AGM Statement

Greencore Group PLC 06 February 2003 GREENCORE GROUP PLC CONTACT: MS C M BERGIN TELEPHONE: +353 1 605 1004 FAX: +353 1 605 1104 ANNUAL GENERAL MEETING CHAIRMAN'S SUPPLEMENTARY STATEMENT At the Annual General Meeting of Greencore Group plc to be held today, the Chairman, Tony Barry, will make the following statement: The financial year ended in September 2002 was a watershed for Greencore. Our new faster growing convenience food businesses were fully integrated into the Group and the disposal programme was completed. As a consequence, our two convenience food divisions now account for 70% of total Group activity. In the new financial year, I am pleased to report that the Group has made a good start. The Chilled and Frozen division has started strongly, particularly in its two largest categories, sandwiches and ready meals. The first phase of the expansion of two of the Group's existing chilled ready meal facilities is progressing on budget, with additional capacity scheduled to come on stream by the middle of the year. The new chilled pizza facility at Deeside, whilst not yet operating at required efficiency levels, continues to make progress, and the Group's other remaining topped pizza facility will be closed and the volumes transferred to Deeside by the end of March. In the Ambient Grocery division, conditions in the UK private label bread market remain challenging, whilst the other businesses are performing satisfactorily. After a good first quarter, the cake and dessert business has won additional trade which will deliver an improved performance for the full year. In the Ingredients division, the Irish Sugar processing campaign produced 198,200 tonnes of sugar, which was 6,000 tonnes over the reduced quota of 192,200 tonnes. Lack of sugar beet availability due to poor weather was largely offset by an excellent operational performance, culminating in a satisfactory overall result. Since the start of the financial year, two small operating facilities and one mothballed facility in the UK have been seriously damaged by fire, for which satisfactory insurance is in place. Insurance costs in the second half of the year are likely to rise as a result of these incidents and substantial industry wide insurance cost inflation. Overall, the Group is well positioned to achieve further growth from continuing operations in this financial year, whilst continued reduction in indebtedness will lead to a substantial reduction in interest payments. A. D. Barry, Chairman. C M BERGIN GROUP COMPANY SECRETARY GREENCORE GROUP PLC ST STEPHEN'S GREEN HOUSE EARLSFORT TCE DUBLIN 2 6 February, 2003. This information is provided by RNS The company news service from the London Stock Exchange
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