1. P R E L I M I N A R Y R E S U L T S March 2005

2. £ million20042003% inc. Group sales149.0146.12.0% Operating profit21.421.11.4% Operating margin14.3%14.4% Net interest(2.7)(3.0) Profit before tax18.618.03.2% Earnings per share8.3p7.9p5.1% Dividend per share4.0p3.5p14.3% Financial highlights 2004

3. Key features  Strong volume growth  Strong Cutisin performance  Adverse external factors  Further reduction in net debt  Investment in capacity

4. Sales analysis 2004 Sales change vs 2003 2004 Volume7.2% Price / Mix(2.0)% Operations5.2% Foreign Exchange(3.2)% Total2.0%

5. Regional sales by destination 2004 Sales change vs 2003  Very good growth in UK / Ireland  Continued pricing pressure in the UK  Strong Devro growth in Western European markets  Strong Cutisin growth in Eastern European markets Operations 2004 £mVolumePrice / MixTotalExchangeTotal Europe88.25.0%(2.3)%2.7%(0.9)%1.8%

6. Regional sales by destination 2004 Sales change vs 2003  Market share gain in domestic US market  Increasing volumes at larger customers  Steady performance in Latin America  Impact of weak US$ Operations 2004 £mVolumePrice / MixTotalExchangeTotal Americas30.615.9%(5.3)%10.6%(11.5)%(0.9)%

7. Regional sales by destination 2004 Sales change vs 2003  Solid performance in Australia / New Zealand  Volume gains in South East Asia  Continued growth in Japan Operations 2004 £mVolumePrice / MixTotalExchangeTotal Asia / Pacific30.24.5%2.3%6.8%(1.4)%5.4%

8. Regional sales by destination 2004 Sales change vs 2003 Full Year 2004 £mVolumePrice / MixExchangeTotal Europe88.25.0%(2.3)%(0.9)%1.8% Americas30.615.9%(5.3)%(11.5)%(0.9)% Asia / Pacific30.24.5%2.3%(1.4)%5.4% Total149.07.2%(2.0)%(3.2)%2.0%

9. Profit and loss 2004 £ million 20042003 Group sales149.0146.1 Operating profit21.421.1 Operating margin14.3%14.4% Net interest(2.7)(3.0) Profit before tax18.618.0 Tax(5.3)(5.2) Minority interest(0.0)(0.2) Profit for the year13.412.7

10. Earnings and dividend 2004 £ million 2004 2003 Earnings per ordinary share  Basic8.3p7.9p  Diluted8.3p7.9p Dividend per ordinary share4.0p3.5p

11. Balance sheet £ million 20042003 Fixed assets93.089.2 Net current assets29.125.8 Long term creditors and provisions(49.3)(50.2) 72.864.8 Share capital, share premium and reserves59.856.6 Retained earnings13.08.2 72.864.8 Minority interest0.0 72.864.8 Net debt(25.4)(26.7) Net gearing34.9%41.2%

12. Cash flow £ million 20042003 Net cash inflow from operating activities28.228.7 Net interest paid(3.2)(3.1) Taxation(5.0)(3.2) Capital expenditure(11.4)(7.3) Acquisitions and disposals(1.6)(0.2) Equity dividend paid(5.8)(5.0) Net cash flow before financing1.29.9 Issue of share capital0.40.0 Exchange(0.4)(1.3) Decrease in net debt1.28.6 Interest cover7.87.0

13. Outlook  New products  2005 trends  Positive outlook