GOLDEN VALE CHAIRMAN IN CONFIDENT MOOD

THE Chairman of Golden Vale, Mr Pat McKenna, told shareholders at the AGM that "Much progress was made in furthering the strategic direction of the Group during 2000."

He also said that he was confident that the investments made by Golden Vale will deliver value for shareholders in the years ahead and he continues to be optimistic about opportunities for growth in the business.

Referring to the proposed offer from Kerry Group, Mr McKenna reiterated the Board position as announced yesterday that it "is inadequate and fails to recognise either the underlying value or the potential of the Company."

Speaking at the meeting, the Group Managing Director, Mr Jim Murphy said "Golden Vale has demonstrated strong financial performance, has a healthy Balance Sheet, has made the major investments for the future to enable sales to grow and has significant positions in many growth markets."

He also said the Company was well placed to grow significantly over the coming years, both organically and by future acquisition. "We have more than doubled our profits over recent years and we are confident the we have laid solid foundations for the future."

Commenting on the outlook for the current year, Mr Murphy said: "In line with our statement in February, significant cost pressures will result in lower margins in the first half. However, overall the outlook for the year is positive. We are experiencing strong sales growth in many markets and we expect this to continue."

Golden Vale operations span the manufacture and sale of a wide range of branded and customer label food products for international retail, industrial and food service markets.

With its headquarters based in Cork, Ireland, the company have many offices in Northern Ireland.

(CD)