| Results (before exceptional items) | 2003 | 2002 | % Change |
| Total sales | £146.1m | £138.0m | +5.9% |
| Operating profit | £21.1m | £18.4m | +15.0% |
| Pre-tax profit | £18.0m | £15.5m | +16.4% |
| Earnings per share | 7.9p | 6.0p | +31.7% |
| Dividend per share | 3.5p | 3.0p | +16.7% |
| Net debt (at 31 December) | £26.7m | £35.2m | |
| Statutory Results | |||
| Operating profit | £21.1m | £16.6m | +27.2% |
| Pre-tax profit | £18.0m | £13.7m | +31.3% |
| Earnings per share | 7.9p | 7.2p | +9.7% |
"2003 was a year of substantial achievement and progress for Devro. We have enjoyed solid profit growth, improving margins and good cash generation based on increased worldwide turnover, increased unit volumes, improvements in manufacturing effectiveness and rigorous cost control.
"Regulatory issues regarding the movement of beef-related products across international borders have created some short term sourcing issues on collagen raw materials, and have led to a temporary restriction on the group's export sales during the early part of 2004. While we expect this to have an adverse impact on first half profits, we expect also that the impact over the year as a whole will be limited in its extent.
"We continue to see important and profitable growth opportunities for Devro. For the most part this growth will be organic, but also over the medium and longer term it will come from the development, manufacture and marketing of an extended product range."
| Graeme Alexander | Chief Executive | 020 7404 5959 on 03.03.04 |
| John Neilson | Finance Director | 01236 879191 thereafter |
| Jon Coles Mark Antelme |
Brunswick | 020 7404 5959 |