I N T E R I M R E S U L T S 3 September 2003

I N T E R I M R E S U L T S3 September 2003

Financial Highlights6 months to June 2003£ million

20031 Half

20021 Half % inc.

Sales – continuing operations 69.7 67.1 3.9%Operating profit – continuing operations 10.1 9.1 11.4%

Operating margin – continuing operations 14.5% 13.5%

Net interest (1.5) (1.2)

Profit before tax 8.6 7.9 8.5%

Earnings per share 3.7p 2.7p 37.0%

Dividend per share 1.1p 1.0p

Key Features Improved trading pattern Good volume growth Stable first half pricing Margin improvement from productivity and plant

yields Porcine casing becoming established Little impact from currency

Sales Analysis 2003Sales change vs 2002

1 HalfVolume 6.0%

Price / Mix (2.4)%

Operations 3.6%

Foreign Exchange 0.3%

Total 3.9%

Regional sales 2003Sales change vs 2002

Steady performance in UK / Ireland Recovery in Germany Strong performance in Eastern Europe and Russia Pricing and transactional exchange

2003£m Operations Exchange Total

Europe 41.4 1.8% 4.5% 6.3%

Regional sales 2003Sales change vs 2002

Market share gain in domestic US market Strong growth in Latin America Adverse price / mix impact Impact of weak US$

2003£m Operations Exchange Total

Americas 15.2 7.1% (10.8)% (3.7)%

Regional sales 2003Sales change vs 2002

Solid sales performance in Australia / New Zealand Reduction of volumes in South East Asia Strong recovery of volumes in Japan

2003£m Operations Exchange Total

Asia / Pacific 13.1 4.3% 1.3% 5.6%

Regional sales 2003 Sales change vs 2002

1 Half2003

£m Operations Exchange TotalEurope 41.4 1.8% 4.5% 6.3%

Americas 15.2 7.1% (10.8)% (3.7)%

Asia / Pacific 13.1 4.3% 1.3% 5.6%

Total 69.7 3.6% 0.3% 3.9%

Profit and Loss6 months to June 2003£ million

20031 Half

20021 Half

Sales – continuing operations 69.7 67.1

Operating profit – continuing operations 10.1 9.1

Operating margin – continuing operations 14.5% 13.5%

Net interest (1.5) (1.2)

Profit before tax 8.6 7.9

Tax 2.6 2.4

Minority interest 0.1 0.1

Profit for the period 5.9 5.4

Earnings and Dividend

6 months to June 20032003

1 Half2002

1 HalfEarnings per ordinary share

Basic 3.7p 2.7p

Diluted 3.7p 2.7p

Dividend per ordinary share 1.1p 1.0p

Balance Sheet

£ millionJune

2003December

2002Fixed assets 89.8 89.2Net current assets 28.3 25.2Long term creditors and provisions (51.8) (55.7)

66.3 58.7Share capital, share premium and reserves 56.7 56.6Retained earnings 7.2 (0.6)

63.9 56.0Minority interest 2.4 2.7

66.3 58.7Net debt (34.3) (35.2)

Gearing (53.7)% (62.9)%

Cash Flow6 months to June 2003 £ million

20031 Half

20021 Half

Net cash inflow from operating activities 10.5 12.5Net interest paid (1.6) (1.1)Tax paid (1.4) (0.3)Capital expenditure (2.4) (1.5)Acquisitions and disposals (0.2) (1.2)Preference dividend paid - (2.2)Equity dividend paid (3.2) (1.6)Net cash flow before financing 1.7 4.6Exchange (0.7) (0.6)Operating cash flow 1.0 4.0Redemption of preference shares - (27.5)Decrease / (increase) in net debt 1.0 (23.5)

Interest cover 7.0x 8.0x