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P R E L I M I N A R Y R E S U L T S 13 March 2002

P R E L I M I N A R Y R E S U L T S 13 March 2002. Sales Continuing operations 127.6 122.4 Discontinued operations 80.7 107.1 208.3 229.5 Operating profit before exceptional items Continuing operations 19.4 21.6 Discontinued operations (0.8) 2.4 18.6 24.0

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P R E L I M I N A R Y R E S U L T S 13 March 2002

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  1. P R E L I M I N A R Y R E S U L T S 13 March 2002

  2. SalesContinuing operations 127.6 122.4Discontinued operations 80.7 107.1 208.3 229.5 Operating profit before exceptional itemsContinuing operations 19.4 21.6Discontinued operations (0.8) 2.4 18.6 24.0 Operating margin – continuing operations 15.2% 17.7% Exceptional items (52.1) (1.5) Net interest (3.4) (2.7) (Loss) / profit before tax (36.9) 19.8 (Loss) / earnings per share (28.8)p 8.3p Earnings per share before exceptional items 5.1p 9.0p Dividend per share 2.0p 5.0p £ million 2001 2000 Financial Highlights 2001

  3. Key Features • BSE in Continental Europe • Foot and Mouth Disease • Sale of Cellulose business • Collagen raw material costs

  4. 2001 Sales Analysis 2001Continuing Operations - sales change vs 2000 * Volume (0.9)% Price / Mix 0.7% Operations (0.2)% Foreign Exchange 1.6% Total 1.4% * Excluding quarter 4 sales of distributed cellulose products of £3.5m

  5. Europe 69.0 (3.4)% 2.0% (1.4)% £ million 2001 Operations Exchange Total Regional sales by destination 2001Continuing Operations – sales change vs 2000 * • UK market depressed by the impact of Foot and Mouth Disease • Small loss of market share in UK in early part of year • Volumes in Europe adversely affected by BSE concerns • Good Cutisin performance in both edible and non-edible collagen • Favourable exchange impact * Excluding quarter 4 sales of distributed cellulose products of £3.0m

  6. £ million 2001 Operations Exchange Total Regional sales by destination 2001Continuing Operations – sales change vs 2000 * Americas 33.3 6.8% 5.7% 12.5% • Strong Coria performance in both US and Latin America markets • Devro and Cutisin volumes restricted due to BSE and Foot and Mouth concerns • Beneficial exchange impact * There are no sales of distributed cellulose products in the Americas

  7. £ million 2001 Operations Exchange Total Regional sales by destination 2001Continuing Operations – sales change vs 2000 * Asia Pacific 21.8 0.9% (5.3)% (4.4)% • Regulatory restrictions had significant impact in SE Asia in first half, but strong recovery in second half • Volumes in Japan severely affected by regulatory restrictions and emergence of BSE • Modest uplift in Australia • Adverse exchange impact * Excluding quarter 4 sales of distributed cellulose products of £0.5m

  8. Europe 69.0 (3.4)% 2.0% (1.4)% Americas 33.3 6.8% 5.7% 12.5% Asia / Pacific 21.8 0.9% (5.3)% (4.4)% Total 124.1 (0.2)% 1.6% 1.4% 2001 Full Year £m Operations Exchange Total Regional sales by destination 2001 Continuing Operations – sales change vs 2000 * * Excluding quarter 4 sales of distributed cellulose products of £3.5m

  9. £ million 2001 2000 Profit and Loss – 2001 SalesContinuing operations 127.6 122.4Discontinued operations 80.7 107.1 208.3 229.5 Operating profit before exceptional itemsContinuing operations 19.4 21.6Discontinued operations (0.8) 2.4 18.6 24.0 Operating margin – continuing operations 15.2% 17.7% Exceptional items (52.1) (1.5) Net interest (3.4) (2.7) (Loss) / profit before tax (36.9) 19.8 Tax 6.8 3.9 Minority interest 0.1 0.3 (Loss) / profit for the year (43.8) 15.6

  10. £ million 2001 2000 Earnings and Dividend – 2001 Earnings per ordinary share Basic (28.8)p 8.3p Diluted (28.8)p 8.3p Before exceptional items 5.1p 9.0p Dividend per ordinary share 2.0p 5.0p

  11. £ million 2001 2000 Balance Sheet - 2001 Fixed assets 91.8 120.1Net current assets 36.9 66.7Long term creditors and provisions (44.3) (90.6) 84.4 96.2 Share capital, share premium and reserves 60.1 56.4Retained earnings 21.8 37.5 81.9 93.9 Minority interest 2.5 2.3 84.4 96.2 Net debt (24.7) (29.0) Net gearing 30.2% 30.9%

  12. £ million 2001 2000 Cash Flow – 2001 Net cash inflow from operating activities 31.1 29.7Net interest paid (3.3) (2.8)Tax paid (5.5) (5.9)Capital expenditure (7.8) (12.8)Acquisitions and disposals (1.8) (0.1)Preference dividend paid (2.4) (2.2)Equity dividend paid (6.9) (5.5) Net cash flow before financing 3.4 0.4Issue of share capital 0.0 0.0Exchange 0.9 (0.7) Decrease / (increase) in net debt 4.3 (0.3) Interest cover 6.9 * 8.8 * Calculated on operating profits – continuing operations before exceptional items, net interest restated to exclude the costs of cancelling interest rate swaps

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