AGM Statement

Glanbia PLC
11 May 2000



                   Glanbia AGM - Review of Current Trading                    
 
(11 May 2000) Commenting on current trading to the Annual General Meeting of
Glanbia plc, Mr Ned Sullivan, Group Managing Director, said:

'It is too early to give a full picture regarding the outlook for the year as
a whole given that the peak season is only beginning for a number of our
businesses. However, the following is a brief review of performance of our
business units to date. 

'In the United States of America, the year has started satisfactorily, with
improved whey prices compared to 1999 although cheese prices are low. We have
successfully commissioned the new cheese plant in Idaho on time and within
budget.

'The UK pizza cheese and retail cheese businesses also both had a satisfactory
start to the year in the context of the strength of sterling.  The UK food
service business was relocated late last year into new facilities with
completely new systems. That changeover had some teething problems at the
time, some of which have continued into the first half of the year. 

'While the UK fresh pork business is doing well in difficult market
conditions, the lack of supply of pigs and the consequent higher prices have
impacted the sliced cooked meats business. Pig supplies and market returns are
also issues for the Irish pork operations.

'The Irish food ingredients operations are now well positioned to have a
positive performance in 2000, although the main season is only just getting
underway. The final out-turn will be conditional on our milk price guarantee
obligations. 

'The Irish chilled foods business has started the year satisfactorily. The
liquid milk business is operating to plan, having completed the
re-organisation programme. The Agribusiness division is also off to a good
start.

'Notwithstanding a satisfactory start to the year for most of our businesses,
the first half is being adversely impacted by some issues, particularly in the
pork sector. Overall, we expect an improved performance in the second half.'

For reference:                              Michael Patten
                                            Glanbia plc
                                            Telephone:  [phone]
                                                        087 241 4502

                                            Jim Milton
                                            Murray Consultants Ltd
                                            Telephone:  01 - 632 6400