Trading since the start of the year has been sound, with a solid performance being delivered by each of our principal operations -- Devro, Coria and Cutisin. The more stable trading pattern of 2002 has continued into 2003 and most of our key markets are recording improvements over prior year. As a result, our overall trading performance is satisfactory.
By focussing strongly on the management of our cash, we have achieved considerable success in reducing the Company's overall indebtedness. This process is continuing and with cash flow remaining strong we are confident that, over the course of the year, we will see a substantial reduction in the Company's net debt.
Following the steady start to the year, and with order books continuing to look reasonable, the Directors are cautiously optimistic about the Company's prospects for the balance of the year.