AGM Statement

Glanbia PLC
16 May 2007



STRONG FIRST HALF PERFORMANCE; DOUBLE DIGIT GROWTH FORECAST
EXPECT TO DELIVER FULL YEAR IN LINE WITH MARKET EXPECTATIONS


16 May 2007 - Glanbia Chairman, Michael Walsh, reported to the Annual General
Meeting in Kilkenny today that the Group is having a good first half and is
expected to deliver a strong performance, compared to a difficult first half in
2006. Mr. Walsh also said that he is pleased to report that the Board and
management are confident of achieving double digit growth in the first half and
delivering full year results in line with market expectations.


Mr. Walsh went on to say that Irish operations are performing well. Consumer
Foods is in line with expectations, although the retail sector remains highly
competitive. The closure of the cannery operation and better markets underpin an
improving performance from the pigmeat business. Agribusiness is having a
reasonable first half, but, as expected, continues to evolve reflecting the
ongoing changes in farming. The property business continues to execute well,
delivering a steady pace of transactions. In Food Ingredients Ireland, global
dairy markets are firm and the recent uplift in demand and pricing is providing
a welcome benefit to milk suppliers. However, Irish milk processing margins
remain tight and international dairy markets, while strong, will have increased
potential for future volatility.


International operations are having a strong first half, with good performance
forecast from Food Ingredients USA and Nutritionals. Seltzer Inc., the US
Nutritionals company acquired in October 2006, is performing in line with
expectations and is expected to make a good contribution in the first half.
Conversely, there are some challenges arising from strong international dairy
commodity markets in respect of International Joint Ventures. Overall these
businesses are operationally excellent and to plan in production and product
development. However Glanbia has not yet been able to fully recover or
counteract the dramatic price increases in milk-related raw materials.

John Moloney, Group Managing Director, commented today 'Glanbia is having a
strong first half. Irish operations are performing well, International
businesses are strong and we are particularly pleased with the progress of
Seltzer, the 2006 Nutritionals acquisition. Despite the need to resolve the
short-term raw material cost issues in International Joint Ventures, we are
confident of the long-term sustainable growth of these strategic investments.
The Group's portfolio of businesses, and our continuing strong focus on cost
efficiency, productivity and operational excellence throughout the business,
positions us well to deliver good double digit growth in 2007 and beyond.'


16 May 2007                                                Ends


For information:

Geraldine Kearney

Director Corporate Communications

Tel: [phone] Mobile [phone]



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