1. P R E L I M I N A R Y R E S U L T S 1 March 2006

2. £m20052004% inc. Revenue152.5148.92.4% Operating profit before exceptional items21.320.7*2.8% Operating margin13.9% Exceptional items6.3- Net interest(1.8)(2.7) Profit before tax25.818.043.0% Earnings per share11.5p8.0p44.1% Earnings per share before exceptional items8.7p8.0p8.5% Dividend per share4.4p4.0p10.0% Financial highlights 2005 *Including the share of the loss of the joint venture

3. Key features  Growth in each major trading region  Excellent Cutisin performance  UK pricing pressure  Adverse foreign exchange  Higher input costs  Cutisin investment progressing well  Substantial reduction in net debt

4. Sales analysis 2005 Sales change vs 2004 2005 Volume1.7% Price / Mix(1.6)% Operations0.1% Foreign Exchange2.3% Total2.4%

5. Regional sales by destination 2005 Sales change vs 2004  Strong performance in Continental Europe  Adverse impact of Czech Crown  Subdued UK market £m 2005VolumePrice / MixOperationsExchangeTotal Europe88.91.3%(2.9)%(1.6)%2.4%0.8%

6. Regional sales by destination 2005 Sales change vs 2004  Slower second half in US  Supply restricted to other markets  Pricing stable £m2005VolumePrice / MixOperationsExchangeTotal Americas31.40.9%0.6%1.5%1.3%2.8%

7. Regional sales by destination 2005 Sales change vs 2004  Solid performance in Australia / New Zealand  Continued growth in Japan  Volume gains in South East Asia  Opportunities developing in China £m2005VolumePrice / MixOperationsExchangeTotal Asia/Pacific32.23.6%(0.1)%3.5%3.2%6.7%

8. Regional sales by destination 2005 Sales change vs 2004 Full Year 2005 £mVolumePrice / MixOperationsExchangeTotal Europe88.91.3%(2.9)%(1.6)%2.4%0.8% Americas31.40.9%0.6%1.5%1.3%2.8% Asia/Pacific32.23.6%(0.1)%3.5%3.2%6.7% Total152.51.7%(1.6)%0.1%2.3%2.4%

9. Income statement 2005 £m20052004 Revenue152.5148.9 Operating profit before exceptional items21.320.7* Operating margin13.9% Exceptional items6.3- Net interest(1.8)(2.7) Profit before tax25.818.0 Tax7.15.2 Profit for the year18.712.9 *Including the share of the loss of the joint venture

10. Earnings and dividend 2005 20052004 Earnings per share  Basic11.5p8.0p  Diluted11.4p7.9p  Before exceptional items8.7p8.0p Dividend per share4.4p4.0p

11. Balance sheet £m20052004 Non-current assets117.3106.1 Net current assets27.927.4 Non-current liabilities(83.8)(80.2) 61.453.3 Share capital and reserves71.467.7 Retained losses(10.0)(14.4) 61.453.3 Net debt(17.7)(25.5) Gearing28.8%47.8%

12. Cash flow £m20052004 Net cash inflow from operating activities28.528.3 Net interest paid(1.8)(3.2) Taxation(6.4)(5.0) Capital expenditure(15.3)(11.5) Acquisitions and disposals0.0(1.6) Sale of land7.30.0 Equity dividend paid(6.6)(5.8) Net cash flow before financing5.71.2 Issue of share capital0.30.4 Exchange1.8(0.4) Decrease in net debt7.81.2 Interest cover11.77.7

13. Outlook  New products  Solid start to 2006  Cost reduction  Further investment in Cutisin