I N T E R I M R E S U L T S 8 September 2004

Financial highlights 6 months to June 2004 £ million Half Half% inc. Group sales % Operating profit10.1 Operating margin14.3%14.5% Net interest(1.4)(1.5) Profit before tax % Earnings per share3.9p3.7p6.0% Dividend per share1.25p1.1p 13.6%

Key features  Strong volume growth  Adverse market / product line mix  Strength of sterling  Strong Cutisin performance  Investment in capacity  Cash impact of Cutisin minority purchase  New products

Sales analysis 2004 Sales change vs Half Volume7.0% Price / Mix(1.8)% Operations5.2% Foreign Exchange(3.4)% Total1.8%

Regional sales by destination 2004 Change vs 2003  Solid growth in UK / Ireland  Strong performance in Eastern Europe and Russia  Pricing pressure in the UK  Adverse exchange impact 2004 £mOperationsExchangeTotal Europe %(1.8)%1.5%

Regional sales by destination 2004 Change vs 2003  Market share gain in domestic US market  Strong growth in Latin America  Increased volume discounts  Impact of weak US$ 2004 £mOperationsExchangeTotal Americas %(12.4)%(2.3)%

Regional sales by destination 2004 Change vs 2003  Australia / New Zealand broadly in line  Strong recovery of volumes in Japan  Volume gains in South East Asia  Positive exchange impact 2004 £mOperationsExchangeTotal Asia / Pacific %2.1%7.8%

Regional sales 2004 Sales change vs Half 2004 £mOperationsExchangeTotal Europe %(1.8)%1.5% Americas %(12.4)%(2.3)% Asia / Pacific %2.1%7.8% Total %(3.4)%1.8%

Profit and loss 6 months to June 2004 £ million Half Half Group sales Operating profit10.1 Operating margin14.3%14.5% Net interest(1.4)(1.5) Profit before tax Tax Minority interest Profit for the period6.25.9

Earnings and dividend 6 months to June Half Half Earnings per ordinary share Basic3.9p3.7p Diluted3.9p3.7p Dividend per ordinary share1.25p1.1p

Balance sheet £ million June 2004 December 2003 Fixed assets Net current assets Long term creditors and provisions(53.7)(50.2) Share capital, share premium and reserves Retained earnings Net debt(31.5)(26.7) Gearing(48.5)%(41.2)%

Cash flow 6 months to June 2004 £ million Half Half Net cash inflow from operating activities Net interest paid(1.5)(1.6) Tax paid(2.1)(1.4) Capital expenditure(4.0)(2.4) Acquisitions and disposals(1.7)(0.2) Equity dividend paid(3.8)(3.2) Net cash flow before financing(3.0)1.7 Exchange(1.8)(0.7) (Increase) / decrease in net debt(4.8)1.0 Interest cover7x

Outlook  Update on development of new products  Second half trading