COMMENTARY

The Board is pleased to report that the business operations posted encouraging growth and commendable results in the half year under review, including the contribution of Genop, acquired on 1 January 2018. Each of the business units posted solid performance, achieving good growth in turnover, with disciplined cost control, yielding growth in trading profits across the board.

DIVIDEND DISTRIBUTION

The Board has declared an interim gross dividend out of income reserves of 100 cents per share in respect of the six months ended 31 December 2018. The South African dividend tax ("DT") rate is 20% and the net dividend payable to shareholders who are not exempt from DT is 80 cents per share. Adcock Ingram currently has 175 748 048 ordinary shares in issue of which 149 905 089 qualify for ordinary dividends. The income tax reference number is 9528/919/15/3.