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

2. Financial highlights 6 months to June 2004 £ million 2004 1 Half 2003 1 Half% inc. Group sales70.969.71.8% Operating profit10.1 Operating margin14.3%14.5% Net interest(1.4)(1.5) Profit before tax8.78.61.7% Earnings per share3.9p3.7p6.0% Dividend per share1.25p1.1p 13.6%

3. 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

4. Sales analysis 2004 Sales change vs 2003 1 Half Volume7.0% Price / Mix(1.8)% Operations5.2% Foreign Exchange(3.4)% Total1.8%

5. 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 Europe42.03.3%(1.8)%1.5%

6. 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 Americas14.810.1%(12.4)%(2.3)%

7. 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 / Pacific14.15.7%2.1%7.8%

8. Regional sales 2004 Sales change vs 2003 1 Half 2004 £mOperationsExchangeTotal Europe42.03.3%(1.8)%1.5% Americas14.810.1%(12.4)%(2.3)% Asia / Pacific14.15.7%2.1%7.8% Total70.95.2%(3.4)%1.8%

10. Profit and loss 6 months to June 2004 £ million 2004 1 Half 2003 1 Half Group sales70.969.7 Operating profit10.1 Operating margin14.3%14.5% Net interest(1.4)(1.5) Profit before tax8.78.6 Tax2.52.6 Minority interest0.00.1 Profit for the period6.25.9

11. Earnings and dividend 6 months to June 2004 2004 1 Half 2003 1 Half Earnings per ordinary share Basic3.9p3.7p Diluted3.9p3.7p Dividend per ordinary share1.25p1.1p

12. Balance sheet £ million June 2004 December 2003 Fixed assets86.689.2 Net current assets32.025.8 Long term creditors and provisions(53.7)(50.2) 64.964.8 Share capital, share premium and reserves58.056.6 Retained earnings6.98.2 64.964.8 Net debt(31.5)(26.7) Gearing(48.5)%(41.2)%

13. Cash flow 6 months to June 2004 £ million 2004 1 Half 2003 1 Half Net cash inflow from operating activities10.110.5 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

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