Chairman's AGM Statement

Greencore Group PLC
10 February 2000


CHAIRMAN'S SUPPLEMENTARY STATEMENT AT ANNUAL GENERAL MEETING
HELD ON THURSDAY, 10 FEBRUARY, 2000 AT THE BERKELEY COURT HOTEL,
DUBLIN.

'THE YEAR UNDER REVIEW AGAIN SAW GOOD PROGRESS WITH IMPROVEMENTS
IN OPERATING PROFITS IN EACH OF OUR TRADING DIVISIONS TOGETHER
WITH RECORD EARNINGS PER SHARE AND A 10% INCREASE IN DIVIDENDS. 
THESE RESULTS WERE ACHIEVED IN GENERALLY TOUGH TRADING
CONDITIONS, PARTICULARLY IN THE MALT SECTOR.

IN RELATION TO THE CURRENT TRADING YEAR, RESULTS FOR THE FIRST
QUARTER WERE IN LINE WITH OUR EXPECTATIONS.   THE IRISH SUGAR
PROCESSING CAMPAIGN WAS SUCCESSFULLY COMPLETED IN LATE DECEMBER
1999 WITH PRODUCTION OF 215,000 TONNES IN AN EFFICIENT
PRODUCTION CAMPAIGN WHICH CONTINUED TO BENEFIT FROM THE
SUBSTANTIAL CAPITAL EXPENDITURE PROGRAMME OVER THE LAST NUMBER
OF YEARS.

IN MALT, THERE HAVE BEEN SOME VERY RECENT SIGNS OF IMPROVEMENTS
IN THE KEY ASIAN AND SOUTH AMERICAN MARKETS, ALTHOUGH THE U.K.
MARKET REMAINS OVER SUPPLIED MAINLY BECAUSE THE STRENGTH OF
STERLING HAS RESULTED IN TRADITIONAL U.K. EXPORTERS DIVERTING
PRODUCTION TO THE HOME MARKET.   PAULS MALT RECENTLY CLOSED ITS
LEAST EFFICIENT MALTING AND OTHER U.K. MALTSTERS HAVE ALSO
CLOSED CAPACITY.   THIS WILL BRING OVERALL PRODUCTION MORE IN
LINE WITH THE MARKET.

THE STRONG DEMAND WE EXPERIENCED IN OUR PIZZA, WET SAUCES AND
BAKED GOODS OPERATIONS LAST YEAR HAS CONTINUED INTO THE CURRENT
YEAR WHICH WILL ALSO BENEFIT FROM OUR NEW CAPACITY EXPANSION AND
EFFICIENCY IMPROVEMENT PROJECTS IMPLEMENTED LAST YEAR.

OUR STRONG CASHFLOW, TRADING AND MARKET POSITIONS GIVE US AN
EXCELLENT BASE FOR FURTHER PROGRESS.   IT IS OUR VIEW THAT
CURRENTLY THERE ARE SIGNIFICANT OPPORTUNITIES IN THE GENERALLY
UNDERRATED FOOD SECTOR.    OUR FOCUS IS ON THE DEVELOPMENT OF
OUR GROUP THROUGH THE ACQUISITION OF COMPLEMENTARY BUSINESSES
IN FASTER GROWING SEGMENTS OF THE SECTOR AND WE ARE DETERMINED
TO EXPLOIT THE OPPORTUNITIES WHICH CAN DELIVER ENHANCED VALUE
TO YOU OUR SHAREHOLDERS.

B M CAHILL, CHAIRMAN'

AT THE ANNUAL GENERAL MEETING, MR. BERNIE CAHILL, ANNOUNCED THAT
IT WAS HIS LAST AGM AS CHAIRMAN AS HE WOULD HAVE COMPLETED HIS
TERM BEFORE THE END OF THE YEAR.