1. I N T E R I M R E S U L T S September 2005

2. 6 months to June 2005 £ million 2005 1 Half 2004 1 Half% inc. Group sales74.670.95.2% Operating profit before exceptional items10.79.9*7.6% Operating margin14.3%14.0% Exceptional items6.10.0 Net interest(0.9)(1.4) Profit before tax15.98.5 Earnings per share7.0p3.8p Earnings per share before exceptional items4.3p3.8p 13.2% Dividend per share1.375p1.25p10.0% Financial highlights *£10.1 reported in 2004 under UK GAAP

3. Key features  Strong volume growth  Adverse price / mix  Productivity improvements  Higher input costs  Cutisin expansion  Further reduction in net debt

4. Sales analysis 2005 Sales change vs 2004 1 Half Volume5.9% Price / Mix(2.3)% Operations3.6% Foreign Exchange1.6% Total5.2%

5. Regional sales by destination 2005 Change vs 2004  Strong performance in Continental Europe  Adverse impact of Czech Crown  Pressure in the UK market 1 st Half 2005 £mVolumePrice / MixOperationsExchangeTotal Europe43.84.9%(3.9)%1.0%3.3%4.3%

6. Regional sales by destination 2005 Change vs 2004  Market share gain in domestic US market  Increasing volumes at larger customers  Volumes restricted in Latin America  Impact of weak US$ 1 st Half 2005 £mVolumePrice / MixOperationsExchangeTotal Americas15.79.6%(0.8)%8.8%(2.8)%6.0%

7. Regional sales by destination 2005 Change vs 2004  Solid performance in Australia / New Zealand  Continued growth in Japan  Opportunities developing in China 1 st Half 2005 £mVolumePrice / MixOperationsExchangeTotal Asia / Pacific15.14.8%0.9%5.7%1.1%6.8%

8. Regional sales by destination 2005 Change vs 2004 1 st Half 2005 £mVolumePrice / MixOperationsExchangeTotal Europe43.84.9%(3.9)%1.0%3.3%4.3% Americas15.79.6%(0.8)%8.8%(2.8)%6.0% Asia / Pacific15.14.8%0.9%5.7%1.1%6.8% Total74.65.9%(2.3)%3.6%1.6%5.2%

9. Profit and loss 2005 6 months to June 2005 £ million 2005 1 Half 2004 1 Half Group sales74.670.9 Operating profit before exceptional items10.79.9* Operating margin14.3%14.0% Exceptional items6.10.0 Net interest(0.9)(1.4) Profit before tax15.98.5 Tax4.52.5 Profit for the period11.46.0 *£10.1 reported in 2004 under UK GAAP

10. Earnings and dividend 2005 6 months to June 2005 £ million 2005 1 Half 2004 1 Half Earnings per ordinary share  Basic7.0p3.8p  Diluted7.0p3.7p  Before exceptional items4.3p3.8p Dividend per share1.375p1.25p

11. Balance sheet £ million June 2005 December 2004 Non-current assets104.8102.6 Net current assets35.029.6 Non-current liabilities(79.7)(76.7) 60.155.5 Share capital and reserves68.167.0 Retained losses(8.0)(11.5) 60.155.5 Net debt(20.6)(25.5) Gearing(34.3)%(45.9)%

12. Cash flow 6 months to June 2005 £ million 2005 1 Half 2004 1 Half Net cash inflow from operating activities10.610.2 Net interest paid(0.9)(1.5) Tax paid(3.0)(2.1) Capital expenditure(5.1)(4.0) Acquisitions and disposals0.0(1.7) Sale of land7.10.0 Equity dividend paid(4.4)(3.8) Net cash flow before financing4.3(2.9) Issue of share capital0.10.0 Exchange0.5(1.9) Decrease / (increase) in net debt4.9(4.8) Interest cover*12.07.0 *calculated on operating profits before exceptional items

13. Outlook