AGM Statement

API Group PLC
8 February 2001

8 February 2001
                                AGM STATEMENT


At today's Annual General Meeting of API Group plc, the Chairman Moger Woolley
said:

'Since we issued our preliminary announcement in November 2000, the operating
outlook has deteriorated, with evidence of a general economic slowdown,
particularly in North America. As a result, profits for the first half of the
year are expected to be materially less than for the same period last year.
However, as we also stated in November, we have embarked on an extensive
restructuring programme to improve the future performance of the Group, which
is proceeding according to plan. This includes a substantial reduction in the
Group's cost base through the consolidation of three manufacturing operations
in the UK.

'Our new Chief Executive, Derek Ashley, has now been with us since mid
January. He has started a wide-ranging review of the options available to the
Group to improve returns to shareholders.'


                                   - ENDS -



Enquiries:
Moger Woolley, Chairman
Derek Ashley, Chief Executive
Dennis Holt, Finance Director
API Group plc                                Tel: [phone]

Tim Spratt, Director
Financial Dynamics                           Tel: [phone]