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Economic

Our strategy is to continue to develop products and technologies that strengthen our market position. Our commitment to achieving responsible growth means we focus on improving our financial performance to generate economic benefits for our employees, shareholders and local communities.

2023 Financial Performance

Despite the geopolitical and global economic challenges our business faced in 2023, we ended the year financially stronger. The results reinforced the benefits of having a balanced portfolio of businesses. We saw weaker demand in Performance Chemicals being offset by significant growth in Oilfield Services, combined with steady results in Fuel Specialties. Cash generation was again excellent in the year, and our debt-free, net cash position increased to over $200 million. This balance sheet strength provides significant flexibility for further M&A, dividend growth, and organic investment.

US$1.95 billion

Revenue

US$161.6 million

Operating Income

US$591.1 million

Gross Profit

US$210.6 million

Adjusted EBITD

Performance Chemicals

Performance Chemicals ended the year strongly despite a challenging economic and business backdrop. Thanks to our industry-leading technologies and pipeline of innovative new ideas, our prospects for growth remain undiminished. Recent investment in new manufacturing and technical capabilities means we continue to be well placed to meet our growth objectives over the next five years and expand our business on a truly global scale.

Fuel Specialties

Throughout the year, our Fuel Specialties teams worked hard to maintain business momentum and build the solid foundations for future growth. In 2024, we will continue providing our customers with best-in-class technical solutions and customer service, while growing our sales in target markets.

Oilfield Services

Oilfield Services turned in a very strong performance in 2023. Customers value how our products make energy production more cost-efficient and environmentally friendly. Through our continued focus on customer service, technology and innovation we were able to deliver unprecedented organic growth. We concluded the year with a remarkable 16% increase in sales and 26% increase in profits compared to 2022.

Our commitment to responsible growth

Our business is committed to achieving responsible growth. To do this we focus on continuously improving our financial performance to generate economic benefits for our employees, shareholders and local communities. We also focus on product innovation and application development to ensure that we can add critical value to the partnerships we enjoy with our global customers.

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Innovation

Investment in our sites, our laboratory facilities, our workforce, and our systems and processes help drive innovation by enabling us to work more efficiently and effectively with our colleagues and customers.

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Product Sustainability

Supplying safe, sustainable products, designed to meet the needs of society now and in the future, while minimizing their environmental impact.

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