ALS LIMITED — Annual Report 2009

May 25, 2009

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Appendix 4E

Full year report for the Year Ending 31 March 2009

(the previous corresponding period is the Year Ended 31 March 2008)

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 19.2% to 920,351 Underlying profit (loss) after tax before unusual items attributable to members Up * 49.0% to 106,209 Profit (loss) from ordinary activities after tax attributable to members Up 38.3% to 106,209 Net profit (loss) for the period attributable to members Up 38.3% to 106,209 Total dividend per share for the year (50% franked) Up 5.3% to $1.00
Dividends (distributions)		Amount per security	Franked amount persecurity
Final dividend		50¢	25¢
Interim dividend		50¢	25¢
+Record date for determining entitlements to the dividend, 12 June 2009 Brief explanation of any of the figures reported above, necessary to enable the figures to be understood. * The 49.0% increase in underlying net profit after tax of the consolidated entity excludes the impact of unusual items in 2008 (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 2009

Income Statement

For the year ended 31 March 2009

In thousands of AUD 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 venture accounted for using the equity method Gain on sale of investment in CCI Holdings Ltd Profit before financing costs and income tax 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) (refer note 2) Profit for the period Attributable to: Equity holders of the company Minority interest Profit for the period	Consolidated 2009 2008 291,098 292,367 629,253 468,663
	920,351 761,030 1,944 1,884 3,199 11,537 (253,838) (244,264) (294,599) (226,577) (32,558) (27,954) (37,139) (27,930) (9,922) (8,225) (133,805) (128,586) 1,490 1,652 - 6,214
	165,123 118,781
	836 860 (15,251) (10,635)
	(14,415) (9,775)
	150,708 109,006 (44,517) (32,172)
	106,191 76,834 - 370
	106,191 77,204
	106,209 76,819 (18) 385
	106,191 77,204

• 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 2009

1. Unusual Items

Unusual Items	Unusual Items
Profit for the period attributable to equity holders of the Company includes the following unusual		items:
In thousands of AUD	Consolidated
	2009	2008
Gain on sale of investment in CCI Holdings Ltd	-	6,214
Dividend received from CCI Holdings Ltd	-	876
Net loss from disposal of the consumer products contract manufacturing business	-	(66)
	-	7,024
Income tax effect	-	(1,475)
	-	5,549

2. Results of discontinued operations

In September 2007 the Group sold its consumer products contract manufacturing business. 2008 comparative information attributable to that business is as follows:

comparative information attributable to that business is as follows:
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 2009 2008 - 11,256 - (11,188)
	- 68 - (20)
	- 48 - (66) - 388
	- 370

• 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 2009

Balance Sheet

As at 31 March 2009

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 2009 2008 60,260 46,552 140,573 138,543 73,562 66,454 12,108 7,526
	286,503 259,075
	6,204 7,146 11,383 10,768 11,255 11,378 11,146 6,874 210,344 152,074 268,090 230,193 163 161
	518,585 418,594
	805,088 677,669
	746 1,317 84,729 69,781 * 169,365 2,803 12,289 11,131 18,192 14,949
	285,321 99,981
	99,723 233,898 2,708 1,974 2,255 2,572 2,013 1,039
	106,699 239,483
	392,020 339,464
	413,068 338,205
	242,724 223,111 48 (6,012) 169,140 120,502
	411,912 337,601 1,156 604
	413,068 338,205

• Debt Refinancing

The current portion of unsecured bank loans as at 31 March 2009 is part of a $200 million loan facility which is due to mature in November 2009. Obligations arising from these maturities will be met from a combination of other existing undrawn commitments and the establishment of new facilities for which the Group has accepted creditapproved term sheets subsequent to balance date.

• 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 2009

Statement of Cash Flows

For the year ended 31 March 2009

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 Repayments/(Loans) 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 Proceeds from sale of other non-current assets Proceeds from divestment of consumer products contract manufacturing business 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/(decrease) 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 2009 2008 1,024,404 823,139 (803,041) (706,585)
	221,363 116,554 (15,252) (10,635) 836 860 (40,202) (27,203)
	166,745 79,576
	(71,548) (50,081) 1,158 (1,979) (43,454) (101,892) (4,078) (1,551) - (1,825) - (6,250) 875 297 2,321 1,514 - 3,708 - 16,060 - 876
	(114,726) (141,123)
	40,478 133,500 (41,815) (39,228) (2,830) (5,802) 832 816 (37,550) (24,951)
	(40,885) 64,335
	11,134 2,788 45,235 42,705 145 (258)
	56,514 45,235

• 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 2009

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 2009 12 June 2009

Amount per security

Amount per security
	Amount per security	Amount per security of conduitforeign income
Final dividend: Current year Previous year	50¢ 60¢	25¢ 15¢
Interim dividend: Current year Previous year	50¢ 35¢	25¢ 17.5¢

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
	26,517 - -	31,282 - -
	26,517	31,282

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. Continued efforts are being directed towards maintaining 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 2009

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 12 June 2009

Reconciliation of Retained Earnings

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	2009 2008 120,502 83,538 106,209 76,819 (57,571) (39,855)
	169,140 120,502

NTA backing	Current period	Previous corresponding period
Net tangible asset backing per+ordinary security	$2.73	$2.07

Control gained over entities during the period

Date acquired

IQA Laboratory Co., Ltd 7 May 2008 Staveley Services North America, Inc 31 July 2008 ALS USA, Corp (Trading as DataChem Laboratories) 31 October 2008 ALS Chita Laboratory LLC 27 November 2008 Business assets acquired during the year (a)

(a) Businesses assets acquired have been absorbed into controlled entities

In the periods to 31 March 2009 the acquired entities contributed a net profit of $542,000 to the consolidated net profit for the year. If the acquisitions had occurred on 1 April 2008, Group revenue from continuing operations would have been $942,878,000 and net profit from continuing operations would have been $107,691,000.

• 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 2009

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% 51%	781 709	1,203 449
Total			1,490	1,652

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 2009 2008 201.93 147.81 201.93 137.13
	201.85 147.81 201.85 137.13

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 $106,209,000 (2008: $76,819,000).

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 $106,209,000 (2008: $71,270,000).

Weighted average number of ordinary shares (Basic and diluted)

In thousands of shares Issued ordinary shares at 1 April Effect of shares issued July 2008 Effect of shares issued December 2008 Weighted average number of ordinary shares at 31 March (Basic) Effect of performance rights issued August 2008 Effect of performance rights issued September 2008 Weighted average number of ordinary shares at 31 March (Diluted)	Consolidated 2009 2008 52,137 51,623 347 309 114 40
	52,598 51,972 5 - 16 -
	52,619 51,972

• 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 2009

Dividends and Share Capital

Directors have declared a partly franked (50%) final dividend of 50 cents per ordinary share, amounting to $26,517,000, payable on 1 July 2009. Following payment of the final dividend the total distribution to shareholders for the 2009 financial year will total $1.00 per share partly franked (50%) amounting to $52,806,000.

n thousands of AUD ssued and paid up share capital 3,033,285 ordinary shares fully paid (2008: 52,136,610) ovements in ordinary share capital alance at beginning of year hare issues: 96,675 shares (2008: 514,100) under Dividend Reinvestment Plan(1) alance at end of year	Consolidated 2009 2008 242,724 223,111
	223,111 208,692 19,613 14,419
	242,724 223,111

• (1) Issued pursuant to the Company’s Dividend Reinvestment Plan:

1 July 2008 – 441,505 shares at $26.71

17 December 2008 – 455,170 shares at $17.18

Significant features of operating performance

Underlying net profit after tax (excluding unusual items) attributable to equity holders of the Company increased by 49.0% to $106.21 million for the year ended 31 March 2009, from the $71.27 million achieved last year. The result was realised from a turnover of $920.35 million, representing a 19.2% increase on the $772.29 million in 2008.

The increase was due to the strong performance of the ALS laboratory services business which experienced growth from buoyant market conditions during the first half of the year and demonstrated the benefits of the scalability of the business and its global footprint.

Financial Results $'000 ALS Laboratory Group Campbell Chemicals Reward Distribution Discontinued operations Intra-group revenue Total divisional*	Revenue	Contribution
	FY2009 FY2008 + / - 628,826 468,043 34.4% 164,310 152,819 7.5% 132,785 145,743 (8.9%) - 11,256 (5,570) (5,575)	FY2009 FY2008 + / - 155,846 112,488 38.5% 7,928 9,680 (18.1%) 3,411 4,595 (25.8%) - 68
	920,351 772,286 19.2%	167,185 126,831 31.8%
Net profit after tax (before unusual items) Less unusual items net of tax Underlying net profit	106,209 76,819 38.3% - 5,549 106,209 71,270 49.0%

• relates to sale of consumer products contract manufacturing business in FY2008.

• 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 2009

Commentary re business divisions follows:

ALS Laboratory Group

ALS Laboratory Group delivered record performance in both revenue and profit contribution during the year. Factors contributing to the result were increased capacity (arising from capital investment and business acquisitions over the past two years) strong market growth and an emphasis on diversity of service offerings reinforced by the restructuring of the global business along divisional lines in April 2008. All service categories within ALS experienced growth in sales and contribution when compared with the previous year.

Testing services markets are somewhat unpredictable in the short-term due to the current economic climate, particularly so in the minerals division. The flexible structures and systems supporting the Group’s global laboratory network have enabled the business to manage the impact of reduced sample flows in recent months. ALS remains committed to positioning all of its divisions to take advantage of opportunities as and wherever they arise across the world as evidenced by acquisitions in the food, environmental and fluid analysis sectors during the past year.

Campbell Chemicals

The Chemicals division experienced reduced profitability during the year despite posting improved revenue in both the Industrial Chemical and Panamex Pacific businesses.

Tighter margins in Industrial Chemical manufacturing were offset to some degree by high demand for its imported raw chemical products and a disciplined approach to the management of overheads. Panamex Pacific returned a mixed performance across the Pacific Islands, USA and PNG all of which are being affected in different ways by the slowdown in the world economy.

Both business units will continue to concentrate on delivering superior levels of service to new and existing customers to provide a point of differentiation in increasingly challenging business conditions.

Reward Distribution

Reward Distribution Group returned reduced levels of revenue and contribution during the year, suffering from the general softening in tourism and hospitality markets. Revenues also fell as the division moved away from less profitable customer segments in order to focus on more attractive areas. Whilst efforts remain focused on rationalising products, warehousing, distribution, and administrative costs, significant effort has also been directed at business development initiatives into new market segments and sales growth.

Audit

The report is based on accounts which have been audited.

Signature: Company Secretary Print name: Tim Mullen

Date: 26[th] May 2009

• See chapter 19 for defined terms.

Appendix 4E Page 10