabilities $ 9.9 $ 8.9
Operating lease, liability, current, statement of financial position [extensible enumeration] Total other current liabilities Total other current liabilities
Other non-current liabilities    
Contingent liabilities $ 1.8 $ 1.6
Operating lease liability 11.5 15.0
Other non-current liabilities 0.1 0.2
Total other non-current liabilities $ 13.4 $ 16.8
Operating lease, liability, noncurrent, statement of financial position [extensible enumeration] Total other non-current liabilities Total other non-current liabilities
Related party    
Accounts and other receivables    
Other receivables $ 0.1 $ 0.1
Nonrelated party    
Accounts and other receivables    
Other receivables 10.4 1.4
Land, buildings and leasehold improvements    
Property, plant and equipment, net    
Total property, plant and equipment 53.7 51.0
Machinery and equipment    
Property, plant and equipment, net    
Total property, plant and equipment 244.8 234.9
Construction in progress    
Property, plant and equipment, net    
Total property, plant and equipment $ 12.7 $ 13.6
v3.24.3
Goodwill and other identifiable intangible assets - Schedule of goodwill (Details)
$ in Millions
 9 Months Ended
Sep. 29, 2024
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 67.5
Exchange difference 2.0
Ending balance 69.5
Gas Cylinders  
Goodwill [Roll Forward]  
Beginning balance 26.2
Exchange difference 1.2
Ending balance 27.4
Elektron  
Goodwill [Roll Forward]  
Beginning balance 41.3
Exchange difference 0.8
Ending balance $ 42.1
v3.24.3
Goodwill and other identifiable intangible assets - Additional information (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
Accumulated goodwill impairment losses $ 8.0   $ 8.0
Charge $ 0.6 $ 0.6  
Useful life 5 years    
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity      
Amortization, remainder of fiscal year $ 0.8    
Amortization, year one 0.8    
Amortization, year two 0.8    
Amortization, year three 0.8    
Amortization, year four $ 0.8    
v3.24.3
Goodwill and other identifiable intangible assets - Schedule of intangible assets (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Dec. 31, 2023
Cost:      
Beginning balance $ 23.0    
Additions 0.4    
Exchange movements 0.3    
Ending balance 23.7    
Accumulated amortization:      
Beginning balance 11.0    
Charge 0.6 $ 0.6  
Exchange movements 0.2    
Ending balance 11.8    
Net book values: 11.9   $ 12.0
Customer relationships      
Cost:      
Beginning balance 15.2    
Additions 0.4    
Exchange movements 0.0    
Ending balance 15.6    
Accumulated amortization:      
Beginning balance 6.6    
Charge 0.3    
Exchange movements 0.0    
Ending balance 6.9    
Net book values: 8.7   8.6
Technology and trading related      
Cost:      
Beginning balance 7.8    
Additions 0.0    
Exchange movements 0.3    
Ending balance 8.1    
Accumulated amortization:      
Beginning balance 4.4    
Charge 0.3    
Exchange movements 0.2    
Ending balance 4.9    
Net book values: $ 3.2   $ 3.4
v3.24.3
Debt - Schedule of debt outstanding (Details) - USD ($)
$ in Millions
Sep. 29, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Unamortized debt issuance costs $ (0.3) $ (0.5)
Total debt 69.5 72.2
Less current portion (3.7) (4.6)
Non-current debt 65.8 67.6
Revolving credit facility    
Debt Instrument [Line Items]    
Drawn 41.1 43.1
Overdraft    
Debt Instrument [Line Items]    
Drawn $ 3.7 4.6
Loan Notes | 4.94% Loan Notes due 2026    
Debt Instrument [Line Items]    
Debt stated interest rate 4.94%  
Drawn $ 25.0 $ 25.0
v3.24.3
Debt - Additional information (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Dec. 31, 2023
Debt Instrument [Line Items]      
Net (repayment) / drawdown of long-term borrowings $ 2.9 $ (22.5)  
Revolving credit facility      
Debt Instrument [Line Items]      
Debt, weighted average interest rate 7.80%   7.70%
Drawn $ 41.1   $ 43.1
Borrowing capacity $ 83.9    
v3.24.3
Discontinued Operations - Results of discontinued operations (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Net income / (loss) $ 0.1 $ 0.2 $ (0.1) $ 0.0
Discontinued Operations, Held-for-sale | Superform Aluminum Superplastic        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Net sales 1.6 1.9 4.7 6.1
Cost of goods sold (1.1) (1.4) (3.6) (5.0)
Gross profit 0.5 0.5 1.1 1.1
Selling, general and administrative expenses (0.3) (0.3) (1.1) (1.0)
Restructuring charge 0.0 0.1 (0.1) (0.1)
Operating income / (loss) 0.2 0.3 (0.1) 0.0
Tax (charge) / credit (0.1) (0.1) 0.0 0.0
Net income / (loss) $ 0.1 $ 0.2 $ (0.1) $ 0.0
v3.24.3
Discontinued Operations - Assets and liabilities (Details) - USD ($)
$ in Millions
Sep. 29, 2024
Dec. 31, 2023
Held-for-sale assets    
Current assets $ 22.1 $ 8.9
Held-for-sale liabilities    
Held-for-sale liabilities 7.2 3.9
Discontinued operations | Superform Aluminum Superplastic    
Held-for-sale assets    
Inventory 4.1 3.3
Accounts and other receivables 2.1 2.3
Current assets 6.2 5.6
Right-of-use-assets 1.6 2.1
Held-for-sale assets 7.8 7.7
Held-for-sale liabilities    
Accounts payable 0.7 0.9
Accrued liabilities 0.4 0.4
Other liabilities 2.2 2.6
Held-for-sale liabilities $ 3.3 $ 3.9
v3.24.3
Discontinued Operations - Additional information (Details) - Superform Aluminum Superplastic - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 29, 2024
Sep. 29, 2024
Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Capital expenditure, discontinued operations $ 0.1 $ 0.2 $ 0.0
Depreciation and amortization, discontinued operations   $ 0.0  
v3.24.3
Held-for-sale assets and liabilities - Schedule of current held-for-sale assets and liabilities (Details) - USD ($)
$ in Millions
Sep. 29, 2024
Dec. 31, 2023
Held-for-sale assets    
Current assets $ 22.1 $ 8.9
Held-for-sale liabilities    
Held-for-sale liabilities 7.2 3.9
Held-for-sale | Graphic Arts    
Held-for-sale assets    
Inventory 12.1 3.3
Accounts and other receivables 8.2 2.3
Current assets 20.3 5.6
Property, plant and equipment 0.2 1.2
Right-of-use-assets 1.6 2.1
Non-current assets 1.8 3.3
Held-for-sale assets 22.1 8.9
Held-for-sale liabilities    
Accounts payable 2.1 0.9
Accrued liabilities 1.8 0.4
Other liabilities 3.3 2.6
Held-for-sale liabilities $ 7.2 $ 3.9
v3.24.3
Held-for-sale assets and liabilities - Additional information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Dec. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Loss on held for sale asset group     $ 7.5 $ 0.0  
Restructuring charges $ 0.5 $ 1.6 2.3 4.4  
Gain on disposal of assets held-for-sale 6.1 $ 0.0 6.1 $ 0.0  
Graphic Arts | Held-for-sale          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Loss on held for sale asset group 7.5        
Restructuring charges     $ 1.4    
Elektron | Held-for-sale          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Gain on disposal of assets held-for-sale $ 6.1        
Elektron | Held-for-sale | Subsequent event          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Consideration of disposal         $ 7.3
v3.24.3
Share Plans - Schedule of share-based compensation expense (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Share-Based Payment Arrangement [Abstract]        
Total share-based compensation charges $ 0.7 $ 0.7 $ 2.1 $ 2.0
v3.24.3
Share Plans - Additional information (Details) - $ / shares
 1 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Luxfer Holdings PLC Long-Term Umbrella Incentive Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Awards granted during the period (in shares)   155,000
Weighted average fair value of options granted (in USD per share)   $ 10.44
Luxfer Holdings PLC Non-Executive Directors' Equity Incentive Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Awards granted during the period (in shares) 47,012  
Weighted average fair value of options granted (in USD per share) $ 10.53  
v3.24.3
Share Plans - Share options fair value assumptions (Details) - $ / shares
 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected volatility range (%), minimum 31.54% 31.54%  
Expected volatility range (%), maximum 43.49% 43.49%  
Risk-free interest rate (%), minimum 3.67% 3.67%  
Risk-free interest rate (%), maximum 5.16% 5.16%  
Forfeiture rate (%) 5.00% 5.00%  
Weighted average exercise price (in USD per share) $ 1.00   $ 1.00
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Dividend yield (%) 3.15% 3.15%  
Expected life of share options range (years) 1 year 1 year  
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Dividend yield (%) 3.32% 3.32%  
Expected life of share options range (years) 4 years 4 years  
v3.24.3
Shareholders' Equity - Schedule of dividend paid and proposed (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Oct. 04, 2024
Sep. 29, 2024
Jun. 30, 2024
Mar. 31, 2024
Oct. 01, 2023
Jul. 02, 2023
Apr. 02, 2023
Sep. 29, 2024
Oct. 01, 2023
Dec. 31, 2023
Class of Stock [Line Items]                    
Dividends declared (in USD per share)   $ 0.130 $ 0.130 $ 0.130 $ 0.130 $ 0.130 $ 0.130      
Dividends declared   $ 3.5 $ 3.5 $ 3.5 $ 3.5 $ 7.0 $ 3.5 $ 10.5 $ 14.0  
Dividend payable                   $ 0.0
O 2024 Q2 Dividends A                    
Class of Stock [Line Items]                    
Dividends declared (in USD per share)           $ 0.130        
Dividends declared           $ 3.5        
O 2024 Q2 Dividends B                    
Class of Stock [Line Items]                    
Dividends declared           $ 3.5        
O 2023 Q3 Dividends                    
Class of Stock [Line Items]                    
Dividends declared         $ 3.5          
Subsequent event                    
Class of Stock [Line Items]                    
Dividends declared (in USD per share) $ 0.130                  
Dividends declared $ 3.5                  
v3.24.3
Segmental Information - Additional information (Details)
 9 Months Ended
Sep. 29, 2024
segment
businessUnit
Segment Reporting [Abstract]  
Number of operating divisions | businessUnit 5
Number of reportable segments 3
Number of discontinued operations 1
v3.24.3
Segmental Information - Financial information by reportable segment (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Dec. 31, 2023
Segment Reporting Information [Line Items]          
Net sales $ 99.4 $ 97.4 $ 288.5 $ 309.1  
Adjusted EBITDA 15.3 6.0 41.5 31.7  
Depreciation and amortization 2.6 3.2 7.5 9.8  
Restructuring charges (0.5) (1.6) (2.3) (4.4)  
Total assets 404.8   404.8   $ 372.1
Capital expenditures 3.0 2.5 7.3 7.6  
Discontinued operations          
Segment Reporting Information [Line Items]          
Total assets 7.8   7.8   7.8
Capital expenditures 0.0 0.0 0.0 0.1  
Gas Cylinders segment          
Segment Reporting Information [Line Items]          
Net sales 42.6 44.7 137.8 134.7  
Elektron segment          
Segment Reporting Information [Line Items]          
Net sales 48.8 45.6 128.5 151.0  
Graphic Arts          
Segment Reporting Information [Line Items]          
Net sales 8.0 7.1 22.2 23.4  
Operating segments          
Segment Reporting Information [Line Items]          
Total assets 337.1   337.1   313.0
Capital expenditures 3.0 2.5 7.3 7.5  
Operating segments | Gas Cylinders segment          
Segment Reporting Information [Line Items]          
Net sales 42.6 44.7 137.8 134.7  
Adjusted EBITDA 4.6 2.8 13.6 10.2  
Depreciation and amortization 0.9 1.1 2.6 3.2  
Restructuring charges (0.5) (1.4) (2.1) (4.2)  
Total assets 139.0   139.0   131.0
Capital expenditures 1.1 0.8 3.2 1.4  
Operating segments | Elektron segment          
Segment Reporting Information [Line Items]          
Net sales 48.8 45.6 128.5 151.0  
Adjusted EBITDA 10.8 6.0 29.6 25.0  
Depreciation and amortization 1.7 1.6 4.9 5.1  
Restructuring charges 0.0 (0.2) (0.2) (0.2)  
Total assets 183.8   183.8   162.4
Capital expenditures 1.8 1.6 3.9 5.5  
Operating segments | Graphic Arts          
Segment Reporting Information [Line Items]          
Net sales 8.0 7.1 22.2 23.4  
Adjusted EBITDA (0.1) (2.8) (1.7) (3.5)  
Depreciation and amortization 0.0 (0.5) 0.0 (1.5)  
Restructuring charges 0.0 0.0 0.0 0.0  
Total assets 14.3   14.3   19.6
Capital expenditures 0.1 0.1 0.2 0.6  
Other          
Segment Reporting Information [Line Items]          
Total assets 59.9   59.9   $ 51.3
Capital expenditures $ 0.0 $ 0.0 $ 0.0 $ 0.0  
v3.24.3
Segmental Information - Geographic information by region (Details) - USD ($)
$ in Millions
Sep. 29, 2024
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property, plant and equipment, net $ 65.7 $ 63.8
U.S.    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property, plant and equipment, net 27.1 26.8
United Kingdom    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property, plant and equipment, net 34.4 32.8
Canada    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property, plant and equipment, net 2.9 2.9
Rest of Europe    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property, plant and equipment, net 1.0 1.0
Asia Pacific    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property, plant and equipment, net $ 0.3 $ 0.3
v3.24.3
Segmental Information - Reconciliation of consolidated segment income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Segment Reporting [Abstract]        
Adjusted EBITDA $ 15.3 $ 6.0 $ 41.5 $ 31.7
Other share-based compensation charges (0.7) (0.7) (2.1) (2.0)
Gain on disposal of assets held-for-sale 6.1 0.0 6.1 0.0
Depreciation and amortization (2.6) (3.2) (7.5) (9.8)
Loss on disposal of property, plant and equipment (0.1) 0.0 (0.1) 0.0
Restructuring charges (0.5) (1.6) (2.3) (4.4)
Acquisition and disposal related costs (0.1) 0.0 (9.5) 0.0
Defined benefits pension credit / (charge) 0.3 0.3 0.8 (8.0)
Interest expense, net (1.4) (1.6) (4.1) (4.7)
Net income before income taxes from continuing operations $ 16.3 $ (0.8) $ 22.8 $ 2.8
v3.24.3
Segmental Information - Geographic information by region (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]        
Net sales $ 99.4 $ 97.4 $ 288.5 $ 309.1
Top five countries        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Net sales $ 79.4 $ 76.4 $ 228.6 $ 238.8
Top five countries | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 79.80% 78.50% 79.20% 77.20%
United States        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Net sales $ 57.7 $ 59.0 $ 168.2 $ 184.5
United States | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 58.10% 60.70% 58.30% 59.70%
Germany        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Net sales $ 5.8 $ 4.7 $ 18.4 $ 14.8
Germany | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 5.80% 4.80% 6.40% 4.80%
United Kingdom        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Net sales $ 7.4 $ 4.3 $ 18.0 $ 15.1
United Kingdom | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 7.40% 4.40% 6.20% 4.90%
Japan        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Net sales $ 5.7 $ 5.1 $ 14.7 $ 15.9
Japan | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 5.70% 5.20% 5.10% 5.10%
Canada        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Net sales $ 2.8 $ 3.3 $ 9.3 $ 8.5
Canada | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 2.80% 3.40% 3.20% 2.70%
Rest of Europe        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Net sales $ 12.1 $ 10.8 $ 36.5 $ 35.5
Rest of Europe | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 12.30% 11.10% 12.70% 11.50%
Asia Pacific        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Net sales $ 5.8 $ 4.9 $ 16.1 $ 22.2
Asia Pacific | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 5.80% 5.00% 5.60% 7.20%
Other        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Net sales $ 2.1 $ 5.3 $ 7.3 $ 12.6
Other | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 2.10% 5.40% 2.50% 4.10%
v3.24.3
Commitments and Contingencies - Additional information (Details)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 29, 2024
USD ($)
Oct. 01, 2023
USD ($)
Sep. 29, 2024
USD ($)
fatality
lawsuit
Oct. 01, 2023
USD ($)
Dec. 31, 2023
USD ($)
Loss Contingencies [Line Items]            
Number of fatalities | fatality       1    
Number of lawsuits | lawsuit       3    
Number of lawsuits administratively consolidated | lawsuit       3    
Ongoing number of lawsuits | lawsuit       2    
Other income | $   $ 1.9 $ 0.0 $ 7.2 $ 0.0  
Insurance recoveries | $ $ 1.9     $ 5.3    
Disposal Company            
Loss Contingencies [Line Items]            
Number of lawsuits | lawsuit       1    
Estate of Dependent            
Loss Contingencies [Line Items]            
Number of lawsuits | lawsuit       1    
Injured Employee            
Loss Contingencies [Line Items]            
Number of lawsuits | lawsuit       1    
Revolving credit facility            
Loss Contingencies [Line Items]            
Drawn | $   41.1   $ 41.1   $ 43.1
Uncommitted accordion facility | $   25.0   25.0   25.0
Committed Banking Facilities            
Loss Contingencies [Line Items]            
Facility | $   $ 125.0   $ 125.0   125.0
Drawn | $           $ 43.1
v3.24.3
Commitments and Contingencies - Schedule of uncommitted facilities (Details) - USD ($)
$ in Millions
Sep. 29, 2024
Dec. 31, 2023
Overdraft    
Loss Contingencies [Line Items]    
Facility $ 8.0 $ 7.8
Drawn 3.7 4.6
Bond and Guarantees    
Loss Contingencies [Line Items]    
Facility 0.7 0.6
Drawn 0.2 0.2
Letters of Credit    
Loss Contingencies [Line Items]    
Facility 4.0 4.0
Drawn 2.8 2.2
Bonding facility for bank guarantees, letter of credit and bank overdrafts    
Loss Contingencies [Line Items]    
Facility 12.7 12.4
Drawn $ 6.7 $ 7.0
v3.24.3
Pension Settlement (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Apr. 02, 2023
Jul. 02, 2023
Sep. 29, 2024
Oct. 01, 2023
U.S.            
Defined Benefit Plan Disclosure [Line Items]            
Pension charge     $ 9.2      
Pension charge, cash       $ 2.3    
Derecognition of pension liability       $ 6.9    
Foreign plan            
Defined Benefit Plan Disclosure [Line Items]            
Defined benefit pension credit $ 0.3 $ 0.3 $ 0.3   $ 0.8 $ 1.0
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