Luxfer - 10-Q quarterly report FY2023 Q1

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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 April 2, 2023


☐			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 Wales						98-1024030
State or Other Jurisdiction of Incorporation or Organization						I.R.S. Employer Identification No.

8989 North Port Washington Road, Suite 211,

Milwaukee, WI, 53217

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 class	Trading Symbol(s)	Name of each exchange on which registered
Ordinary Shares, nominal value £0.50 each	LXFR	New 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	o	Accelerated Filer	x
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 April 2, 2023, was 26,931,897.


TABLE OF CONTENTS

Page

PART I FINANCIAL INFORMATION

Item 1.

Condensed Consolidated Financial Statements (unaudited)

Condensed Consolidated Statements of Income (unaudited)

Condensed Consolidated Statements of Comprehensive Income (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 6.

Exhibits

Signatures

PART I - FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements (unaudited)

LUXFER HOLDINGS PLC

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	First Quarter
In millions, except share and per share data	2023		2022
Net sales	$	101.3	$	97.0
Cost of goods sold	(80.2)		(72.8)
Gross profit	21.1		24.2
Selling, general and administrative expenses	(12.5)		(10.7)
Research and development	(1.2)		(1.3)
Restructuring charges	(0.3)		(1.4)

Acquisition and disposal related costs	—		(0.2)


Operating income	7.1		10.6
Interest expense	(1.3)		(0.8)

Defined benefit pension (charge) / credit	(8.9)		0.4
(Loss) / income before income taxes	(3.1)		10.2
Credit / (provision) for income taxes	3.6		(2.5)


Net income from continuing operations	0.5		7.7



Net income / (loss) from discontinued operations	$	—	$	(0.1)

Net income	$	0.5	$	7.6

Earnings / (loss) per share1
Basic from continuing operations	$	0.02	$	0.28
Basic from discontinued operations2	$	—	$	—
Basic	$	0.02	$	0.28

Diluted from continuing operations	$	0.02	$	0.28
Diluted from discontinued operations2	$	—	$	—
Diluted	$	0.02	$	0.28

Weighted average ordinary shares outstanding
Basic	26,921,010		27,490,741
Diluted	27,071,494		27,696,118

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 discontinued operations in the First Quarter of 2022 has not been diluted, since the incremental shares included in the weighted-average number of shares outstanding would have been anti-dilutive.

LUXFER HOLDINGS PLC

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)


	First Quarter
In millions	2023		2022
Net income	$	0.5	$	7.6

Other comprehensive income / (loss)
Net change in foreign currency translation adjustment, net of tax	3.4		(1.8)
Pension and post-retirement actuarial gains, net of $4.9 and $0.1 tax, respectively	6.8		0.4
Other comprehensive income / (loss), net of tax	10.2		(1.4)

Total comprehensive income	$	10.7	$	6.2

See accompanying notes to condensed consolidated financial statements

LUXFER HOLDINGS PLC

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


	April 02,		December 31,
In millions, except share and per share data	2023		2022
Current assets
Cash and cash equivalents	$	1.8	$	12.6
Restricted cash	0.3		0.3
Accounts and other receivables, net of allowances of $0.5 and $0.4, respectively	74.2		67.8
Inventories	129.4		111.1
Current assets held-for-sale	7.8		9.3

Total current assets	$	213.5	$	201.1
Non-current assets
Property, plant and equipment, net	$	77.6	$	77.7
Right-of-use assets from operating leases	19.2		19.8
Goodwill	66.5		65.6
Intangibles, net	12.4		12.5
Deferred tax assets	3.2		3.0
Investments and loans to joint ventures and other affiliates	0.3		0.4
Pensions and other retirement benefits	28.4		27.0
Total assets	$	421.1	$	407.1
Current liabilities
Short-term debt	$	25.0	$	25.0
Accounts payable	39.3		37.8
Accrued liabilities	28.9		29.4
Taxes on income	2.7		1.8
Current liabilities held-for-sale	4.1		5.0
Other current liabilities	11.8		11.2
Total current liabilities	$	111.8	$	110.2
Non-current liabilities
Long-term debt	$	66.4	$	56.2
Pensions and other retirement benefits	—		4.5
Deferred tax liabilities	11.4		9.9
Other non-current liabilities	17.5		19.0
Total liabilities	$	207.1	$	199.8
Commitments and contingencies (Note 15)
Shareholders' equity
Ordinary shares of £0.50 par value; authorized 40,000,000 shares for 2023 and 2022; issued and outstanding 28,944,000 for 2023 and 2022	$	26.5	$	26.5

Additional paid-in capital	221.7		221.4
Treasury shares	(21.2)		(20.4)
Own shares held by ESOP	(1.0)		(1.0)
Retained earnings	117.2		120.2
Accumulated other comprehensive loss	(129.2)		(139.4)
Total shareholders' equity	$	214.0	$	207.3
Total liabilities and shareholders' equity	$	421.1	$	407.1

See accompanying notes to condensed consolidated financial statements

LUXFER HOLDINGS PLC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	First Quarter
In millions	2023		2022
Operating activities
Net income	$	0.5	$	7.6
Net (income) / loss from discontinued operations	—		0.1
Net income from continuing operations	$	0.5	$	7.7
Adjustments to reconcile net income to net cash used by operating activities

Depreciation	3.1		3.5
Amortization of purchased intangible assets	0.2		0.2
Amortization of debt issuance costs	0.1		0.2
Share-based compensation charges	0.6		0.2
Deferred income taxes	1.2		0.1


Defined benefit pension charge / (credit)	8.9		(0.4)
Defined benefit pension contributions	(2.3)		—
Changes in assets and liabilities
Accounts and other receivables	(2.3)		(12.2)
Inventories	(17.1)		(16.2)

Other current assets	1.5		(3.0)
Accounts payable	(2.4)		6.8
Accrued liabilities	(1.0)		3.4

Other current liabilities	(4.4)		2.0
Other non-current assets and liabilities	(1.0)		(1.6)
Net cash used by operating activities - continuing	(14.4)		(9.3)
Net cash provided by operating activities - discontinued	—		—
Net cash used by operating activities	$	(14.4)	$	(9.3)
Investing activities
Capital expenditures	$	(2.0)	$	(1.0)




Net cash used by investing activities - continuing	(2.0)		(1.0)
Net cash used by investing activities - discontinued	—		—
Net cash used by investing activities	$	(2.0)	$	(1.0)
Financing activities

Net drawdown of long-term borrowings	$	9.9	$	26.7




Repurchase of own shares	(0.8)		(1.5)
Share-based compensation cash paid	(0.3)		(0.4)
Dividends paid	(3.5)		(3.4)

Net cash provided by financing activities	$	5.3	$	21.4
Effect of exchange rate changes on cash and cash equivalents	0.3		(0.2)
Net increase	$	(10.8)	$	10.9
Cash, cash equivalents and restricted cash; beginning of year	12.9		6.4
Cash, cash equivalents and restricted cash; end of the First Quarter	2.1		17.3

Supplemental cash flow information:
Interest payments	$	1.4	$	0.8
Income tax receipts, net	(0.5)		(0.1)

See accompanying notes to condensed consolidated financial statements

LUXFER HOLDINGS PLC

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)


In millions,	Ordinary shares		Deferred shares		Additional paid-in capital		Treasury shares Number	Treasury shares Amount		Own shares held by ESOP Number	Own shares held by ESOP Amount		Retained earnings		Accumulated other comprehensive loss		Total equity
At January 1, 2022	$	26.5	$	149.9	$	70.9	(0.6)	$	(9.6)	(0.8)	$	(1.1)	$	107.5	$	(135.0)	$	209.1
Net income	—		—		—		—	—		—	—		7.6		—		7.6



Other comprehensive loss, net of tax	—		—		—		—	—		—	—		—		(1.4)		(1.4)
Dividends declared	—		—		—		—	—		—	—		(7.0)		—		(7.0)
Share-based compensation	—		—		0.2		—	—		—	—		—		—		0.2
Share buyback	—		—		—		(0.1)	(1.5)		—	—		—		—		(1.5)
Utilization of shares from ESOP to satisfy share based compensation	—		—		(0.4)		—	—		—	—		—		—		(0.4)

At March 27, 2022	$	26.5	$	149.9	$	70.7	(0.7)	$	(11.1)	(0.8)	$	(1.1)	$	108.1	$	(136.4)	$	206.6

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 gain, net of tax	—		—		—		—	—		—	—		—		10.2		10.2
Dividends declared	—		—		—		—	—		—	—		(3.5)		—		(3.5)
Share based compensation	—		—		0.6		—	—		—	—		—		—		0.6
Share buy back	—		—		—		(0.1)	(0.8)		—	—		—		—		(0.8)

Utilization of shares from ESOP to satisfy share based compensation	—		—		(0.3)		—	—		—	—		—		—		(0.3)

At April 2, 2023	$	26.5	$	—	$	221.7	(1.4)	$	(21.2)	(0.7)	$	(1.0)	$	117.2	$	(129.2)	$	214.0

See accompanying notes to condensed consolidated financial statements

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, 2022. 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 First Quarter 2023, ended on April 2, 2023, and the First Quarter 2022, ended on March 27, 2022.

Accounting standards issued but not yet effective

None that are expected to be material to the Company.

2. Earnings per share

Basic earnings 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 or loss 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:


	First Quarter
In millions except share and per-share data	2023		2022
Basic earnings:
Net income from continuing operations	$	0.5	$	7.7
Net income / (loss) from discontinued operations	—		(0.1)
Net income	$	0.5	$	7.6

Weighted average number of £0.50 ordinary shares:
For basic earnings per share	26,921,010		27,490,741
Dilutive effect of potential common stock	150,484		205,377
For diluted earnings per share	27,071,494		27,696,118

Earnings / (loss) per share using weighted average number of ordinary shares outstanding(1):
Basic earnings per ordinary share for continuing operations	$	0.02	$	0.28
Basic earnings / (loss) per ordinary share for discontinued operations	—		—
Basic earnings per ordinary share	$	0.02	$	0.28

Diluted earnings per ordinary share for continuing operations	$	0.02	$	0.28
Diluted earnings / (loss) per ordinary share for discontinued operations	—		—
Diluted earnings per ordinary share	$	0.02	$	0.28

(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

In the first quarter of 2022, basic average shares outstanding and diluted average shares outstanding were the same for discontinued operations because the effect of potential shares of common stock was anti-dilutive since the Company generated a net loss from discontinued operations.

3. Net Sales

Disaggregated sales disclosures for the quarters ended April 2, 2023, and March 27, 2022, are included below and in Note 13, Segmental Information.


	First Quarter
	2023						2022
In millions	Gas Cylinders		Elektron		Total		Gas Cylinders		Elektron		Total
General industrial	$	9.5	$	22.9	$	32.4	$	8.4	$	26.9	$	35.3
Transportation	13.9		12.8		26.7		16.9		12.9		29.8
Defense, First Response & Healthcare	18.1		24.1		42.2		17.1		14.8		31.9
	$	41.5	$	59.8	$	101.3	$	42.4	$	54.6	$	97.0

The Company’s performance obligations are satisfied at a point in time. With the classification 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 $0.3 million (2021: $1.4 million) restructuring charges in the first quarter of 2023, predominantly relates to costs incurred in streamlining our North American Gas Cylinder business. The $1.4 million restructuring charge in 2022 relates solely to costs associated with the closure of Luxfer Gas Cylinders France, which ceased operations in 2019.

Restructuring-related costs by reportable segment were as follows:


	First Quarter
In millions	2023		2022
Severance and related costs
Gas Cylinders	$	0.3	$	1.4
Elektron	—		—







Total restructuring charges	$	0.3	$	1.4

Activity related to restructuring, recorded in Other current liabilities in the consolidated balance sheets is summarized as follows:


In millions	2023
Balance at January 1,	$	3.7
Costs incurred	0.3
Cash payments and other	(0.2)
Balance at April 2,	$	3.8

5. Acquisition and disposal related costs

Acquisition-related costs of $0.2 million in the first quarter of 2022 represent professional fees incurred in relation to the SCI acquisition.

6. Supplementary balance sheet information


	April 2,		December 31,
In millions	2023		2022
Accounts and other receivables
Trade receivables	$	62.0	$	56.4
Related parties	0.1		0.1
Prepayments and accrued income	6.5		6.6
Derivative financial instruments	0.1		0.7

Other receivables	5.5		4.0
Total accounts and other receivables	$	74.2	$	67.8

Inventories
Raw materials and supplies	$	55.9	$	42.7
Work-in-process	44.3		44.0
Finished goods	29.2		24.4
Total inventories	$	129.4	$	111.1





Property, plant and equipment, net
Land, buildings and leasehold improvements	$	59.7	$	58.9
Machinery and equipment	258.8		254.9
Construction in progress	11.7		9.8
Total property, plant and equipment	330.2		323.6
Accumulated depreciation and impairment	(252.6)		(245.9)
Total property, plant and equipment, net	$	77.6	$	77.7








Other current liabilities
Restructuring provision	$	3.8	$	3.7
Short term provision	—		0.1

Derivative financial instruments	0.2		0.4
Operating lease liability	5.5		4.7
Advance payments	2.3		2.3
Total other current liabilities	$	11.8	$	11.2

Other non-current liabilities
Contingent liabilities	$	0.5	$	0.7

Operating lease liability	16.8		18.2
Other non-current liabilities	0.2		0.1
Total other non-current liabilities	$	17.5	$	19.0

7. Goodwill and other identifiable intangible assets

Changes in goodwill during the first three months ended April 2, 2023, were as follows:


In millions	Gas Cylinders		Elektron		Total
At January 1, 2023	$	25.0	$	40.6	$	65.6

Exchange difference	0.6		0.3		0.9
Net balance at April 2, 2023	$	25.6	$	40.9	$	66.5

Accumulated goodwill impairment losses in relation to continuing activities were $8.0 million as of April 2, 2023 and December 31, 2022..

Identifiable intangible assets consisted of the following:


In millions	Customer relationships		Technology and trading related		Total
Cost:
At January 1, 2023	$	15.2	$	7.4	$	22.6
Exchange movements	—		0.2		0.2
At April 2, 2023	$	15.2	$	7.6	$	22.8

Accumulated amortization:
At January 1, 2023	$	6.1	$	4.0	$	10.1
Provided during the period	0.1		0.1		0.2
Exchange movements	—		0.1		0.1
At April 2, 2023	$	6.2	$	4.2	$	10.4

Net book values:
At January 1, 2023	$	9.1	$	3.4	$	12.5
At April 2, 2023	$	9.0	$	3.4	$	12.4

Identifiable intangible asset amortization expense was $0.2 million and $0.2 million for the First Quarters of 2023 and 2022 respectively.

Intangible asset amortization expense during each of the following five years is expected to be approximately $0.7 million.

8. Debt

Debt outstanding was as follows:


In millions	April 2, 2023		December 31, 2022

4.88% Loan Notes due 2023	$	25.0	$	25.0
4.94% Loan Notes due 2026	25.0		25.0
Revolving credit facility	42.2		31.9

Unamortized debt issuance costs	(0.8)		(0.7)
Total debt	$	91.4	$	81.2
Less current portion	$	(25.0)	$	(25.0)
Non-current debt	$	66.4	$	56.2

The weighted-average interest rate on the revolving credit facility was 6.00% for the First Quarter of 2023 and 3.80% for the full-year 2022.

8. Debt (continued)

The maturity profile of the Company's debt, excluding unamortized issuance costs and discounts, is as follows:


In millions	2023		2024		2025		2026		Thereafter		Total

Loan Notes due 2023	25.0		—		—		—		—		25.0
Loan Notes due 2026	—		—		—		25.0		—		25.0
Revolving credit facility	—		—		—		42.2		—		42.2

Total debt	$	25.0	$	—	$	—	$	67.2	$	—	$	92.2

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 April 2, 2023.

The Loan Notes due 2023 and 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 quarter of 2023, we drew down net $9.9 million on the Revolving Credit Facility and the balance outstanding at April 2, 2023, was $42.2 million, and at December 31, 2022, was $31.9 million, with $82.8 million undrawn at April 2, 2023.

We have been in compliance with the covenants under the Senior Facilities Agreement throughout all of the quarterly measurement dates to April 2, 2023.

9. 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 2023.

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 2023 and 2022.

Results of discontinued operations in the first quarter of 2023 and 2022 were as follows:


	First Quarter
In millions	2023		2022
Net sales	$	2.3	$	1.7
Cost of goods sold	(1.9)		(1.6)
Gross profit	$	0.4	$	0.1
Selling, general and administrative expenses	(0.3)		(0.2)
Restructuring charges	(0.1)		—

Operating profit / (loss)	$	—	$	(0.1)
Tax (charge) / credit	—		—
Net profit / (loss)	$	—	$	(0.1)

9. Discontinued Operations (continued)

The assets and liabilities classified as held-for-sale related to discontinued operations were as follows:


Held-for-sale assets	April 2,		December 31,
In millions	2023		2022

Inventory	2.4		2.7
Accounts and other receivables	1.6		2.7
Current assets	$	4.0	$	5.4

Right-of-use-assets	2.6		2.7
Held-for-sale assets	$	6.6	$	8.1

Held-for-sale liabilities
Accounts payable	0.8		0.8
Accrued liabilities	0.4		0.2
Other liabilities	2.9		4.0
Held-for-sale liabilities	$	4.1	$	5.0

Also included within assets held-for-sale in 2023 and 2022 are land and buildings valued at $1.2 million, within our Elektron Segment.

There was no depreciation and amortization, capital expenditures and significant non-cash items.

Cash balances are swept into the treasury entities at the end of each day, these sweeps are recorded within operating cash flows in the statements of cash flows.

10. 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 Quarter ended April 2, 2023, was 116.0%, compared to 24.5% for the Quarter ended March 27, 2022. The rate was impacted by non-deductible expenses and a deferred tax credit, primarily in relation to the U.S. pension buyout.

11. Share Plans

Total share-based compensation expense for the quarters ended April 2, 2023 and March 27, 2022 was as follows:


	First Quarter
In millions	2023		2022



Total share-based compensation charges	$	0.6	$	0.2

In March 2023, 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 126,600 and the weighted average fair value of options granted in 2023 was estimated to be $17.94 per share.

Also in March 2023, approximately 10,000 awards were granted based on the achievement of total shareholder return targets from the period January 1, 2020 to December 31, 2022. 50% of these awards vested immediately upon grant, with the remaining 50% vesting in March 2024.

The following table illustrates the assumptions used in deriving the fair value of share options granted during the First Quarter of 2023 and the year-ended December 31, 2022:


	First Quarter	Year ended December 31,
	2023	2022
Dividend yield (%)	2.75 - 3.41	2.75 - 3.41
Expected volatility range (%)	36.11 - 49.43	36.11 - 49.43
Risk-free interest rate (%)	1.28 - 2.99	1.28 - 2.99
Expected life of share options range (years)	0.50 - 4.00	0.50 - 4.00
Forfeiture rate (%)	5.00	5.00
Weighted average exercise price ($)	$1.00	$1.00
Model used	Black-Scholes & Monte-Carlo	Black-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.

12. Shareholders' Equity

Dividends paid and proposed


	First Quarter
In millions	2023		2022
Dividends declared and paid during the year:
Interim dividend paid February 4, 2022 ($0.125 per ordinary share)	$	—	$	3.4
Interim dividend paid February 1 2023 ($0.130 per ordinary share)	3.5		—


Interim dividend declared March 10 2022, and paid May 4, 2022 ($0.130) per ordinary share)	—		3.6

	$	3.5	$	7.0


In millions	2023		2022
Dividends declared and paid after the quarter end (not recognized as a liability at the quarter end):

Interim dividend declared April 3 2023, and to be paid May 3, 2023 ($0.130 per ordinary share)	3.5		—
	$	3.5	$	—

13. Segmental Information

We classify our operations into two core business segments, Gas Cylinders and Elektron, 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 four identified business units, which aggregate into the two reportable segments. Luxfer Gas Cylinders forms the Gas Cylinders segment, and Luxfer MEL Technologies, Luxfer Magtech and Luxfer Graphic Arts aggregate into the Elektron segment. The Superform business unit used to aggregate into the Gas Cylinders segment, but is now recognized as discontinued operations. A summary of the operations of the segments is provided below:

Gas Cylinders segment

Our Gas Cylinders segment manufactures and markets specialized products using composites and aluminum, 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 vehicles, and general industrial.

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; photoengraving plates for graphic arts; and high-performance zirconium-based materials and oxides used as catalysts and in the manufacture of advanced ceramics, fiber-optic fuel cells, and many other performance products.

Other

Other primarily represents unallocated corporate expense and includes non-service related defined benefit pension cost / credit.

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, who is responsible for allocating resources and assessing performance of the operating segments as the CEO, using adjusted EBITDA, which we defined as segment income and are based on operating income adjusted for share based compensation charges; loss on disposal of property, plant and equipment; restructuring charges; impairment charges; acquisition and disposal related gains and costs; other charges; depreciation and amortization; and unwind of the discount on deferred consideration.

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 Quarters ended April 2, 2023, and March 27, 2022, is included in the following summary:


	Net sales				Adjusted EBITDA
	First Quarter					First Quarter
In millions	2023		2022				2023		2022
Gas Cylinders segment	$	41.5	$	42.4			$	2.5	$	2.7
Elektron segment	59.8		54.6				8.8		13.4
Consolidated	$	101.3	$	97.0			$	11.3	$	16.1


	Depreciation and amortization				Restructuring charges
	First Quarter					First Quarter
In millions	2023		2022				2023		2022
Gas Cylinders segment	$	1.1	$	1.4			$	0.3	$	1.4
Elektron segment	2.2		2.3				—		—

Consolidated	$	3.3	$	3.7			$	0.3	$	1.4

13. Segmental Information (continued)


	Total assets				Capital expenditures
	First Quarter,		December 31,			First Quarter
In millions	2023		2022			2023		2022
Gas Cylinders segment	$	143.3	$	133.1		$	0.3	$	0.2
Elektron segment	234.4		216.4			1.7		0.8
Other	36.8		49.5			—		—
Discontinued operations	$	6.6	$	8.1		$	(0.1)	$	—
Consolidated	$	421.1	$	407.1		$	1.9	$	1.0


	Property, plant and equipment, net
	First Quarter		December 31,
In millions	2023		2022
U.S.	$	40.5	$	41.6
United Kingdom	33.0		32.0
Canada	2.7		2.8
Rest of Europe	1.0		1.0
Asia Pacific	0.4		0.3
	$	77.6	$	77.7

The following table presents a reconciliation of Adjusted EBITDA to net income from continuing operations:


	First Quarter
In millions	2023		2022
Adjusted EBITDA	$	11.3	$	16.1
Other share-based compensation charges	(0.6)		(0.2)

Depreciation and amortization	(3.3)		(3.7)


Restructuring charges	(0.3)		(1.4)

Acquisition and disposal related costs	—		(0.2)


Defined benefits pension credit	(8.9)		0.4

Interest expense, net	(1.3)		(0.8)

Net (loss) / income before income taxes from continuing operations	$	(3.1)	$	10.2

The following tables present certain geographic information by geographic region for the First Quarter ended April 2, 2023, and March 27, 2022:


	Net Sales(1)
	First Quarter
	2023				2022
	$M		Percent		$M		Percent
United States	$	57.7	57.0	%	$	55.3	57.0	%
U.K.	5.6		5.5	%	5.4		5.6	%
Germany	6.3		6.2	%	4.5		4.6	%
France	2.1		2.1	%	3.5		3.6	%
Italy	3.3		3.3	%	2.3		2.4	%
Top five countries	$	75.0	74.1	%	$	71.0	73.2	%
Rest of Europe	7.4		7.3	%	6.0		6.2	%
Asia Pacific	14.8		14.6	%	14.6		15.1	%
Other (2)	4.1		4.0	%	5.4		5.6	%
	$	101.3			$	97.0

(1) Net sales are based on the geographic destination of sale.

(2) Other includes Canada, South America, Latin America and Africa.

14. Commitments and Contingencies

Committed and uncommitted banking facilities

The Company had committed banking facilities of $125.0 million at April 2, 2023 and $100.0 million December 31, 2022. Of these committed facilities, $42.2 million was drawn at April 2, 2023 and $10.8 million at December 31, 2022. The Company also had an additional $25.0 million of uncommitted facilities through an accordion provision at April 2, 2023 and $50.0 million at December 31, 2022.


	Uncommitted Facilities
	April 2, 2023				December 31, 2022
	Facility		Drawn		Facility		Drawn
Bond and Guarantees	$	0.6	$	0.2	$	0.6	$	0.2
Letters of Credit	2.0		1.5		2.0		1.5
Overdraft	4.0		—		4.0		—
	$	6.6	$	1.7	$	6.6	$	1.7

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. We 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. We believe 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. We believe that we are not liable for the incident, have asserted such, and 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.

15. 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 (2022: $0.4 million) defined benefit credit on the U.K. pension plan, consistent with the prior year.

16. Subsequent Events

No material events.

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;

•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 2022 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.

About Luxfer

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

Margin pressure resulting from supply chain challenges

We have, and continue to experience supply chain challenges characterized by significant increases in material cost inflation on key inputs (including magnesium, aluminum and carbon fiber), labor availability issues and energy and transport cost increases. Additionally, force majeure still remains in place for our key supplier of U.S. sourced magnesium, with supply not expected to recommence until at least Q3 of 2023. However, we have been successful in securing alternative sources of supply outside of the U.S.

In the majority of cases we are able to pass through inflationary costs to our customers, although we are still constrained by contracts, particularly in the Gas Cylinders segment, the longest running of which is not subject to renewal until mid-2024. Currently, our expectation is that the impact of material availability / inflation, energy cost inflation and labor and transport constraints will continue throughout 2023; but that we will be able to source sufficient material to meet demand and that in the majority of cases we expect to be able to pass on cost increases. However the outlook remains highly uncertain with both the size and timing of future cost increases difficult to predict.

Operating objectives and trends

In 2023, we expect the following operating objectives and trends to impact our business:

•Continuing high activity on revenue growth initiatives with particular focus on increasing volumes;

•Actions to ensure continuity of supply of critical materials and services while safeguarding margins;

•Execution of productivity improvements and increases in selling prices to mitigate and pass through current cost pressure;

•Further improvements in ESG standing through investment in new projects;

•Focus on recruiting, developing and maintaining talent, through our new leadership development programs, while driving a high-performance culture; and

•Continued emphasis on operating cash generation and maintaining strong working capital performance.

CONSOLIDATED RESULTS OF OPERATIONS

The consolidated results of operations for the First Quarter of 2023 and 2022 of Luxfer were as follows:


	First Quarter						% / point change
In millions	2023			2022				2023 v 2022
Net sales	$	101.3		$	97.0			4.4	%
Cost of goods sold	(80.2)			(72.8)				10.2	%
Gross profit	21.1			24.2				(12.8)	%
% of net sales	20.8		%	24.9		%		(4.1)
Selling, general and administrative expenses	(12.5)			(10.7)				16.8	%
% of net sales	12.3		%	11.0		%		1.3
Research and development	(1.2)			(1.3)				(7.7)	%
% of net sales	1.2		%	1.3		%		(0.1)
Restructuring charges	(0.3)			(1.4)				(78.6)	%
% of net sales	0.3		%	1.4		%		(1.1)


Acquisition and disposal related costs	—			(0.2)				(100.0)	%
% of net sales	—		%	0.2		%		(0.2)


Operating income	$	7.1		$	10.6			(33.0)	%
% of net sales	7.0		%	10.9		%		(3.9)
Net interest expense	(1.3)			(0.8)				62.5	%
% of net sales	1.3		%	0.8		%		0.5
Defined benefit pension (charge) / credit	(8.9)			0.4				n/a
% of net sales	(8.8)		%	0.4		%		(9.2)
(Loss) / income before income taxes	$	(3.1)		$	10.2			(130.4)	%
% of net sales	(3.1)		%	10.5		%		(13.6)
Credit / (provision) for income taxes	3.6			(2.5)				(244.0)	%
Effective tax rate	116.1		%	24.5		%		91.6




Net income from continuing activities	$	0.5		$	7.7			(93.5)	%
% of net sales	0.5		%	7.9		%		(7.4)

Net sales

Adjusting for foreign exchange headwinds of $2.3 million, net sales have increased by 6.8% in the first of 2023 respectively. The passing through of material cost inflation, where not constrained by contract, accounted for approximately $11.1 million of the increase in consolidated net sales in the first quarter, of 2023 from 2022. Furthermore, there was a benefit in the quarter from:

•Increased sales of magnesium alloys, especially those used in aerospace applications;

•Higher demand for our zirconium products, particularly those used in auto-catalysis and pharmaceutical applications;

•Strong demand for our chemical detection and response kits; and

•Year-over-year growth in SCBA and medical cylinder sales.

These increases were partially offset by:

•Timing of sales for flameless ration heaters ("FRH") and Meals-Ready-to Eat products ("MRE");

•Decreased demand for photo-engraving plates;

•Lower sales of Solumag® due to destocking by customers in the Oil and Gas industry; and

•Alternative fuel cylinders being down on prior year due to timing of customer projects.

Gross profit

The 4.1 percentage point decrease in gross profit as a percentage of sales in the first quarter of 2023 from 2022 was primarily the result of the continued increased material and labor costs and other supply chain investments to overcome disruption, not fully covered by price increases, particularly in the Gas Cylinders Division.

Selling, general and administrative expenses ("SG&A")

SG&A costs as a percentage of sales in 2023 from 2022 has increased by 1.3 percentage points largely due to $1.1 million of legal costs expensed in the Elektron segment.

Research and development costs

Research and development costs as a percentage of sales decreased by 0.1 percentage points in the first quarter of 2023 relative to 2022 respectively, with the slight reduction due to the inflationary impact on sales.

Restructuring charges

The $0.3 million restructuring charge in the first quarter of 2023, predominantly relates to costs incurred in respect of cost savings initiatives affecting our North American Gas Cylinders business.

The $1.4 million restructuring charge in 2022 relates solely to costs associated with the closure of Luxfer Gas Cylinders France, which ceased operations in 2019.

Acquisition and disposal related costs

Acquisition related costs of $0.2 million in 2022 represents amounts incurred in relation to the acquisition of SCI.

Net interest expense

Net interest expense of $1.3 million in the first quarter of 2023 increased $0.5 million from $0.8 million in the first quarter 2022, due to combination of higher interest rates and increased drawings.

Defined benefit pension (charge) / credit

Provision for income taxes

The movement in the statutory effective tax rate from 24.5% in 2022, to 116.1% in 2023, was primarily due to non-deductible expenses and deferred tax credit, predominantly in relation to the previously mentioned pension buyout. When stripping out the impact of this, as well as other less significant adjusting items, the adjusted effective tax rate has reduced slightly to 21.7% in 2023 from 22.0% in 2022, largely as a result of jurisdictional profit mix.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES

The following table of non-GAAP summary financial data presents a reconciliation of net income to adjusted net income for the periods presented, being the most comparable GAAP measure. 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 and adjusted earnings per share in isolation as an alternative to net income and earnings per share when evaluating Luxfer's operating performance or measuring Luxfer's profitability.


	First Quarter
In millions except per share data	2023		2022
Net income from continuing operations	$	0.5	$	7.7
Accounting charges relating to acquisitions and disposals of businesses:

Amortization on acquired intangibles	0.2		0.2
Acquisition and disposal related costs	—		0.2
Defined benefit pension charge / (credit)	8.9		(0.4)
Restructuring charges	0.3		1.4



Share-based compensation charges	0.6		0.2
Tax impact of defined benefit pension settlement	(4.9)		—

Income tax on adjusted items	(0.2)		(0.1)
Adjusted net income	$	5.4	$	9.2

Adjusted earnings per ordinary share
Diluted earnings per ordinary share	$	0.02	$	0.28
Impact of adjusted items	0.18		0.05
Adjusted diluted earnings per ordinary share(1)	$	0.20	$	0.33

(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.


	First Quarter
In millions	2023		2022
Adjusted net income	$	5.4	$	9.2
Add back:
Tax impact of defined benefit pension settlement	4.9		—

Income tax on adjusted items	0.2		0.1
Provision for income taxes	(3.6)		2.5
Net finance costs	1.3		0.8

Adjusted EBITA	$	8.2	$	12.6
Depreciation	3.1		3.5
Adjusted EBITDA	$	11.3	$	16.1

The following table presents a reconciliation for the adjusted effective tax rate, which management believes is a KPI used by the investment community and that such presentation will enhance an investor’s understanding of the Company's operational results.


	First Quarter
In millions	2023			2022
Adjusted net income	$	5.4		$	9.2
Add back:
Tax impact of defined benefit pension settlement	4.9			—

Income tax on adjusted items	0.2			0.1
Provision for income taxes	(3.6)			2.5
Adjusted income before income taxes	$	6.9		$	11.8
Adjusted provision for income taxes	1.5			2.6
Adjusted effective tax rate	21.7		%	22.0		%

SEGMENT RESULTS OF OPERATIONS

The summary that follows provides a discussion of the results of operations of each of our two reportable segments (Gas Cylinders and Elektron). Both segments comprise various product offerings that serve multiple end markets.

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 13 to the condensed consolidated financial statements.

GAS CYLINDERS

The net sales and adjusted EBITDA for Gas Cylinders were as follows:


	First Quarter			% / point change
In millions	2023			2022			2023 v 2022
Net sales	$	41.5		$	42.4		(2.1)%
Adjusted EBITDA	2.5			2.7			(7.4)%
% of net sales	6.0		%	6.4		%	(0.4)

Net sales

The 2.1% decrease in Gas Cylinders sales in the first quarter of 2023 from 2022 was primarily the result of:

•Reduction in alternative fuel cylinder sales; and

•$1.5 million FX headwind.

These decreases have been partially offset by:

•Increased demand for SCBA cylinders; and

•Improved sales of medical oxygen cylinders.

Adjusted EBITDA

There was a 0.4 percentage point decrease in adjusted EBITDA for Gas Cylinders as a percentage of net sales in the first quarter of 2023 relative to 2022. Pricing increases have matched inflation as our ability to pass-through cost increases improved. Volume and mix reductions more than offset favorable foreign exchange impact.

ELEKTRON

The net sales and adjusted EBITDA for Elektron were as follows:


	First Quarter						% / point change
In millions	2023			2022				2023 v 2022
Net sales	$	59.8		$	54.6			9.5%
Adjusted EBITDA	8.8			13.4				(34.3)%
% of net sales	14.7		%	24.5		%		(9.8)

Net sales

The 9.5% increase in Elektron sales in the first quarter of 2023 from 2022 was primarily the result of:

•Increased sales of magnesium alloys, especially those used in aerospace applications;

•Higher demand for our zirconium products, particularly those used in auto-catalysis and pharmaceutical applications; and

•Strong demand for our chemical detection and response kits.

These increases were partially offset by:

•Timing of sales for flameless ration heaters ("FRH") and Meals-Ready-to Eat products ("MRE");

•Decreased demand for photo-engraving plates; and

•Destocking by customers in the Oil and Gas industry.

Net sales were also impacted by $0.8 million of FX headwinds.

Adjusted EBITDA

The 9.8 percentage point decrease in adjusted EBITDA for Elektron as a percentage of net sales in the first quarter of 2023 from 2022 was impacted by $1.1 million of legal costs recognized in the quarter, coupled with accelerated cost recovery in the first quarter of 2022 and lower sales in certain higher margin end markets in the first quarter of 2023.

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 Notes due, 2023 and 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 safeguard the business from supply chain constraints, as well as to achieve organic sales growth; and

•hedging facilities used to manage our foreign exchange risks.

From time to time, we consider acquisitions or investments in other businesses that we believe would be appropriate additions to our business.

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 April 2 2023.

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 used by operating activities was $14.4 million for the first quarter of 2023 compared to $9.3 million in the first quarter of 2022. It was primarily related to net income from operating activities offset by significant increases in working capital related to inventory build to protect supply chain, and net of the following non-cash items: depreciation and amortization; share-based compensation charges; pension credit and net changes to assets and liabilities. In 2023, the Company also contributed $2.3 million in relation to the sale of the U.S. pension plan to an insurer.

Investing activities

Net cash used by investing activities was $2.0 million for the first quarter of 2023, compared to net cash used for investing activities of $1.0 million in 2022, as a result of increased capital expenditure in the quarter.

Financing activities

In the first quarter of 2023, net cash provided by financing activities was $5.3 million, compared to $21.4 million inflow in 2022. We made net drawdown on our banking facilities of $9.9 million (2022: $26.7 million drawdown) and dividend payments of $3.5 million (2022: $3.4 million), equating to $0.13 and $0.125 per ordinary share respectively. In addition, we paid out $0.3 million (2022: $0.4 million) in settling share based compensation and $0.8 million (2022: $1.5 million) in repurchasing our own shares as part of the share buyback program which equates to 48,000 shares (2022: 60,100 shares).

Capital Resources

Dividends

We paid year-to-date dividends in 2023 of $3.5 million (2022: $3.4 million year-to-date), or $0.13 per ordinary share (2021: $0.125).

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 U.K.-adopted Internatioanl Accounting Standards, 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.

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
	Total		Less than 1 year		1 – 3 years		3 – 5 years		After 5 years
	(in $ million)
Contractual cash obligations
Loan Notes due 2023	$	25.0	$	25.0	$	—	$	—	$	—
Loan Notes due 2026	25.0		—		—		25.0		—
Revolving credit facility	42.2		—		—		42.2		—
Obligations under operating leases	28.7		5.1		9.7		4.6		9.3
Capital commitments	1.2		1.2		—		—		—
Interest payments	15.2		4.4		7.9		2.9		—
Total contractual cash obligations	$	137.3	$	35.7	$	17.6	$	74.7	$	9.3

Off-balance sheet measures

At April 2, 2023, we had no off-balance sheet arrangements other than the two bonding facilities disclosed in Note 14.

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 2022 Annual Report on Form 10-K, filed with the SEC on March 1, 2023, we identified the critical accounting policies which affect our more significant estimates and assumptions used in preparing our consolidated financial statements.

Item 3. Quantitative and qualitative disclosures about market risk

There have been no material changes in our market risk during the first quarter ended April 2, 2023. For additional information, refer to Item 7A of our 2022 Annual Report on Form 10-K, filed with the SEC on March 1, 2023.

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 April 2, 2023, 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 April 2, 2023, to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms, and to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosures.

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended April 2, 2023, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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 14 (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 2022 Annual Report on Form 10-K filed with the SEC on March 1, 2023.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Not applicable.

Item 6. Exhibits

31.1 Certification Required by Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934-Andrew Butcher

31.2 Certification Required by Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934-Stephen Webster

32.1 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)-Andrew Butcher

32.2 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)-Stephen Webster

101 The financial statements from the Company’s Interim Report on Form 10-Q for the quarter ended April 2, 2023, formatted in XBRL: (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.

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)

April 26, 2023

Luxfer - 10-Q quarterly report FY2023 Q1

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