Final Results

Greencore Group PLC
30 November 2000


PRELIMINARY STATEMENT OF THE RESULTS

FOR THE YEAR ENDED 29 SEPTEMBER 2000

FINANCIAL HIGHLIGHTS

YEAR ENDED 29 SEPTEMBER 2000

  * Turnover Euro 906 million (1999: Euro 862m).

  * Operating profit before goodwill and exceptional items Euro 80.2m (1999
    Euro 81.9m).

  * Pretax profit before exceptional items Euro 70.6m (1999: Euro 74.3
    million).

  * Final Dividend IR6.5p (1999: IR6.2p).

  * Total Dividend IR9.95p (1999 : IR9.35p).


Chairman's Statement

year ended 29 September 2000

Results

Sales for the year increased by 5% to Euro 906m while operating profit before
goodwill amortisation and exceptional items showed a decline of 2% to Euro
80.2m. Operating profit in both food and ingredients and agribusiness showed
an increase while sugar was adversely impacted by changes in the E.U. sugar
regime. Pretax profit before exceptional items was Euro 70.6m (1999: Euro
74.3m).

Headline earnings per share amounted to 34.0c (1999: 34.5c). A final dividend
of IR6.5p (8.253298c) (1999: IR6.2p (7.872376c)) is proposed making a total
dividend for the year of IR9.95p (12.633894c), an increase of 6.4% on the 1999
total dividend of IR9.35p (11.872051c).

Review of Operations

Food and Ingredients

The Food and Ingredients sector is now the largest sector of our business
measured in terms of both sales and operating profit. Sales increased by 10%
to Euro 571m while operating profit showed a small increase to Euro 36.2m.

Malt sales and profits were impacted by the re-organisation commented upon at
the interim stage including the closure of the malting at Wallingford. This
closure did, however, result in an exceptional net credit of Euro 7.6m on the
disposal of the property and related closure costs.

In baked goods, Kears again improved profitability while the pizza operations
of Paramount showed significant growth in sales and profits. In wet sauces,
Meridian again improved sales and profits and, in dry soups and sauces, Erin
benefited from the acquisition of the complementary business in the U.K. of
William Rodgers Foods. Sales and profits in flour milling showed a decline on
the prior year with lower industrial flour prices being the principal factor.
Edible oils again produced good results.

Sugar

Sales decreased by 3% to Euro 187m while operating profit decreased by 8% to
Euro 33.7m. Operating profit for the year was reduced by the full year impact
of the reduction in storage reimbursement support from the E.U. introduced in
the summer of 1999 and, also, of the final green pound adjustment following
Ireland's entry into the Euro pean Monetary Union on 1 January 1999. Retail
pricing pressures increased in the year. Industrial demand for sugar continued
to be strong while the benefits of the capital expenditure programme helped
offset some of the increased inflationary pressures. Results from beet
by-products were in line with the strong performance of the previous year.

Agribusiness

Operating profit increased by 8% to Euro 10.2m on sales down by 1% at Euro
147m. Volumes in fertilisers were good and results benefited from improved
efficiencies and cost reduction. Contribution from the grain assembly business
showed a decline while molasses again performed well.

Associates

Share of profits from associates, net of share of interest payable and
goodwill amortisation but before exceptional items, showed an improvement of
Euro 2.5m to Euro 6.6m.

As stated at the interim stage, the conditions requiring Greencore to account
for its investment in Imperial Sugar as an associate no longer apply and a
share of its results is, therefore, not included in the Group accounts for the
second half of the year. The very difficult market conditions being
experienced by the entire US sugar industry, compounded by changes in the
regulatory environment, are likely to continue for the foreseeable future. The
Board has, therefore, determined that the value of the investment in Imperial
should be written off and an exceptional charge of Euro 32.1m to write off the
carrying cost of the investment, including related hedge cost, has, therefore,
been included in the results. Additionally, Euro 38.8m, representing goodwill
previously eliminated against reserves, has been reinstated and charged
through the profit and loss account although this will not impact on
shareholders' funds.

Finance

Net interest payable, excluding share of associates' interest, increased from
Euro 11.4m to Euro 15.3m as a result of higher rates and the impact of
acquisitions made in the year. Net debt increased from Euro 151m to Euro 198m.
The major factors underlying the increase in debt were acquisitions, including
The Roberts Group for an initial cash consideration of Euro 31m in August
2000, and the effect of translation caused by the strength of sterling on the
Group's sterling borrowings. Working capital increased with the main increases
being in the Agribusiness sector, primarily as a result of a larger grain
harvest and, in the Food and Ingredients sector, the phasing of shipments in
malt. Capital expenditure for the year of Euro 34m compared to the previous
year's figure of Euro 41m with the main spend again being in the Food and
Ingredients sector. Depreciation amounted to Euro 31m (1999: Euro 27m). The
exceptional items had no impact on the tax charge for the year of Euro 6.5m
(1999: Euro 6.9m). Total dividends of Euro 23.6m are covered 2.6 times by
attributable profit before exceptional items.

Current Trading and Outlook

In the Food and Ingredients sector, the outlook for malt markets is more
encouraging than for some years and the steps taken to improve efficiency in
our malt operations ensure that the Group is in a good position to take
advantage of the anticipated upturn in the market in the key selling period
which has recently commenced. In baked goods, the bread market continues to be
very competitive and the impact of the loss of business from one retail
customer in the second half of 1999 is steadily being offset by business gains
with other customers. In pizza, demand continues to be very strong and plans
to build a major new topped pizza facility at a total cost of Euro 22m were
announced in August 2000. Our other ingredient and consumer foods businesses
anticipate further progress in the year, including the benefit of a full year
contribution from Roberts, although the flour market is likely to remain
difficult.

The current Irish Sugar beet processing campaign is progressing satisfactorily
and total sugar production in excess of quota is anticipated. The E.U. has
announced minor cuts in quota for the current year which amount to
approximately 4,000 tonnes (2%) in the case of Irish Sugar.

In Agribusiness, a further satisfactory year is anticipated helped by good
opening positions in grain and fertilisers.

Our strategy is focused on generating sustained earnings performance and the
acquisition of businesses which have the capacity to develop strong market
positions in their sectors and to benefit from the operational strengths and
cashflow of Greencore. We believe that the proposed acquisition of Hazlewood
fits directly with our corporate strategy and represents a logical and
important step in pursuit of this strategy.

Hazlewood Foods

On 10 November 2000, Greencore announced a recommended cash offer to acquire
the U.K. based convenience foods manufacturer, Hazlewood Foods plc. This
values Hazlewood at approximately Stg£258m together with debt which amounted
to Stg£90m at the date of its last interim accounts at 30 September 2000.
Further details of this important proposal are included in the circular sent
to shareholders on 21 November 2000.

The proposed acquisition represents a further major step in Greencore's
strategy of expanding into value-added and growing areas of the U.K. and
Continental Euro pean convenience retail and food service markets. Hazlewood
has a portfolio of businesses with strong market positions and significant
potential for growth including chilled products such as sandwiches, pizzas,
quiches, sauces and ready meals and also grocery products including cakes and
desserts, bottled sauces and ambient grocery goods.

The combination of Greencore and Hazlewood has a very strong strategic,
operational and financial rationale. The enlarged Group will have a stronger
market presence in the U.K. in various growing segments and a broader base
from which to drive the potential of the business. Greencore's skill in
improving the cost base of U.K. businesses it has acquired will assist in
addressing the under-performing aspects of Hazlewood's operations. It is
Greencore's intention to accelerate this through additional innovation and
investment in the growth categories, through rationalisation of the slower
growing activities and through elimination of certain loss-making activities.
The Board of Greencore is confident that significant value will be created
through the acquisition and integration of Hazlewood.


B.M. Cahill,

Chairman.

30 November, 2000


Consolidated Profit and Loss Account
year ended 29 September 2000



                                                 Notes       2000        1999

                                                        Euro '000   Euro '000

Turnover                                             1    905,933     862,399
Cost of sales                                             697,113     667,707

Gross profit                                              208,820     194,692
Net operating costs                                       128,655     112,749

Operating profit before goodwill amortisation
and exceptional items                                1     80,165      81,943
Goodwill amortisation                                        (844)       (267)
Exceptional item                                     2          -         917

Operating profit                                           79,321      82,593
Share of operating profit of associated undertakings
before goodwill amortisation and exceptional items         10,962      12,347
Goodwill amortisation of associates                          (170)       (283)

Share of operating profit of associated undertakings       10,792      12,064
Share of exceptional item - associates               2          -      (2,201)

                                                           90,113      92,456

Exceptional Items:     Profit on disposal of property       7,620           -

     Write off of investment in Imperial Sugar       2    (32,120)          -

     Goodwill in Imperial Sugar reinstated           2    (38,822)          -

Profit on ordinary activities before interest              26,791      92,456
Interest receivable and similar income                      4,370       3,292
Interest payable and similar charges                      (19,624)    (14,705)
Share of interest payable - associates                     (4,228)     (8,003)

Profit on ordinary activities before taxation               7,309      73,040
Taxation on profit on ordinary activities                   6,499       6,929

Profit on ordinary activities after taxation                  810      66,111
Minority interests                                          1,679       2,576

(Loss)/profit attributable to group shareholders             (869)     63,535
Dividends                                           3      23,617      22,178

Retained (loss)/profit                                    (24,486)     41,357

Adjusted earnings per ordinary share
Basic                                               4      34.0c       34.5c
Fully diluted                                              33.9c       34.4c

(Loss)/earnings per ordinary share                  4
Basic                                                      (0.5c)      34.0c
Fully diluted                                              (0.5c)      33.9c



Consolidated Balance Sheet

at 29 September 2000

                                                           2000          1999   
                                                     Euro '000     Euro '000

Fixed assets

Intangible assets                                        32,781        14,248

Tangible assets                                         387,659       356,666

Financial assets                                          8,902        24,426

                                                        429,342       395,340


Current assets

Stocks                                                  180,090       163,523

Debtors                                                 159,682       137,087

Cash and bank balances                                  134,977       116,140

                                                        474,749       416,750


Creditors
Amounts falling due within one year                     257,103       231,827

Net current assets                                      217,646       184,923


Total assets less current liabilities                   646,988       580,263

Creditors
Amounts falling due after more than one year            302,179       252,268

Provisions for liabilities and charges                   41,406        35,147

Development grants                                        2,057         2,368

                                                        345,642       289,783

Net assets                                              301,346       290,480


Capital and reserves

Called up share capital                                 120,880       121,718

Capital conversion reserve fund                             934             -

Share premium account                                    84,488        84,262

Profit and loss                                          90,096        79,692

Shareholders' funds - equity interests                  296,398       285,672

Minority interests - equity interests                     4,948         4,808

                                                        301,346       290,480

Consolidated Cash Flow Statement

year ended 29 September 2000

                                                           2000          1999

                                                      Euro '000     Euro '000

Operating activities
Operating profit                                         80,165        81,943

Non cash items

- depreciation (net of grants)                           30,130        26,854

- other including translation differences               (11,889)       (3,648)

Changes in working capital                              (32,451)       (9,292)

Cash flow from operating activities                      65,955        95,857

Dividends from associates                                 3,664         1,771

Returns on investments and servicing of finance         (17,020)      (12,061)

Taxation                                                 (4,796)       (7,288)

Capital expenditure (net)                               (29,120)      (31,596)

Acquisition of subsidiary undertakings                  (18,139)      (82,958)

Net cash (overdraft) acquired                            (1,125)          333

Equity dividends paid                                   (22,892)      (20,871)

Cash outflow before use of liquid resources
 and financing                                          (23,473)      (56,813)

Management of liquid resources                          (13,288)      (21,085)

Financing                                                41,978         75,496

Increase (decrease) in cash in the period                 5,217         (2,402)


Increase (decrease) in cash in the period                 5,217         (2,402)

Cash flow from increase in debt and lease financing     (41,656)       (75,405)

Cash flow from increase in liquid resources              13,288         21,085

Change in net debt resulting from cash flow             (23,151)       (56,722)

Loans and finance leases acquired with subsidiaries      (6,520)        (1,063)

New finance leases                                            -            (33)

Loan notes issued on acquisition                        (10,055)        (8,445)

Translation differences                                  (6,709)       (14,579)

Movement in net debt in period                          (46,435)       (80,842)

Net debt at 25 September 1999                          (151,170)       (70,328)

Net debt at 29 September 2000                          (197,605)      (151,170)



Statement of Total Recognised Gains and Losses
year ended 29 September 2000

                                                            2000          1999

                                                       Euro '000     Euro '000

(Loss)/profit for year attributable to group
 shareholders                                               (869)       63,535

Exchange adjustments                                      (3,932)       (2,636)

Total recognised (losses)/gains for the year              (4,801)       60,899

The financial information for the year ended 24 September 1999 has been
extracted from audited accounts on which the auditors issued an unqualified
opinion and which have been delivered to the Registrar of Companies.



Notes to the Financial Statements

year ended 29 September 2000

1. Analysis of Results

                                       2000                     1999
                        Turnover   Operating   Net    Turnover  Operating  Net
                                   profit      assets           profit   assets

                          Euro        Euro      Euro    Euro      Euro    Euro
                          '000        '000      '000    '000      '000    '000

By activity

Food and Ingredients   571,495      36,231   318,030  521,258   36,000 256,510

Sugar                  187,458      33,716   120,862  193,227   36,518 117,203

Agribusiness           146,980      10,218    51,223  147,914    9,425  45,325

                       905,933      80,165   490,115  862,399   81,943 419,038

Associated
  undertakings        223,537       10,962     8,837  353,143   12,347  22,612

Less Group Net Borrowings                   (197,606)                 (151,170)

Net Assets                                   301,346                   290,480


By geographical market

Results by origin

Republic of Ireland   464,287       59,613   385,381  478,679   62,291 350,314

United Kingdom and
rest of the world     441,646       20,552   104,734  383,720   19,652  68,724

                      905,933       80,165   490,115  862,399   81,943 419,038

Associated
  undertakings        223,537       10,962     8,837  353,143   12,347  22,612

Less Group net borrowings                   (197,606)                 (151,170)

Net assets                                   301,346                   290,480


Turnover by destination

Republic of Ireland   422,462                         426,513
                                         
United Kingdom and
rest of world         483,471                         435,886

                      905,933                         862,399


2. The write-off of the investment in Imperial Sugar reflects the
   elimination of the carrying value of the company's investment, together
   with related hedge costs, and goodwill previously written off directly
   against reserves. The exceptional items in 1999 related to the partial
   annulment of an EU fine on Irish Sugar (Euro 0.917m), and the disposal of
   Imperial Sugar's 43% limited partnership interest in Pacific Northwest
   Sugar Company (Euro 2.201m).

3. The proposed final dividend per share of IR6.5p (8.253298c) (1999:
   IR6.2p (7.872376c)) is payable on 12 February 2001 to shareholders on the
   Register of Members as at 15 December 2000. An interim dividend of IR3.45p
   (4.380596c) (1999: IR3.15p (3.999675c)) was paid in July 2000.

4. The calculation of headline earnings is after elimination of the
   exceptional charges of Euro 63.32m (tax relief nil), and goodwill
   amortisation of Euro 1.01m. The calculation of headline earnings in 1999
   is after elimination of the share of exceptional charge in associates of
   Euro 1.43m (after tax relief of Euro 0.77m), goodwill amortisation of Euro
   0.55m and the exceptional credit of Euro 0.92m (tax charge nil). The
   calculation of earnings per share is based on a loss of Euro 0.87m (1999:
   profit Euro 63.54) and on 186.9 million ordinary shares (1999: 186.8
   million) being the weighted average number of ordinary shares in issue
   during the period. The calculation of earnings per share excludes 4.9m
   treasury shares arising from the share repurchase programme.

5. The year 2000 comprised 53 weeks (1999: 52 weeks).

Notes to the Financial Statements (continued)

year ended 29 September 2000


6. The foregoing accounts are prepared on the basis of the accounting
   policies set out in the 1999 Annual Report.

7. The preliminary statement is being sent to all registered
   shareholders. Copies are also available from the Company's registered
   office at St. Stephen's Green House, Earlsfort Terrace, Dublin 2 and from
   the Registrar of the Company, Computershare Services (Ireland) Limited,
   Heron House, Corrig Road, Sandyford Industrial Estate, Dublin 18. The
   Annual Report and Accounts will be circulated to shareholders in January
   2001 prior to the Annual General Meeting to be held on 8 February 2001 in
   the Berkeley Court Hotel, Ballsbridge, Dublin 4.

   By order of the Board, B.J. Power, Company Secretary, 30 November 2000.

   Greencore Group plc, St. Stephen's Green House, Earlsfort Terrace, Dublin 2.