AGM Statement

Kerry Group PLC
24 May 2005


                              Press Announcement

        Updating Statement : Annual General Meeting : Kerry Group plc


24 May, 2005



Kerry, the global ingredients, flavours and consumer foods group, today stated
that the Group expects to perform in line with market earnings expectations for
the year 2005.



Addressing shareholders at the Group's Annual General Meeting, Hugh Friel, Chief
Executive, reported that trading to date in 2005 was satisfactory and that he
expects a good out-turn for the full year, notwithstanding the challenging
market environment.



'The Group is making good operational progress and continues to benefit from
technology developments and innovation in its core product areas,' Mr Friel
said.   'We are achieving solid operational and business enhancements, in
particular as a result of the Group's continuing capital expenditure programmes
which I expect will yield further improvements in business efficiencies in the
medium term.  Kerry continues to explore complementary acquisition
opportunities,' he added.



As previously stated, accounts from 1 January 2005 will be prepared in line with
International Financial Reporting Standards (IFRS).  Speaking at the Annual
General Meeting, Brian Mehigan, Chief Financial Officer, referred to the impact
of the changes to accounting policies and a restatement of the Group's 2004
reported results.   Mr Mehigan said; 'While the restatements have a relatively
minor net impact on the adjusted earnings per share of the Group (negative 0.8
cent) and a zero impact on operating cash flows, the restatements do have an
impact on a number of other line items.  The most significant of these is an
increase in profit after tax and basic earnings per share by €58m and 31.3 cent
respectively due primarily to the significant reduction in the amortisation
charge in the Consolidated Income Statement.  In addition, the net assets of the
Group have decreased by approximately €76m mainly as a result of the adoption of
IAS 19 'Employee Benefits' which requires the placing of the previously
disclosed net pension deficit on the Consolidated Balance Sheet.'

Mr Mehigan added; 'I do not foresee these changes having a material impact on
the current adjusted earnings per share expectations in the market place for the
Group in 2005.'



As part of the transition from Irish/UK GAAP, detailed financial information
prepared in accordance with IFRS for the date of transition 1 January 2004 and
for the year ended 31 December 2004, has been posted on the Group's website
www.kerrygroup.com.

                          ends



For further information please contact :      Telephone: + 353 66 718 2304
Frank Hayes,                                  Fax: + 353 66 718 2972
Director of Corporate Affairs,                Email: [e-mail]
Kerry Group plc.                              Website: www.kerrygroup.com





                      This information is provided by RNS
            The company news service from the London Stock Exchange   D

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