COMMENTARY

Performance

Headline earnings per ordinary share were 325 cents, 35% higher than in the first six months of 2007. All of the Group’s businesses delivered improved results, with Chemical Services Limited (Chemserve) being the largest contributor and recording an outstanding 53% increase in trading profit.

An interim dividend of 90 cents per ordinary share has been declared, compared with 72 cents per share in 2007.

Group revenue increased by 43%, reflecting pleasing growth in the specialty chemicals and mining solutions sectors. The Group’s margins have been under pressure over the last two years and high oil prices again impacted on oil-based raw material costs in the period. However, major efforts were made to avoid margins decreasing further. As a result of these efforts and tight cost control, Group operating margin remained at 9,3%, the same level as the first half of 2007.

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