Devro PLC
01 March 2006



                                   DEVRO PLC

                                                                    1 March 2006

            PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2005

Results                                            2005      2004+     % Change
Revenue                                          £152.5m    £148.9m       2.4%
Operating profit (before exceptional items)       £21.3m  £20.7m++        2.8%
Exceptional items:                                 £6.3m         -          -
 - profit on sale of land
Profit before tax                                 £25.8m     £18.0m        43%
Earnings per share                                 11.5p       8.0p        44%
Earnings per share (before exceptional items)       8.7p       8.0p         9%
Dividend per share                                  4.4p       4.0p        10%
Net debt                                          £17.7m     £25.5m         -


+ Prior year numbers have been restated to incorporate adjustments required
under IFRS.

++ Including the share of the loss of the joint venture.


Pat Barrett, Chairman of Devro, commented:

"2005 was another year of achievement and progress. The group continued to
increase its revenue, unit volumes and profits and we again saw growth in each
of our major trading regions.


"We believe there is further significant revenue growth potential in the
developing markets of South East Asia, Eastern Europe and Latin America and we
have a number of new products under development to support these aims. With
strong growth continuing in the Cutisin range, we have decided to accelerate our
development plans for the Czech operations by increasing the level of investment
in the new manufacturing plant being installed in our Jilemnice facility.


"With many opportunities to invest in the improvement, development and expansion
of our core casing business around the world, the Board is confident about the
future outlook for the group."


Enquiries:
Graeme Alexander          Chief Executive     020 7404 5959 on 1 March 2006
John Neilson              Finance Director    01236 879191 thereafter
Jon Coles / Mark Antelme  Brunswick           020 7404 5959



CHAIRMAN'S STATEMENT



I am pleased to report that 2005 was a further year of achievement and progress.
The group continued to increase its revenue, unit volumes and profits and we
again saw growth in each of our major trading regions. Profit before tax and
exceptional items increased to £19.4 million (2004: £18.0 million) while basic
earnings per share before exceptional items rose 9% to

8.7 pence (2004: 8.0 pence).


Total sales in 2005 were £152.5 million, an increase of 2.4% compared to £148.9
million reported for 2004. Sales volumes were ahead of prior year by 1.7%. This
was offset by an adverse price/mix of 1.6%, resulting from a combination of a
significant adverse movement in the strength of the Czech Koruna against its
principal trading currencies, unfavourable movements in market and product mixes
and increased volume discounts at specific key accounts. A positive exchange
impact on translating overseas sales into sterling then provided a favourable
2.3% movement.


This sales performance was achieved during a year in which market conditions
were variable and sometimes difficult, particularly during the second half.
Volumes in certain of our more established markets were slower in the second
half, while substantial growth was generally maintained throughout the year in
the developing regions. In the US market the snack sector slowed markedly during
the third quarter. While there was some recovery in the fourth quarter, volumes
in this category were still below their recent historical trend. In the UK,
following two years of above average growth, 2005 experienced quieter trading
conditions. Conversely, in the Asia/Pacific region the pattern of growth seen in
2003 and 2004 was maintained throughout 2005, with both South East Asian and
Japanese markets experiencing solid increases in sales volumes. A similar
situation existed in Eastern European and Russian markets, where the strong
growth of recent years continued throughout 2005. These volume gains in the
developing markets were delivered through a mix of increased conversion from gut
casings to collagen and growth in the underlying sausage market.


We are constantly striving to improve further the performance of both our
products and our manufacturing processes to ensure our cost base remains as
effective as possible. In 2005 our programme of improvements yielded further
increases in productivity which greatly helped to offset the considerable
adverse financial impact of significantly increased energy costs. This rise in
energy costs, the impact of which was greatest on our UK operation and which
mainly occurred during the second half, is expected to remain with us for some
time to come.


In response to this additional cost burden, and as part of our ongoing efforts
to ensure that our cost base remains as tightly controlled as possible, we have
carried out a major review of the overhead structure in our UK operation. Action
was taken early in 2006 to reduce our overhead costs. This is costing
approximately £1.0 million to implement but, with the associated benefits
arising from this programme, it will be broadly neutral to profits for the year
as a whole.


Pre-tax profit before the exceptional gain on the sale of the land at
Moodiesburn was
£19.4 million compared with £18.0 million in 2004. Basic earnings per share
before exceptional items was 8.7 pence against 8.0 pence in 2004, an increase of
almost 9%.


Net debt at the end of the year was reduced to £17.7 million, £7.8 million less
than at December 2004, and compares with £20.5 million reported at June 2005.
This reduction was achieved despite a marked increase in the level of capital
investment.


During the year, we made good progress on the expansion of our Czech facilities.
As a result of this investment programme, capital expenditure for 2005 increased
to £16.7 million
(2004: £11.5 million) and we expect it to continue around this level, at least
for 2006.



Dividend


The Board is proposing a final dividend of 3.025 pence (2004: 2.75 pence),
bringing the total for the year to 4.4 pence (2004: 4.0 pence). This will be
paid on 17 May 2006 to shareholders on the register as of 18 April 2006. Our
dividend policy continues to be one of progressive growth that is both
sustainable over the longer term and consistent with the investment requirements
for the further development of the business.



Board changes


As previously announced, Mr Patrick Mocatta retired from the Board at the Annual
General Meeting on 5 May 2005, after nine years as a non-executive Director. On
behalf of the Board I would like to thank Patrick for his significant
contribution to our company during his time on the Board.


Also as previously announced, Mr Paul Neep joined the Board as a non-executive
Director on 1 February 2005. Paul has been Chief Executive Officer of
Glenmorangie since 2000 and brings to Devro a wide range of international
marketing experience.


In September we were saddened by the death of Mr John Napier. In his time with
the company as a non-executive Director he made a significant contribution to
Board discussions. His presence is missed and our thoughts are with his family.



Employees


Our greatest asset is the quality and dedication of our workforce worldwide. I
need hardly tell shareholders that all who work in the group habitually do work
very hard for them. On behalf of the Board and shareholders, I would like to
offer our employees sincere thanks for their efforts during 2005.



Prospects


Revenue for the early part of 2006 has been encouraging and our operations are
performing well. The expansion of our manufacturing facilities in the Czech
Republic is progressing according to plan and initial production will commence
during the second half of this year. With strong growth continuing in the
Cutisin range, we have now decided to accelerate our development plans for the
Czech operations by increasing the level of investment in the new manufacturing
plant being installed in our Jilemnice facility.


We will continue to experience pressures from higher energy costs. Our ongoing
commitment to improving operational efficiency and manufacturing effectiveness,
however, will mitigate much of the adverse effect.


While we continue to face strong competition in a number of markets there is,
nevertheless, considerable scope for organic growth within the casing sector and
we are continuing to expand our business globally. We believe there is further
significant revenue growth potential in the developing markets of South East
Asia, Eastern Europe and Latin America and we have a number of new products
under development to support these aims.


With many opportunities to invest in the improvement, development and expansion
of our core casing business around the world, the Board is confident about the
outlook for the group.



OPERATING REVIEW


Devro had another satisfactory trading year overall, with the majority of our
major market areas showing increases in sterling revenue compared with 2004.


This was achieved against the backdrop of a softer trading environment during
the second half of the year, particularly during the third quarter. Trading at
the very end of the year recorded a significant downturn on prior year in almost
all markets. Most of this downturn, however, was due to the phasing of the Devro
trading calendar which had fewer effective days for selling in December 2005
compared to 2004, reducing group volume growth from 4%, recorded to the end of
November, to 2% for the year as a whole. Excluding this effect, trading during
the fourth quarter generally was comfortably above prior year.


Total group revenue for the year, at £152.5 million, was 2.4% ahead of the prior
year figure of £148.9 million. While translational exchange had a positive
influence on the revenue in each of our operating regions, the largest single
impact was the adverse transactional effect of over £1.5 million, arising from
Cutisin's export sales in euros and US dollars, which appears as an adverse
price movement.

In the UK, the market was slightly subdued, particularly during the third
quarter. While sales picked up early in the fourth quarter, UK volumes
nevertheless finished 5% behind for the year. However, this should be viewed
against a picture of unusually strong growth over the two previous years in what
is, essentially, a mature market. In such circumstances, some easing up is
perhaps not surprising and, indeed, trading in the early part of 2006 has
returned to a pattern of reasonably solid growth. While price/mix for the year
was slightly under 2% adverse, the trend was positive towards year-end with the
fourth quarter recording an improvement of around 1%. Competition continues to
be quite active in the UK market, but over the course of the year we held a
solid position and the improved price/mix figure for the fourth quarter reflects
actions on price, taken earlier in the year, beginning to work through into the
market.

In Continental European markets the excellent growth seen in recent years
continued throughout 2005. Each of the major market areas - Western Europe,
Central Europe and Eastern Europe - showed an increase in casing sales volumes
over prior year, resulting in an overall increase of over 10% in these markets.


While the Devro range achieved a solid increase of 4%, Cutisin increased its
volumes by almost 20%. Sales in all Cutisin's European markets were comfortably
ahead of prior year, with Eastern Europe being particularly strong. The good
potential demonstrated by Eastern European markets during 2004 continued
throughout 2005, driven by a combination of the underlying conversion from gut
to collagen and the continued improvements in the quality, design and range of
the product offering. These markets continue to hold considerable potential for
the future.


However, the strength of the Czech Koruna compared to its major export trading
currencies of the euro and US dollar had a significant adverse impact on the
value of Cutisin's export sales. While underlying prices for Cutisin's products
in European markets were either stable or slightly higher than prior year, the
impact of the transactional currency movement was a reduction in effective
selling prices. This was equivalent to over £1.5 million within the local Czech
operation, although the impact on group profits is reduced to around £1.0
million when Cutisin's results are translated into sterling.


In the Americas there was an increase in sterling revenue of almost 3%. This
resulted from an increase in volumes of slightly under 1% and a positive price/
mix of 0.5%, with a positive translational exchange effect contributing the
balance.


In local currency terms, total sales in the Americas finished the year ahead of
prior year. Within this, however, second half trading was poorer than the
equivalent period of 2004, with volumes slowing markedly after a very good first
half. While the phasing of the Devro trading calendar, referred to earlier,
played a significant part in this, it was also, in large measure, a reflection
of a small reduction in the snack sausage sector in the US market during the
third quarter. This sector, characterised by products such as beef-sticks and
mini-salamis, had been growing strongly for several years and this growth
continued into the first half of 2005. As the year progressed, the growth slowed
and some customers' inventories were re-aligned accordingly. The combination of
lower sales and reducing production then resulted in a more significant
reduction in the off-take of casing for these products during the second half.
This situation, however, is not expected to be of extended duration and we
anticipate that a more normal trading pattern will return during 2006.


In Latin America, while sales were behind those of 2004, the underlying market
was actually steady. Availability of Coria product for sale in Latin American
markets was restricted during the first half due to the large demand being
created in the growing US market. As 2005 progressed and the snack sector in the
US slowed down, more volume was released into Latin America and sales grew
closer to prior year levels. This continues to be a market with good potential
for the future, albeit at a lower average price.


In the Asia/Pacific region, revenue in local currency increased by 3.5%. The
sales performance in Australia and New Zealand was reasonable, with steady
market conditions prevailing. In the Japanese market, the solid growth of 2003
and 2004 continued into 2005. Volumes were almost 12% ahead of 2004 levels,
which were themselves well ahead of the previous year. This continued growth has
been assisted by a combination of underlying growth in the market, a strong
marketing drive from our Japan-based team and the availability of porcine
casing. Elsewhere in the region, sales into our other Asian markets have also
grown strongly with volumes ahead of prior year by almost 20%. This continues
the pattern of the past few years and reflects a significant increase in the
developing Chinese market as growth in low-temperature or western-style
Frankfurter sausage begins to move forward.


In our developing thin-film and biomedical segments we continue to make
progress, and both the range of products and the technologies required to
manufacture them are now well established. Sales of thin-film products continue
to be slower than anticipated, however, and developing this market opportunity
into a viable commercial proposition is an important challenge for 2006.


The year saw real productivity gains in manufacturing. Coupled with tight cost
controls, these helped to offset some of the significant rise we experienced in
the cost of energy. This rise had an impact right across the group and amounted
to around £2 million of additional costs compared with 2004. The greatest impact
was experienced in the UK operation, particularly in the second half, and was in
the region of £1.3 million. We will continue to experience pressure on our
energy costs at least in the immediate future.


We remain committed to a rigorous and ongoing programme of cost control and, in
order to ensure that any escalation in overall manufacturing costs is kept to an
absolute minimum, action has been taken to tighten further the overhead
structure in the UK operation. This has resulted in some reduction in employee
numbers across each of the overhead cost centres. This action was implemented in
January 2006 and will yield annualised cost savings in the order of £1.0
million. While it will have some impact on the results for the first half of
this year, neither profits nor cash should be significantly affected for the
year as a whole.


In the Czech Republic, the major project to expand the manufacturing facilities
is progressing well. The plant installation is well underway and the project is
running to time, with overall costs expected to finish very close to budget. The
bulk of the new manufacturing process will come on-stream during the second half
of this year and the older Korenov plant will be converted to manufacturing only
non-edible collagen casing at the end of 2006. Sales of Cutisin products remain
buoyant and the outlook is for continued strong growth. It has, therefore, been
decided to bring forward plans, originally scheduled for 2007, to invest an
additional £3 million this year to extend the new capacity being installed in
our Jilemnice facility in the Czech Republic.


In our technical and manufacturing operations we continue to place great
emphasis on improving the quality and range of our product offering, together
with the consistency and effectiveness of our manufacturing processes. This has
enabled us to extend our range and introduce several enhancements for both
products and processes. This continuing programme of improvement is of vital
importance in helping to retain our position in those markets where we maintain
high market shares. We also continue to believe that our technologies form the
basis on which the future growth of our business will depend.


There is considerable scope for the development of markets in Eastern Europe,
South East Asia and Latin America, as well as further opportunities in the more
established markets. We remain committed to developing the market through solid
investment in our marketing programmes, our product development programmes and
our manufacturing operations. We will continue to face competitive pressure, but
the group is in a strong position to take advantage of the emerging
opportunities as the world food market becomes steadily more automated,
generating increasing applications for edible collagen casings.



FINANCIAL REVIEW


Total sales for 2005 were £152.5 million against a prior year figure of £148.9
million.


Sales volumes were ahead of prior year by 1.7%. Sales of Cutisin casings were
significantly higher than prior year throughout 2005, particularly in Eastern
Europe, while both Devro and Coria experienced a slower second half in the UK
and US markets respectively. The volume gain was offset by a price/mix impact of
1.6%, due in part to competitive pricing but arising mainly from adverse
transactional exchange movements. A favourable translational exchange impact of
2.3% then resulted in the overall sterling revenue for the group finishing 2.4%
ahead of prior year.


The group's operating profit of £21.3 million, excluding an exceptional credit
of £6.3 million relating to the sale of surplus land at Moodiesburn, compares
with an operating profit of
£20.7 million, including the share of the loss of the joint venture, in 2004.


The growth in operating profits was underpinned by increased sales volumes and
significant improvements in productivity and manufacturing efficiency. The group
also benefited from a cost reduction programme which has been vigorously
pursued. In total, these factors generated additional profit of approximately
£2.5 million. Offsetting these positive items, the adverse price/mix impact on
average selling prices had a negative effect on profitability of a similar
amount. This adverse price/mix impact relates mainly to a reduction in the
effective selling prices of Cutisin's exports, due to the strength of the Czech
Koruna compared with the euro and the US dollar.


Energy prices have been rising steeply and this led to an increase of £2.0
million in utility costs. Prices continue to rise and, while we have an active
energy conservation programme in place, we expect broadly similar increases in
2006.


We continue to make solid progress in developing thin-film products at our
Hamilton facility. Although sales show a significant uplift over 2004, group
results have been adversely affected by £0.8 million (2004: £0.3 million) with
depreciation on the newly-acquired assets accounting for a significant portion
of this charge.


Pension charges of £2.1 million (2004: £3.4 million) were significantly lower
than prior year. This was primarily due to a one-off credit of £0.9 million
relating to a reduction in the future obligations of the US pension fund.


Foreign exchange had a net negative impact of £0.6 million on group profits. The
total impact of adverse transactional exchange mentioned earlier totalled £1.6
million, while group profits benefited by £1.0 million when translating the
profits of the overseas entities into sterling.


Considerable resources continue to be invested in product and process
development, resulting in research and development expenditure in 2005 totalling
£4.1 million, being 2.7% of sales
(2004: £4.0 million, 2.7% of sales).


Net interest expense totalled £1.8 million in 2005 (2004: £2.7 million). The
average level of debt was significantly lower than 2004, following the land sale
early in 2005. Net interest cover was over 11 times.


Net debt at the year-end amounted to £17.7 million, comprising gross debt of
£28.9 million and cash of £11.2 million. Gearing was reduced to 29% (2004: 48%).


The group's borrowing facility totals £47.8 million. An interest rate swap of
£10 million is in place to provide protection against potential increases in
interest rates. This swap expires on 15 July 2006.


The financial impact of exchange rate fluctuations is minimised by a policy of
hedging foreign exchange risk. All hedging is undertaken centrally by the
Corporate Treasury function, based in Moodiesburn, in accordance with
Board-approved policies and authorities. Specifically, policies permit forward
transaction hedging to a maximum level of 75% of anticipated currency flows for
up to one year ahead. They also permit the hedging of up to 100% of interest
rate exposures for a period not exceeding five years. As a matter of policy, the
group does not undertake any speculative transactions which would increase its
foreign exchange or interest rate risks.


The group's effective tax rate for 2005 of 27.5% (2004: 28.3%) has fallen due to
an adjustment in respect of the prior year provision for taxation in our US
operation.


Cash generated from operations of £28.5 million (2004: £28.3 million) was ahead
of prior year, reflecting higher operating profits and lower interest payments.


The sale of surplus land led to the receipt of £7.3 million, net of expenses,
while tax payments of £6.6 million included £0.9 million in respect of the land
sale.


Capital expenditure of £16.7 million (2004: £11.5 million) contained £7.4
million in respect of the expansion programme in the Czech Republic.


Earnings attributable to shareholders have increased to £18.7 million from £12.9
million in 2004. Unadjusted earnings per share was 11.5 pence, an increase of
44% compared with 8.0 pence in 2004. Excluding the exceptional credit of £6.3
million, earnings attributable to shareholders were £14.0 million, giving
earnings per share before exceptional items of 8.7 pence, an increase of almost
9%.


A final dividend of 3.025 pence per share is proposed. This, together with the
interim dividend of 1.375 pence paid in October, gives 4.4 pence and represents
an increase of 10% over 2004.


Prior year financial information as presented in the comparative figures has
been restated to incorporate adjustments required under International Financial
Reporting Standards as endorsed by the EU.



CONSOLIDATED INCOME STATEMENT

for the year ended 31 December 2005

                                                        2005              2004
                                                       £'000             £'000
Revenue - continuing operations                      152,518           148,938
                                                     -------         ---------
Operating profit - continuing operations              27,600            20,948
                                                    ---------        ----------
Analysed as:
Operating profit before exceptional items             21,256            20,948
Exceptional items                                      6,344                 -
                                                    --------          --------
Operating profit                                      27,600            20,948
                                                     --------         --------

Finance income                                           351               862
Finance expense                                       (2,165)           (3,587)
Share of post-tax loss of joint venture *                  -              (184)
                                                    --------          --------
Profit before tax                                     25,786            18,039
Taxation                                              (7,091)           (5,157)
                                                    --------          --------
Profit for the year                                   18,695            12,882
                                                    ========          ========

Attributable to:-
Equity holders                                        18,651            12,882
Minority interest                                         44                 -
                                                    --------          --------
                                                      18,695            12,882
                                                    ========          ========
Earnings per share
                               - basic                  11.5p              8.0p
                               - diluted                11.4p              7.9p





* Included within the share of post-tax loss of joint venture are tax credits of
£96,000 for the twelve months ended 31 December 2004.



STATEMENT OF GROUP RECOGNISED INCOME AND EXPENSE

for the year ended 31 December 2005



                                                              2005        2004
                                                              £000        £000
Profit for the year                                         18,695      12,882
Net exchange adjustments                                     2,747       1,655
Cash flow hedges:
         - net fair value gains, net of tax                    207           -
         - reclassified and reported in operating profit      (318)          -
Actuarial loss recognised in group pension schemes         (11,264)       (118)
Actuarial gain recognised in US post-retirement benefit
obligations                                                    245         321
Movement of deferred tax on retirement benefit
obligations                                                  3,432        (103)
Adoption of IAS 32 and 39                                      200           -
                                                          --------    --------
Total recognised income for the year                        13,944      14,637
                                                          ========    ========





CONSOLIDATED BALANCE SHEET
at 31 December 2005
                                                            2005          2004
                                                           £'000         £'000
ASSETS
Non-current assets
Goodwill                                                     177           177
Other intangible assets                                      901           809
Property, plant and equipment                            101,357        92,380
Deferred tax assets                                       14,687        12,777
Other receivables                                            171             -
                                                       ---------     ---------
                                                         117,293       106,143
                                                       ---------     ---------
Current assets
Inventories                                               21,056        19,766
Current tax assets                                           870           160
Trade and other receivables                               20,218        19,735
Financial assets                                             541             -
Cash and cash equivalents                                 11,243        11,010
                                                        --------      --------
                                                          53,928        50,671
                                                        --------      --------
LIABILITIES
Current liabilities
Financial liabilities
           - Borrowings                                      895         1,661
           - Derivative financial instruments                132             -
Trade and other payables                                  21,450        18,697
Current tax liabilities                                    3,571         2,916
                                                        --------      --------
                                                          26,048        23,274
                                                        --------      --------
Net current assets                                        27,880        27,397
                                                        --------      --------
Non-current liabilities
Financial liabilities
           - Borrowings                                   28,068        34,815
Deferred tax liabilities                                  13,593        13,632
Retirement benefit obligations                            41,985        31,580
Other non-current liabilities                                165           217
                                                        --------     ---------
                                                          83,811        80,244
                                                        --------      --------
Net assets                                                61,362        53,296
                                                        ========      ========
EQUITY
Capital and reserves attributable to equity holders
Ordinary shares                                           16,176        16,133
Share premium account                                      5,471         5,194
Other reserves                                            49,681        46,448
Retained losses                                           (9,966)      (14,435)
                                                        --------     ---------
Total shareholders' equity                                61,362        53,340
Minority interest - equity                                     -           (44)
                                                        --------      --------
Total equity                                              61,362        53,296
                                                        ========      ========


CONSOLIDATED CASH FLOW STATEMENT

for the year ended 31 December 2005



                                                             2005         2004
                                                            £'000        £'000
Cash flows from operating activities
Cash generated from operations                             28,521       28,281
Interest received                                             357          861
Interest paid                                              (2,218)      (4,029)
Tax paid                                                   (6,434)      (4,998)
                                                        ---------    ---------
Net cash from operating activities                         20,226       20,115
                                                        ---------    ---------
Cash flows from investing activities
Purchase of property, plant and equipment                 (14,962)     (11,325)
Proceeds from sale of land                                  7,305            -
Proceeds from sale of other property, plant and
equipment                                                      94           97
Purchase of intangible assets                                (338)        (151)
Payments to former minority shareholders of Cutisin
a.s.                                                          (13)      (1,744)
Cash balances of joint venture acquired                         -          126
                                                         --------    ---------
Net cash used in investing activities                      (7,914)     (12,997)
                                                          
                                                         ---------    ---------
Cash flows from financing activities
Issue of ordinary share capital                               320          429
Net repayments under the loan facility                     (7,697)      (2,822)
Payments under finance leases                                 (41)         (70)
Dividends paid to shareholders                             (6,639)      (5,831)
                                                        ---------    ---------
Net cash used in financing activities                     (14,057)      (8,294)
                                                                      
                                                        ---------    ---------
Net decrease in cash and cash equivalents                  (1,745)      (1,176)
Cash and cash equivalents at beginning of year             11,010       12,828
Exchange gains/(losses) on cash and cash equivalents        1,978         (642)
                                                        ---------    ---------
Cash and cash equivalents at end of year                   11,243       11,010
                                                        =========    ==========


NOTES TO THE PRELIMINARY ANNOUNCEMENT OF THE FINAL RESULTS

for the year ended 31 December 2005


1 Analysis of net debt



                                                       2005               2004
                                                      £'000              £'000

Cash and cash equivalents                            11,243             11,010
Borrowings less finance leases                      (28,944)           (36,418)
                                                  ---------          ---------
                                                    (17,701)           (25,408)
Finance leases                                          (19)               (58)
                                                  ---------          ---------
                                                    (17,720)           (25,466)
                                                  =========          =========


2 Statutory Accounts


The above financial information does not constitute statutory accounts for the
years ended 31 December 2005 and 31 December 2004. The financial information for
the year ended 31 December 2004, as amended to reflect the adoption of IFRS, is
extracted from the full statutory accounts for that year which have been
delivered to the Registrar of Companies. The report of the auditors on these
accounts was unqualified and did not contain a statement under either
section 237 (2) or section 237 (3) of the Companies Act 1985.



                      This information is provided by RNS
            The company news service from the London Stock Exchange