AGM Statement

API Group PLC
5 February 2002


5th February 2002


                                 API GROUP PLC

                                 AGM STATEMENT


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

'Since we issued our preliminary announcement on 3 December 2001 the operating
environment has remained challenging.  The reduction in international travel has
reduced demand for packaging for luxury products which has had an adverse impact
on the European Foils and Laminates businesses.  However, the remainder of the
Group has been trading in line with expectations.  The Group's focus has
continued to be on restoring profitability through reducing overheads,
eliminating low margin turnover and improving productivity and utilisation
through the quality of manufacturing.  The cost base remains under scrutiny and
a further 110 jobs (6% of the workforce) have been shed since the year end.

The Board, supported by the Group's management team, is committed to ensuring
that the Group benefits from the investments and major cost rationalisations
completed in 2001 and the Board will continue to review the options available to
the Group to improve returns to shareholders this year.'

                                    - ENDS -


Enquiries:

Derek Ashley, Chief Executive
David Walton, Finance Director
API Group plc                                        Tel:      [phone]

Tim Spratt
Financial Dynamics                                   Tel:      [phone]



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