GNC Greencore Group Plc

RNS Number:0310V
Greencore Group PLC
05 February 2004


GREENCORE GROUP PLC



CONTACT:     Patrick Kennedy, Chief Financial Officer   - Tel: +353 1 605 1003
             (Up to 2.00pm on 5 February, 2004          - Tel: +353 87 225 3480)


                            ANNUAL GENERAL MEETING

                       CHAIRMAN'S SUPPLEMENTARY STATEMENT


At the Annual General Meeting of Greencore Group plc to be held today, the
Chairman, Ned Sullivan, will make the following statement:

I am pleased to report that 2003 was a very successful year for Greencore.
Profit before tax increased by 7%, underlying headline earnings per share rose
by 19%, whilst net debt was reduced by Euro133m.

Since 2001, the Group has been actively engaged in ensuring that maximum value
is realised from the Hazlewood acquisition.  The results in 2003 reflect the
achievements of the Group in this regard and highlight the future potential of
its well-balanced portfolio of businesses.  Greencore is now well positioned to
reap the future benefits of its past actions.

Turning to the current year, like-for-like sales in the Group's chilled food
categories, its principal driver of growth, grew by 6.5% in the first quarter,
as the demographic factors that have driven this market in the last decade
continue.

As referred to in the Preliminary Statement and the Annual Report, raw material
price inflation for all U.K. food producers is running at a higher rate than has
been experienced for a number of years. In our own case, the Group's UK
convenience food businesses will spend some Euro350m in the current financial year
on raw materials with inflation of in excess of 5%, on average, currently being
experienced in those markets.

Every convenience food business within the Group is actively offsetting these
increases through product reformulation, efficiencies, supply chain improvements
and, most particularly, price increases.  We are confident that these
initiatives will succeed and have already implemented or agreed price increases
in several categories, the benefit of which will be more pronounced in the
second half due to the inevitable lag in the recovery of cost inflation.

The Group is in a strong position both commercially and financially. The board
believes that further progress will be made in 2004, and is confident about the
future prospects of the Group.

E.F. Sullivan,
Chairman.


5 February, 2004.


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