P R E L I M I N A R Y R E S U L T S13 March 2003

SalesContinuing operations 138.0 127.6Discontinued operations 0.0 80.7

138.0 208.3Operating profit before exceptional items

Continuing operations 18.4 19.4Discontinued operations 0.0 (0.8)

18.4 18.6Operating margin – continuing operations 13.3% 15.2%Exceptional items (1.8) (52.1)Net interest (2.9) (3.4)Profit/(loss) before tax 13.7 (36.9)Earnings/(loss) per share 7.2p (29.1)pEarnings per share before exceptional items 6.0p 4.8pDividend per share 3.0p 2.0p

Financial Highlights 2002 2001

£ million 2002(restated)*

* 2001 restated for the adoption of FRS 19 Deferred Tax

Key Features

More stable business pattern

Edible collagen volumes ahead of prior year

Adverse currency impact of £2m on operating profit

Introduction of Porcine collagen casings

Management structure realignment – one year payback

Redemption of preference shares at a discount of £7.9m

Overall indebtedness reduced from £61m to £35m

Sales Analysis 2002

Sales change vs. 2001 on a like-for-like basis

2002Volume 2.7%

Price / Mix (3.0)%

Operations (0.3)%

Foreign Exchange 0.7%

Total 0.4%

Regional sales by destination 2002

Sales change vs. 2001 on a like-for-like basis

Stronger second half in the UK market offset by weaker pricing

Growth in Western Europe markets

Eastern Europe slightly behind

Good Cutisin performance in both edible and non-edible collagen

Strength of Czech Koruna

2002£m Operations Exchange Total

Europe 80.7 (2.7)% 3.3% 0.6%

Regional sales by destination 2002

Sales change vs. 2001 on a like-for-like basis

Like-for-like volumes ahead

Solid Coria performance in the US

US collagen pricing stable

Prior year comparison reflects abnormal one-off volume benefit

Underlying sales growth in the Americas maintained

Adverse exchange impact

2002£m Operations Exchange Total

Americas 31.0 (2.5)% (4.4)% (6.9)%

Regional sales by destination 2002

Sales change vs. 2001 on a like-for-like basis

Volumes 10% ahead Price / mix favourable Solid collagen sales performance in Australia Strong recovery of collagen volumes in South East Asia Stronger second half performance in Japan

2002£m Operations Exchange Total

Asia/Pacific 26.3 10.7% (0.5)% 10.2%

Europe 80.7 (2.7)% 3.3% 0.6%

Americas 31.0 (2.5)% (4.4)% (6.9)%

Asia/Pacific 26.3 10.7% (0.5)% 10.2%

Total 138.0 (0.3)% 0.7% 0.4%

Regional sales by destination 2002

Sales change vs. 2001 on a like-for-like basis

2002Full Year £m Operations Exchange Total

Profit and Loss – 2002

SalesContinuing operations 138.0 127.6Discontinued operations 0.0 80.7

138.0 208.3Operating profit before exceptional items

Continuing operations 18.4 19.4Discontinued operations 0.0 (0.8)

18.4 18.6Operating margin – continuing operations 13.3% 15.2%Exceptional items (1.8) (52.1)Net interest (2.9) (3.4)Profit/(loss) before tax 13.7 (36.9)Tax (1.0)** (7.2)Minority interest (0.2) (0.1)Profit/(loss) for the year 12.5 (44.2)

2001£ million 2002(restated)*

* 2001 restated for the adoption of FRS 19 Deferred Tax ** 2002 includes an exceptional credit of £3.2m

Earnings and Dividend – 2002

Earnings per ordinary share

Basic 7.2p (29.1)p

Diluted 7.2p (29.1)p

Before exceptional items 6.0p 4.8p

Dividend per ordinary share 3.0p 2.0p

20012002

(restated)*

* 2001 restated for the adoption of FRS 19 Deferred Tax

Balance Sheet

Fixed assets 89.2 91.8Net current assets 25.2 36.9Long term creditors and provisions (55.7) (51.0)

58.7 77.7

Share capital, share premium and reserves 56.6 60.1Retained earnings (0.6) 15.1

56.0 75.2

Minority interest 2.7 2.5

58.7 77.7

Net debt (35.2) (24.7)

Net gearing 62.9% 155.5%**

2001£ million 2002(restated)*

* 2001 restated for the adoption of FRS 19 Deferred Tax ** Including preference shares as debt

Cash Flow

Net cash inflow from operating activities 29.3 31.1Net interest paid (3.0) (3.3)Taxation 1.8 (5.5)Capital expenditure (5.6) (7.8)Acquisitions and disposals (1.2) (1.8)Preference dividend paid (2.3) (2.4)Equity dividend paid (3.2) (6.9)

Net cash flow before financing 15.8 3.4Redemption of preference shares (27.7) 0.0Exchange 1.3 0.9

(Increase)/decrease in net debt (10.6) 4.3

Interest cover 6.4* 5.4*

£ million 2002 2001

* Calculated on operating profits – continuing operations before exceptional items

Total Indebtedness

£ million 2002 2001

Preference share capital – 36.0

Net debt 35.2 24.7

35.2 60.7

Outlook

Continued focus on cash generation

Satisfactory start to the year

Current trading in line with expectations