1. I N T E R I M R E S U L T S 3 September 2003

2. Financial Highlights 6 months to June 2003 £ million 2003 1 Half 2002 1 Half% inc. Sales – continuing operations69.767.13.9% Operating profit – continuing operations10.19.111.4% Operating margin – continuing operations14.5%13.5% Net interest(1.5)(1.2) Profit before tax8.67.98.5% Earnings per share3.7p2.7p37.0% Dividend per share1.1p1.0p

3. Key Features  Improved trading pattern  Good volume growth  Stable first half pricing  Margin improvement from productivity and plant yields  Porcine casing becoming established  Little impact from currency

4. Sales Analysis 2003 S ales change vs 2002 1 Half Volume6.0% Price / Mix(2.4)% Operations3.6% Foreign Exchange0.3% Total3.9%

5. Regional sales 2003 Sales change vs 2002  Steady performance in UK / Ireland  Recovery in Germany  Strong performance in Eastern Europe and Russia  Pricing and transactional exchange 2003 £mOperationsExchangeTotal Europe41.41.8%4.5%6.3%

6. Regional sales 2003 Sales change vs 2002  Market share gain in domestic US market  Strong growth in Latin America  Adverse price / mix impact  Impact of weak US$ 2003 £mOperationsExchangeTotal Americas15.27.1%(10.8)%(3.7)%

7. Regional sales 2003 Sales change vs 2002  Solid sales performance in Australia / New Zealand  Reduction of volumes in South East Asia  Strong recovery of volumes in Japan 2003 £mOperationsExchangeTotal Asia / Pacific13.14.3%1.3%5.6%

8. Regional sales 2003 Sales change vs 2002 1 Half 2003 £mOperationsExchangeTotal Europe41.41.8%4.5%6.3% Americas15.27.1%(10.8)%(3.7)% Asia / Pacific13.14.3%1.3%5.6% Total69.73.6%0.3%3.9%

9. Profit and Loss 6 months to June 2003 £ million 2003 1 Half 2002 1 Half Sales – continuing operations69.767.1 Operating profit – continuing operations10.19.1 Operating margin – continuing operations14.5%13.5% Net interest(1.5)(1.2) Profit before tax8.67.9 Tax2.62.4 Minority interest0.1 Profit for the period5.95.4

10. Earnings and Dividend 6 months to June 2003 2003 1 Half 2002 1 Half Earnings per ordinary share Basic3.7p2.7p Diluted3.7p2.7p Dividend per ordinary share1.1p1.0p

11. Balance Sheet £ million June 2003 December 2002 Fixed assets89.889.2 Net current assets28.325.2 Long term creditors and provisions(51.8)(55.7) 66.358.7 Share capital, share premium and reserves56.756.6 Retained earnings7.2(0.6) 63.956.0 Minority interest2.42.7 66.358.7 Net debt(34.3)(35.2) Gearing(53.7)%(62.9)%

12. Cash Flow 6 months to June 2003 £ million 2003 1 Half 2002 1 Half Net cash inflow from operating activities10.512.5 Net interest paid(1.6)(1.1) Tax paid(1.4)(0.3) Capital expenditure(2.4)(1.5) Acquisitions and disposals(0.2)(1.2) Preference dividend paid-(2.2) Equity dividend paid(3.2)(1.6) Net cash flow before financing1.74.6 Exchange(0.7)(0.6) Operating cash flow1.04.0 Redemption of preference shares-(27.5) Decrease / (increase) in net debt1.0(23.5) Interest cover7.0x8.0x