AGM Statement

Glanbia PLC
16 May 2006


     GLANBIA REITERATES GUIDANCE FOR THE FULL YEAR - HALF YEAR RESULTS WILL
                    REFLECT DOWNTURN IN IRISH MILK PROCESSING.


16 May 2006 - As trading conditions currently stand the Group expects to meet
market guidance for the full year,  Glanbia Chairman, Michael Walsh, reported to
the Annual General Meeting in Kilkenny today.

Mr Walsh noted however that the half year results will be adversely impacted by
a reduced performance from Irish Food Ingredients, the Group's milk processing
business in Ireland. This business is experiencing a downturn in profitability,
mainly due to the effects of lower EU supports for the dairy sector, with the
implementation of EU Mid Term Review, allied to higher energy costs.

Other areas of operations are performing satisfactorily.  In Ireland,
Agribusiness and Property and Consumer Foods are in line with expectations. The
International operations, including Food Ingredients USA and Nutritionals, are
performing as anticipated.  The Group is also pleased with progress to date in
its major plant commissioning projects - South West Cheese (SWC) in Clovis, New
Mexico and Nutricima in Nigeria.  The phasing of results from SWC will be
weighted towards the second half of the year, reflecting the ramp up of these
operations. As a consequence results from associates and joint ventures will be
lower at the half year compared with the corresponding period last year.

'Undoubtedly, in 2006, the market environment and industry circumstances remain
challenging in Ireland and we are focused on enhancing competitiveness,
productivity and market positions in those operations.  We expect the
difficulties in Ireland to be offset by a good performance from our
International operations and successful commissioning of our strategic joint
ventures.  As a large consumer of energy we remain concerned about the
volatility in energy markets. Overall, as trading conditions currently exist, we
expect to meet market guidance for the full year and continue to make solid
operational progress in the strategic development of Glanbia.' John Moloney,
Group Managing Director


16 May 2006
                                    Ends
     


For information


For information:    Geraldine Kearney
                    Group Corporate Communications Director
                    Tel: [phone] or mobile [phone]



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