Report of the directors

Results for the year
The Chairman's statement, the Chief Executive's review and the Finance Director's review describe the year's operations, research and development activities and future prospects.

The directors recommend a final dividend of 5.00p a share. With the interim dividend of 3.00p a share, paid on January 8, 2001, this will make a total dividend of 8.00p a share for the year. Subject to approval of the recommended final dividend by shareholders, the total cost of dividends for 2000 is £126million. If approved, the Company will pay the final dividend on July 2, 2001 to shareholders registered on
April 27, 2001.