AGM Statement

API Group PLC
26 January 2005

26 January 2005

                                API GROUP PLC

                          CHAIRMAN'S AGM STATEMENT

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

'We continue to make good progress in restructuring the Group. Earlier this
month, we completed the disposal of the Converted Products businesses for a cash
consideration of up to £12.2m. This closely followed the disposal in December of
Metallised Paper for £0.5m and marks the end of the process of divestment of
non-core businesses initiated in June 2004. The Group is now refocused on its
profitable foils and laminates activities and the proceeds from the disposals
have enabled us to further reduce our debt and gearing.

As we indicated in our preliminary announcement in November, the Group has
continued to experience challenging trading conditions in its key markets and
the impact of higher oil prices on the cost of raw materials and utilities has
resulted in pressure on margins. Despite this, demand remains relatively robust
in the foils businesses, the laminates business continues to perform well and
the recovery in the performance of our US business has been sustained.

The trading results of the Group's continuing businesses for the first quarter
are ahead of those for the same period of the previous year and are in line with
the Board's expectations.

The Board remains committed to its strategy of further developing the Group's
core foils and laminates activities, where we believe there are attractive
opportunities for profitable growth.'


                                      ENDS

Enquiries

David Walton, Chief Executive, API Group plc               020 7653 3300

Tim Spratt/Michelle Morton, Financial Dynamics             020 7831 3113


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