ALS LIMITED — Annual Report 2008

May 26, 2008

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Appendix 4E

Full year report for the Year Ending 31 March 2008

(the previous corresponding period is the Year Ended 31 March 2007)

Results for announcement to the market

Results for announcement to the market	Results for announcement to the market	Results for announcement to the market	Results for announcement to the market
$A'000
Revenues from ordinary activities Up 16.5% to 772,286 Underlying profit (loss) after tax before unusual items attributable to members Up * 38.0% to 71,270 Profit (loss) from ordinary activities after tax attributable to members Up 30.0% to 76,819 Net profit (loss) for the period attributable to members Up 30.0% to 76,819
Dividends (distributions)		Amount per security	Franked amount persecurity
Final dividend		60¢	30¢
Interim dividend		35¢	17.5¢
+Record date for determining entitlements to the dividend, 13 June 2008 Brief explanation of any of the figures reported above, necessary to enable the figures to be understood. The 38.0% increase in underlying net profit after tax of the consolidated entity excludes* the impact of unusual items (refer note 1)**

• See chapter 19 for defined terms.

Appendix 4E Page 1

Campbell Brothers Limited Results for announcement to the market for the year ended 31 March 2008

Income Statement

For the year ended 31 March 2008

In thousands of AUD Note Continuing operations Revenue from sale of goods Revenue from rendering of services Other income Changes in inventories of finished goods and work in progress Raw materials and consumables purchased Employee expenses Warehousing and distribution costs Amortisation and depreciation Selling expenses Administration and other expenses Share of net profits of associates and joint ventures accounted for using the equity method Gain on sale of investment in CCI Holdings Ltd 1 Profit before financing costs Financial income Financial expenses Net financing costs Profit before income tax Income tax expense Profit from continuing operations Discontinued operations Profit of discontinued operations (net of income tax) 2 Profit for the period Attributable to: Equity holders of the company Minority interest Profit for the period	Consolidated 2008 2007 (Restated)* 292,367 268,184 468,663 343,011
	761,030 611,195 1,884 704 11,537 5,763 (244,264) (217,456) (226,577) (175,337) (27,954) (21,693) (27,930) (22,890) (8,225) (6,862) (128,586) (91,466) 1,652 1,001 6,214 -
	118,781 82,959
	860 744 (10,635) (7,593)
	(9,775) (6,849)
	109,006 76,110 (32,172) (25,259)
	76,834 50,851
	370 8,167
	77,204 59,018
	76,819 59,066 385 (48)
	77,204 59,018

• See discontinued operations note 2.

• See chapter 19 for defined terms.

Appendix 4E Page 2

Campbell Brothers Limited Results for announcement to the market for the year ended 31 March 2008

1. Unusual Items

Profit for the period attributable to equity holders of the Company includes the following unusual items:

In thousands of AUD Gain on sale of investment in CCI Holdings Ltd Dividend received from CCI Holdings Ltd Net loss from disposal of the consumer products contract manufacturing business Gain on sale of pest control and cleaning services business segment Costs incurred in sale of pest control and cleaning services business segment Income tax effect	Consolidated 2008 2007 6,214 - 876 - (66) - - 10,060 - (663)
	7,024 9,397 (1,475) (1,979)
	5,549 7,418

2. Results of discontinued operations

In September 2007 the Group sold its consumer products contract manufacturing business. Prior year comparatives relate to that business and the Campbell Brothers Services segment which was sold during the March 2007 financial year.

The consumer products contract manufacturing business was not a discontinued operation or classified as held for sale as at 31 March 2007 and the income statement has been re-presented to show the discontinued operation separately from continuing operations.

In thousands of AUD Revenue Expenses Results from operating activities Income tax expense Results from operating activities, net of income tax Gain on sale of discontinued operation (refer note 1) Income tax on gain on sale of discontinued operation Profit for the period	Consolidated 2008 2007 (Restated) 11,255 51,549 (11,187) (50,429)
	68 1,030 (20) (281)
	48 749 (66) 9,397 388 (1,979)
	370 8,167

• See chapter 19 for defined terms.

Appendix 4E Page 3

Campbell Brothers Limited Results for announcement to the market for the year ended 31 March 2008

Balance Sheet

As at 31 March 2008

In thousands of AUD Assets Cash and cash equivalents Trade and other receivables Inventories Other Total current assets Receivables Investments accounted for using the equity method Investment property Deferred tax assets Property, plant and equipment Intangible assets Other investments Total non-current assets Total assets Liabilities Bank overdraft Trade and other payables Loans and borrowings Income tax payable Employee benefits Total current liabilities Loans and borrowings Deferred tax liabilities Employee benefits Other Total non-current liabilities Total liabilities Net assets Equity Share capital Reserves Retained earnings Total equity attributable to equity holders of the company Minority interest Total equity	Consolidated 2008 2007 46,552 43,210 138,543 105,628 66,454 60,075 7,526 6,747
	259,075 215,660
	7,146 5,481 10,768 3,163 11,378 - 6,874 4,151 152,074 134,566 230,193 136,533 161 16,375
	418,594 300,269
	677,669 515,929
	1,317 505 69,781 59,417 2,803 2,925 11,131 8,593 14,949 11,905
	99,981 83,345
	233,898 128,687 1,974 1,228 2,572 2,140 1,039 982
	239,483 133,037
	339,464 216,382
	338,205 299,547
	223,111 208,692 (6,012) 5,792 120,502 83,538
	337,601 298,022 604 1,525
	338,205 299,547

• See chapter 19 for defined terms.

Appendix 4E Page 4

Campbell Brothers Limited Results for announcement to the market for the year ended 31 March 2008

Statement of Cash Flows

For the year ended 31 March 2008

In thousands of AUD Cash flows from operating activities Cash receipts from customers Cash paid to suppliers and employees Cash generated from operations Interest paid Interest received Income taxes paid Net cash from operating activities Cash flows from investing activities Payments for property, plant and equipment Loans to joint venture entity Payments for net assets on acquisition of businesses and controlled entities (net of cash acquired) Additional payments in respect of prior year acquisitions of controlled entities Payment for the acquisition of minority interests in controlled entities Payment for investment in joint venture Dividend from associate Payments for other investments Proceeds from sale of other non-current assets Proceeds from divestment of interests in business segments Proceeds from divestment of consumer products contract manufacturing business Costs incurred in disposing of business segment Proceeds from sale of investment in CCI Holdings Ltd Dividend received from CCI Holdings Ltd Net cash from investing activities Cash flows from financing activities Proceeds from borrowings Repayment of borrowings Lease payments Lease receipts Dividends paid Net cash from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at 1 April Effect of exchange rate fluctuations on cash held Cash and cash equivalents at 31 March	Consolidated 2008 2007 823,139 697,866 (706,585) (608,515)
	116,554 89,351 (10,635) (7,593) 860 744 (27,203) (24,406)
	79,576 58,096
	(50,081) (39,094) (1,979) - (101,892) (41,778) (1,551) - (1,825) - (6,250) - 297 197 - (9,900) 1,514 885 - 48,000 3,708 - - (663) 16,060 - 876 -
	(141,123) (42,353)
	133,500 59,025 (39,228) (40,178) (5,802) (5,040) 816 127 (24,951) (18,837)
	64,335 (4,903)
	2,788 10,840 42,705 33,594 (258) (1,729)
	45,235 42,705

• See chapter 19 for defined terms.

Appendix 4E Page 5

Campbell Brothers Limited Results for announcement to the market for the year ended 31 March 2008

Dividend Disclosures

Date the final dividend (distribution) is payable

+Record date to determine entitlements to the dividend (distribution) (i.e., on the basis of proper instruments of transfer received by 5.00 pm if[+] securities are not[+] CHESS approved, or security holding balances established by 5.00 pm or such later time permitted by SCH Business Rules if +securities are +CHESS approved)

1 July 2008 13 June 2008

Amount per security

Amount per security
	Amount per security	Amount per security of conduit foreign income
Final dividend: Current year Previous year	60¢ 42¢	15¢ 21¢
Interim dividend: Current year Previous year	35¢ 28¢	17.5¢ 14¢

Total final dividend (distribution) on all securities

+Ordinary securities_(each class separately) Preference+securities(each class separately) Other equity instruments(each class_ separately) Total	Current period $A'000	Previous corresponding period-$A'000
	31,282 - -	21,681 - -
	**31,282 **	**21,681 **

Directors are mindful of the increasing percentage of earnings generated overseas and the impact that this will have on the ability of the Company to frank dividends in the future. Efforts are being directed towards increasing Australian taxable income to balance the continued overseas expansion. Current forecasts indicate that the dividends for the next financial year will be 50% partly franked.

• See chapter 19 for defined terms.

Appendix 4E Page 6

Campbell Brothers Limited Results for announcement to the market for the year ended 31 March 2008

The[+] dividend or distribution plans shown below are in operation

Campbell Brothers Limited Dividend Reinvestment Plan

The last date(s) for receipt of election notices for the +dividend or distribution plans 13 June 2008

Reconciliation of Retained Earnings

In thousands of AUD Retained profits at beginning of year Net profit attributable to equity holders of the company Dividends Retained profits at end of year	2008 2007 83,538 53,650 76,819 59,066 (39,855) (29,178)
	120,502 83,538

NTA backing	Current period	Previous corresponding period
Net tangible asset backing per+ordinary security	$2.07	$3.16

Control gained over entities during the period

	Date acquired
E-Lab Analytical, Inc	31 August 2007
ALS USA MI, Corp (formerly Microspec Analytical Group, Ltd)	31 August 2007
ACIRL Pty Ltd	1 October 2007
Witlab (Pty) Ltd	30 November 2007
Carolab (Pty) Ltd	30 November 2007

In the periods to 31 March 2008 the acquired entities contributed a net profit of $5,074,000 to the consolidated net profit for the year. If the acquisitions had occurred on 1 April 2007, Group revenue from continuing operations would have been $795,160,000 and net profit from continuing operations would have been $82,333,000.

• See chapter 19 for defined terms.

Appendix 4E Page 7

Campbell Brothers Limited Results for announcement to the market for the year ended 31 March 2008

Details of associates and joint venture entities

The consolidated entity has an interest (that is material to it) in the following entities.

Name of entity	Percentage of ownership interest held at end of period or date of disposal	Percentage of ownership interest held at end of period or date of disposal	Contribution to net profit (loss)	Contribution to net profit (loss)
Equity accounted associates and joint venture entities ALS Technichem (Malaysia) Sdn Bhd ALS Mineralogy Pty Ltd	Current period	Previous corresponding period	Current period $A’000	Previous corresponding period-$A’000
	40% 51%	40% -	1,203 449	1,001 -
Total			1,652	1,001

Commentary on the Results

Earnings per security and the nature of any dilution aspects

Cents per share Basic earnings per share Basic underlying earnings per share Diluted earnings per share Diluted underlying earnings per share	Consolidated 2008 2007 147.81 114.56 137.13 100.17
	147.81 114.56 137.13 100.17

Basic and diluted earnings per share

The calculation of both basic and diluted earnings per share were based on the profit attributable to equity holders of the company of $76,819,000 (2007: $59,066,000) and a weighted average number of ordinary shares outstanding during the year ended 31 March 2008 of 51,972,000 (2007: 51,560,000).

Basic and diluted underlying earnings per share

The calculation of both basic and diluted underlying earnings per share were based on underlying net profit after tax before unusual items of $71,270,000 (2007: $51,648,000) and a weighted average number of ordinary shares outstanding during the year ended 31 March 2008 of 51,972,000 (2007: 51,560,000).

• See chapter 19 for defined terms.

Appendix 4E Page 8

Campbell Brothers Limited Results for announcement to the market for the year ended 31 March 2008

Dividends and Share Capital

Directors have declared a partly franked (50%) final dividend of 60 cents per ordinary share, amounting to $31,282,000, payable on 1 July 2008. Following payment of the final dividend the total distribution to shareholders for the 2008 financial year will total 95 cents per share partly franked (50%), amounting to $49,456,000.

In thousands of AUD Issued and paid up share capital 52,136,610 ordinary shares fully paid (2007: 51,622,510) Movements in ordinary share capital Balance at beginning of year Share issues: 514,100 shares (2007: 584,409) under Dividend Reinvestment Plan(1) Nil shares (2007: 50,000) under Employee Share Plan (2) Balance at end of year	Consolidated 2008 2007 223,111 208,692 208,692 197,923 14,419 9,939 - 830 223,111 208,692

(1) Issued pursuant to the Company’s Dividend Reinvestment Plan: 2 July 2007 – 303,480 shares at $25.89

17 December 2007 – 210,620 shares at $31.15

(2) Issued to Managing Director on 25 July 2006 pursuant to resolution of shareholders at 2006 AGM

Significant features of operating performance

Underlying net profit after tax (excluding unusual items) attributable to equity holders of the Company increased by 38.0% to $71.27 million for the year ended 31 March 2008, from the $51.65 million achieved last year. The result was realised from a turnover of $772.29 million, representing a 16.5% increase on the $662.65 million in 2007.

The major factor behind this increase has been the continuing strong performance of the ALS Laboratory Group which has experienced ongoing demand for its environmental and minerals testing services.

Directors have declared a final partly franked (50%) dividend for the year of 60 cents per share (2007: 42 cents partly franked) bringing the total partly franked (50%) dividend for the year to 95 cents (2007: 70 cents partly franked).

Financial Results $'000 ALS Laboratory Group Campbell Chemicals Reward Distribution Discontinued operations Intra-group revenue Total divisional contribution	Revenue	Contribution
	FY2008 FY2007 + / - 468,044 342,150 36.8% 152,819 139,235 9.8% 145,743 134,998 8.0% 11,256 51,459 (78.1%) (5,575) (5,188)	FY2008 FY2007 + / - 112,488 79,486 41.5% 9,680 7,765 24.7% 4,595 5,506 (16.5%) 68 1,187 (94.3%)
	772,286 662,654 16.5%	126,832 93,943 35.0%
Net profit after tax Less unusual items net of tax Underlying net profit		76,819 59,066 30.0% 5,549 7,418
		71,270 51,648 38.0%

• restated for sale of consumer products contract manufacturing business in FY2008 and sale of Campbell Brothers Services business in FY2007.

• See chapter 19 for defined terms.

Appendix 4E Page 9

Campbell Brothers Limited Results for announcement to the market for the year ended 31 March 2008

Commentary re business divisions follows:

ALS Laboratory Group

ALS Laboratory Group posted record revenue and profit contribution during the year despite the unfavourable effects of movements in foreign exchange markets. The results which are characterised by an improved return on revenue were derived from very strong market growth in minerals analysis across all regions and acquisitions in the environmental and coal testing sectors during the past year.

ALS has begun the March 2009 financial year with a new management structure re-organised along the lines of global business divisions. This approach is designed to ensure the business remains focussed on its strategy of becoming a global provider of a diverse range of analytical testing services.

Campbell Chemicals

The Chemicals division recorded increased revenue and contribution from both the Panamex Pacific and Industrial Chemical business units during the year.

Panamex Pacific derived higher sales revenue from strategically important markets and has benefited from cost control initiatives introduced in the previous year. The Industrial Chemical business produced an improved result despite tightening margins, assisted by a robust approach to controlling overheads.

Both business units will concentrate on deriving continued growth from a focus on servicing new and existing markets in the year ahead.

Reward Distribution

Reward Distribution experienced a fall in profitability despite higher revenue during the financial year. The business has continued to incur high levels of integration and restructuring costs as it rationalises products, warehouses, IT systems and administrative functions across its national network.

The division’s new management team is implementing a strategy to ensure the future profitable growth of the business. Performance improvements are expected to become evident during the first half of the coming year. It will concentrate on deriving maximum value from being a professionally managed distributor in a national market

Audit

The report is based on accounts which have been audited.

Signature: Company Secretary Print name: Tim Mullen

Date: 27[th] May 2008

• See chapter 19 for defined terms.

Appendix 4E Page 10