RNS Number:7252U
API Group PLC
28 January 2004


28 January 2004

                                 AGM  STATEMENT


At today's Annual General Meeting of API Group plc, the Chairman, David Hudd
said:



"Since we issued our preliminary announcement on 9 December 2003, the Group has
continued to experience difficult trading conditions in many of its markets.
Although our first quarter sales have increased, particularly in Laminates, we
have experienced continuing pressure on margins, particularly in the Metallised
Paper business.  Despite this, the Group's trading results in the first quarter
were broadly similar to the equivalent period in the preceding year.  The
benefits of the restructuring programme referred to in the preliminary
announcement will be progressively realised and are expected to contribute to
improving performance during the current year.



We continue to refocus the Group on its core activities of Foils, Laminates,
Metallised Paper and Siliconising of film and paper.  In December 2003, we
successfully disposed of the loss-making Learoyd Packaging business. In January
2004, we announced a joint-venture agreement with Swanson Plastics Corporation
("SPC") to set up a facility for the manufacture of Siliconised Film in the
People's Republic of China.  This investment will build on the complementary
strengths of API and SPC.



The Board is committed to the continuing development of the Group's core
speciality coating businesses, where clear opportunities exist to further
improve performance."







Enquiries:



Derek Ashley, Chief Executive                          Tel: 020 7653 3325
David Walton, Finance Director
API Group plc



Tim Spratt/Michelle Morton
Financial Dynamics                                      Tel: 020 7831 3113








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