1. P R E L I M I N A R Y R E S U L T S 3 March 2004

2. Financial Highlights - 2003 £ million 20032002 % inc Group sales146.1138.05.9% Operating profit before exceptional items – continuing operations 21.118.415.0% Operating margin – continuing operations14.4%13.3%8.3% Exceptional items0.0(1.8) Net interest(3.0)(2.9) Profit before tax18.013.731.3% Earnings per share7.9p7.2p9.7% Earnings per share before exceptional items7.9p6.0p31.7% Dividend per share3.5p3.0p16.7%

3. Key Features  Continued steady trading  Good volume growth  Strong Eastern European performance  Stable pricing  Margin improvement from productivity and plant yields  Further reduction in net debt  Purchase of Cutisin minority shareholding

4. Sales Analysis 2003 S ales change vs 2002 2003 Volume5.3% Price / Mix(1.3)% Operations4.0% Foreign Exchange1.9% Total5.9%

5. Regional sales by destination 2003 Sales change vs 2002  Steady performance in UK / Ireland  Recovery in Germany  Strong growth in Eastern European markets  Good Cutisin performance in both edible and non-edible collagen 2003 £mOperationsExchangeTotal Europe86.52.9%4.2%7.1%

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 Americas30.97.8%(8.8)%(1.0)%

7. Regional sales 2003 Sales change vs 2002  Solid collagen sales performance in Australia / New Zealand  Reduction of volumes in South East Asia  Strong recovery of volumes in Japan  Positive exchange 2003 £mOperationsExchangeTotal Asia / Pacific28.73.3%7.4%10.7%

8. Regional sales by destination 2003 Sales change vs 2002 Full Year 2003 £mOperationsExchangeTotal Europe86.52.9%4.2%7.1% Americas30.97.8%(8.8)%(1.0)% Asia / Pacific28.73.3%7.4%10.7% Total146.14.0%1.9%5.9%

9. Profit and Loss - 2003 £ million20032002 Group sales146.1138.0 Operating profit before exceptional items – continuing operations 21.118.4 Operating margin – continuing operations14.4%13.3% Exceptional items0.0(1.8) Net interest(3.0)(2.9) Profit before tax18.013.7 Tax5.21.0 1 Minority interest0.2 Profit for year12.712.5 1 2002 includes an exceptional credit of £3.2m

10. Earnings and Dividend - 2003 20032002 Earnings per ordinary share Basic7.9p7.2p Diluted7.9p7.2p Before exceptional items7.9p6.0p Dividend per ordinary share3.5p3.0p

11. Balance Sheet £ million20032002 Fixed assets89.2 Net current assets25.825.2 Long term creditors and provisions(50.2)(55.7) 64.858.7 Share capital, share premium and reserves56.6 Retained earnings8.2(0.6) 64.856.0 Minority interest0.02.7 64.858.7 Net debt(26.7)(35.2) Net gearing41.2%62.9%

12. Cash Flow £ million20032002 Net cash inflow from operating activities28.629.3 Net interest paid(3.1)(3.0) Taxation(3.2)1.8 Capital expenditure(7.3)(5.6) Acquisitions and disposals(0.2)(1.2) Preference dividend paid0.0(2.3) Equity dividend paid(5.0)(3.2) Net cash flow before financing9.815.8 Redemption of preference shares0.0(27.7) Exchange(1.2)1.3 Decrease / (increase) in net debt8.6(10.6) Interest cover7.06.4* *calculated on operating profits – continuing operations before exceptional items

13. Outlook  Regulatory issues on collagen sourcing  Initial investigations into development of new products  Reasonable start to the year in general trading