Profits, margins, cash and earnings all strongly ahead

                      Year Ended March                   2003               2002
                                                                  £’m                 £’m

Sales
                                                                  623.9              592.4

Operating profit*
                                                                  82.0                54.1

Operating margin*
                                                                  13.1%             9.1%

Pre-tax profit
                                                                  39.1                (2.9)

Free cashflow
                                                                  39.1                7.1

EPS
                                                                  13.1p              (7.0p)

Sales up 5% to £624 million
Operating profit up by 52% to £82 million*
Operating margin 13.1% up from 9.1% as cost reductions take effect*
Free cashflow of £39 million up from £7 million, dividend covered 1.8 times
EPS of 13.1 pence against a loss of 7.0 pence last year
Strategic rationalisation well underway

* pre exceptional costs of £20m (2002: £36m)

Commenting, Ian Martin, Chairman said:

“We are very pleased with the significant improvement in the company’s financial position revealed by these results. We see the outcome for the year as a vindication of our decision to focus on real business improvements to both revenues and costs. The profits and cash generated this year provide a solid platform for our focus on the consumer healthcare business in the future”

Brian Buchan, Chief Executive added:

“This has been another busy year for us with a number of complex challenges undertaken and successfully completed. Our objectives for the current year are no less demanding as we seek to complete our strategic reshaping simultaneously with further operational improvements. It is a measure of the confidence within the Group that we approach these challenges with optimism.”

FOR FURTHER INFORMATION, PLEASE CONTACT:

SSL International plc (020 7367 5760)
Brian Buchan, Chief Executive
Garry Watts, Group Finance Director
Jan Young, Head of Investor Relations

The Maitland Consultancy (020 7379 5151)

William Clutterbuck
Brian Hudspith

A Portable Document Format version of the Preliminary results for the Year ended 31 March 2003 can be viewed or downloaded from our Downloads page by clicking here.