I am pleased to report that, although we had been expecting poor results for this half year because of slow growth in the world economy, the netpany has performed very satisfactorily.Operating profits for this first half are in fact very much (19) with those for the corresponding (20) last year. Profits reached ￡l 15 million before tax, netpared with ￡l 16.3 million last year. Much of our success in the last six months can be (21) to the fact that all our major construction projects remained on schedule. Particularly pleasing was the early (22)of a major building contract in Canada.
The netpany has made good progress with the initiatives announced at the Annual General Meeting. The majority of shareholders (23) the Board's decision to sell the netpany's loss-making engineering (24). It was the Board's belief that the netpany would (25) most benefit by (26) its resources on the expansion of its construction activities. Negotiations with a potential buyer began in February and are now at a critical (27).However, we feel that we are not as yet in a (28) to netment on what the outnete is likely to be.
In June, we made a successful (29) for the Renishaw Construction Company of Hong Kong SAR, in order to give us greater (30) to markets in South East Asia. We still have sufficient resources to pursue our growth (31) and are at present (32) several other business opportunities which, like Renishaw Construction, would (33) new markets to us.
19.A in order B on track C in line D on target
20.A session B term C season D period
21.A attributed B referred C assigned D designated
22.A termination B ending C netpletion D finalising
23.A confirmed B maintained C agreed D supported
24.A portion B netponent C sector D division
25.A have B gain C find D earn
26.A focusing B directing C pointing D strengthening
27.A height B step C edge D stage
28.A condition B point C position D capacity
29.A request B price C demand D bid
30.A access B approach C admission D entrance
31.A strategy B process C promotion D system
32.A inquiring B deliberating C exploring D searching
33.A send B open C provide D give