David Silver: No. Thank you for that. I admit when I read it, I had to look at over a couple of times and think about it. So thank you for clarifying that. On the Fuel Specialties side, there is kind of the margin pickup is getting back to that targeted, I don’t know 32% to 35% range. Just a couple of questions about that. So would you say that the more recent margin improvement is that related to the return of jet fuel aviation markets kind of returning more to normal? Or would you say that the margin improvement is maybe — the margin improvement this quarter is maybe tied to some different end markets or product lines?
Patrick Williams: No, it’s different end markets, David. We didn’t have a lot of jet fuel in the quarter. It tends to be lumpy. It’s a consistent blocking and tackling lower raw materials, steady prices in the marketplace, increased volumes. It’s a little bit of everything. And we’ve set a plan years ago to get these margins up and the group has done a really good job. So as we see an increase in avgas, we should see maybe potentially even a low margin uptick there as well.
David Silver: Okay. And then also sticking with Fuel Specialties for one more, but the comment in the press release, and I’m sorry I’m fumbling with my pages. But it seemed like you did call out a number of growth opportunities in different — in multiple end markets across the Fuel Specialties portfolio. And I mean, over the last several years, you’ve definitely launched a number of new initiatives oceangoing vessel — I’m sorry additives and stationary power et cetera along with some other opportunities. Which of those or what would you call out as kind of the more promising ones right now that led you to kind of call that out during in the press release? Thank you.
Patrick Williams: Yeah, Dave. I think it’s a combination really of the IMO products and GDI. If you look at a lot of the Eastern European nations, they’re starting to use the gasoline direct injection product. And that’s been a nice uptake. We’ve been preaching that for quite some time. And the hope was that it would start getting some legs and we’re finally starting to see that. So GDI’s taken off, IMO’s taken off in applications outside of fuels had a good quarter as well. So in general we see some nice tailwinds in this fuels business that we’ve got to continue to take advantage of.
David Silver: Very good. One more if you don’t mind on Performance Chemicals and in particular on the QGP contribution. So you did call out the sales growth. I was wondering if you could maybe kind of talk about that 6% increase as kind of above trend or right on trend. Just kind of how does that relate to your overall expectations, let’s say for the first 12 months revenue generation from that asset? And then secondly, you did take a small charge I guess for adjustments to the contingent consideration related to that acquisition. If I’m interpreting it correctly I mean I think that means it’s performing at or above original expectations? And if that’s the case I mean if you wouldn’t mind qualitatively talking about what that adjustment contingent consideration was related to?
And maybe is there a maximum earnout associated with that that maybe we should think about? Just kind of framing the contribution from QGP and the implications of the incremental charge you took for contingent consideration? Thanks.
Ian Cleminson: Sure David. So, in terms of QGP’s performance in the first quarter is exactly on track from a revenue and operating income perspective. What’s really pleasing for us is that the business performed exactly how we expected it. But behind that there’s an awful lot of work going on with the integration across our manufacturing our sales our finance supply chain and we see lots of opportunity in that business going forward. And that’s going to take us a little bit of time to bring all that together and to see some real growth but we are very confident that we’ve made a great acquisition. The people are fantastic. The integration is going really well. As we move through the year into next year we think we can accelerate that growth.
So, as we sit here everything is back on track, which is great. In terms of the contingent consideration that is the accretion charge going through. That’s absolutely expected. There’s no changes to our expectations of the earnout right now. But obviously that will change from quarter-to-quarter. And as the business transitions over the next two to three years we’ll keep you updated on what that earnout is going to look like right here right now everything is on track and looking good.
David Silver: Okay. Thank you for that. I’m going to get back in queue. Thank you.
Patrick Williams: Thanks David.
Operator: Thank you. There are no further questions. I will now hand the call back to Patrick Williams.
Patrick Williams: Thank you all for joining us today and thanks to all our shareholders, customers, and Innospec employees for your interest and support. If you have any further questions about Innospec or matters discussed today, please give us a call. We look forward to meeting up with you again to discuss our second quarter 2024 results in August. Have a great day.
Operator: Thank you. This concludes today’s conference call. Thank you for participating. You may now disconnect.
