Annual general meeting

16 May 2007
Glanbia Chairman, Michael Walsh, reported to the Annual General Meeting in Kilkenny today that the Group is having a good first half and is expected to deliver a strong performance, compared to a difficult first half in 2006. Mr. Walsh also said that he is pleased to report that the Board and management are confident of achieving double digit growth in the first half and delivering full year results in line with market expectations.

Mr. Walsh went on to say that Irish operations are performing well. Consumer Foods is in line with expectations, although the retail sector remains highly competitive. The closure of the cannery operation and better markets underpin an improving performance from the pigmeat business. Agribusiness is having a reasonable first half, but, as expected, continues to evolve reflecting the ongoing changes in farming. The property business continues to execute well, delivering a steady pace of transactions. In Food Ingredients Ireland, global dairy markets are firm and the recent uplift in demand and pricing is providing a welcome benefit to milk suppliers. However, Irish milk processing margins remain tight and international dairy markets, while strong, will have increased potential for future volatility.

International operations are having a strong first half, with good performance forecast from Food Ingredients USA and Nutritionals. Seltzer Inc., the US Nutritionals company acquired in October 2006, is performing in line with expectations and is expected to make a good contribution in the first half. Conversely, there are some challenges arising from strong international dairy commodity markets in respect of International Joint Ventures. Overall these businesses are operationally excellent and to plan in production and product development. However Glanbia has not yet been able to fully recover or counteract the dramatic price increases in milk-related raw materials.

John Moloney, Group Managing Director, commented today ‘Glanbia is having a strong first half. Irish operations are performing well, International businesses are strong and we are particularly pleased with the progress of Seltzer, the 2006 Nutritionals acquisition. Despite the need to resolve the short-term raw material cost issues in International Joint Ventures, we are confident of the long-term sustainable growth of these strategic investments. The Group's portfolio of businesses, and our continuing strong focus on cost efficiency, productivity and operational excellence throughout the business, positions us well to deliver good double digit growth in 2007 and beyond.'

16 May 2006
As trading conditions currently stand the Group expects to meet market guidance for the full year, Glanbia Chairman, Michael Walsh, reported to the Annual General Meeting in Kilkenny today.

Mr Walsh noted however that the half year results will be adversely impacted by a reduced performance from Irish Food Ingredients, the Group's milk processing business in Ireland. This business is experiencing a downturn in profitability, mainly due to the effects of lower EU supports for the dairy sector, with the implementation of EU Mid Term Review, allied to higher energy costs.

Other areas of operations are performing satisfactorily. In Ireland, Agribusiness and Property and Consumer Foods are in line with expectations. The International operations, including Food Ingredients USA and Nutritionals, are performing as anticipated. The Group is also pleased with progress to date in its major plant commissioning projects - South West Cheese (SWC) in Clovis, New Mexico and Nutricima in Nigeria. The phasing of results from SWC will be weighted towards the second half of the year, reflecting the ramp up of these operations. As a consequence results from associates and joint ventures will be lower at the half year compared with the corresponding period last year.

'Undoubtedly, in 2006, the market environment and industry circumstances remain challenging in Ireland and we are focused on enhancing competitiveness, productivity and market positions in those operations. We expect the difficulties in Ireland to be offset by a good performance from our International operations and successful commissioning of our strategic joint ventures. As a large consumer of energy we remain concerned about the volatility in energy markets. Overall, as trading conditions currently exist, we expect to meet market guidance for the full year and continue to make solid operational progress in the strategic development of Glanbia.'

John Moloney, Group Managing Director

16 May 2006

17 May 2005
Addressing shareholders at the AGM of Glanbia plc today, Group Managing Director, John Moloney, outlined the further significant progress the Group had made in 2004 and said Glanbia is now focused on core areas for development in Consumer Foods, Food Ingredients and the evolving Nutritionals business.

Mr Moloney said that as anticipated the Group has experienced trading challenges in the first half of the year, principally in Agribusiness and its Irish milk processing businesses. He added that as markets currently stand the Group expects to meet market expectations for the full year.

Chairman, Tom Corcoran added that the Group is on target to complete two major strategic international dairy processing investments. Milk powder production has commenced in Nigeria in the Glanbia joint venture with PZ Cussons plc and the major cheese and whey processing joint venture in New Mexico is on track to being commissioned at the end of the year.