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14 November 2007 By John Foley Follow @johnsfoley

Looking at the UK grocer’s share price, strategy and performance, it’s as if the Qatari state’s failed £13bn raid never happened. But two hangovers remain: an unstable shareholder base, and a cadre of managers who almost made a mint.

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J Sainsbury, the UK supermarket group, announced pretax profits in the first half of the year of £232m, at the top end of consensus expectations. Operating margins rose to 2.8%, from 2.4% in the same period last year.

The results were the UK grocer's first since Delta Two, a Qatari statebacked fund, withdrew from making a planned 600pashare for the group. The offer would have valued Sainsbury's at just over £13bn including net debt and pension fund contributions. The shares were trading at 426p at Tuesday's close.

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