Financial Highlights

.2000
Irp000's		1999
Irp000's		% Increase/
(Decrease)

Turnover

51,112 37,31437.0%

Operating Profit

 1,6131,644-1.9%

Profit before Tax

2,2712,01612.6%

Profit after Tax

 1,9211,72911.1%

Cash Flow

(profit before tax plus depreciation)		 2,9402,53016.2%

Earnings Per Share

(Basic)		 Ir19.2pIr17.4p10.3%

Net Asset Value per Share

(excluding Minority Interest)		Ir£2.16Ir£1.9212.5%

Group Profit and Loss Account

for the six months ended 30 June 2000
.Six months ended 30 June 2000 (unaudited) Six months ended 30 June 1999 (unaudited)Year ended 31 December 1999 (unaudited)
. IR£'000IR£'000IR£'000

Turnover

group and share of joint ventures		 51,112 37,314 78,742 

Less share of joint ventures

(12,170)

-

(7,726)

Group turnover

38,942 37,314 71,016
Operating profit 1,6131,6442,234
Profit on disposal of tangible and financial assets86 72351
Share of results of joint venture undertakings582-477
Share of results of associated undertakings55 88 70

Income from financial assets

 362240593
Profit on ordinary activities before interest2,6982,0443,725
Interest receivable3 10 29

Interest payable - group

 (163) (38)(137)

- joint venture

 (267)-(159)
Profit before tax2,2712,0163,458

Taxation

 (350)(287)(496)
Profit after taxation1,9211,7292,962
Minority interests(16)(6) (52)
Profit for the financial period1,9051,7232,910
Dividends(347)(298)(692)

Retained profit for the period

 1,5581,4252,218
Earnings per share 19.2p17.4p29.3p

Group Balance Sheet at 30 June 2000

. 30 June 2000 (unaudited) 30 June 1999 (unaudited)31 December 1999 (unaudited)
. IR£'000IR£'000IR£'000

Fixed Assets

Tangible assets7,723 7,382 7,676
Financial assets 9,089 5,654 9,104
Investment in joint venture2,005 - 1,620
Intangible assets - negative goodwill (67)(54) (101)
.18,750 12,982 18,299
Current Assets
Stocks 5,889 5,270 5,732
Debtors 19,23816,40117,733
Cash at bank and in hand 4 2,041 -
.25,13123,71223,465

Creditors

(Amounts falling due within one year)		 (19,052)(15,488)(18,888)
Net Current Assets 6,079 8,224 4,577
Total assets less current liabilities 24,82921,20622,876
Creditors - Amounts falling due after one year(2,595) (1,351) (2,220)
Provisions for liabilities and charges(58)(68)(58)
.22,17619,78720,598
Capital and reserves
Called up share capital1,003 1,003 1,003
Share premium2,005 2,005 2,005
Revaluation reserve246 246 246
Other reserves 527 527 527
Profit and loss account 17,84815,53116,286
Shareholders funds - equity 21,62919,31220,067
Minority interest in subsidiaries547 475 531
.22,17619,78720,598

Group Cash Flow Statement for the six months ended 30 June 2000

.Six months Six months Year ended
. 30 June30 June31 December
.2000 1999 1999
. (unaudited)(unaudited)(audited)
. IR£'000IR£'000IR£'000
Operating activities
Operating profit 1,6131,6442,234
Non-cash items 783704(948)
Changes in working capital 1,5771,2091,407
. 3,9733,5572,693
Returns on investment and servicing of finance (63)143652
Taxation paid(361)(337)(296)
Capital expenditure and financial investment (net)(1,418) 22(929)
Acquisitions (379)(868)(5,952)
Equity dividends paid - (298)(596)
Net cash inflow/(outflow) financing1,7522,219(4,428)
Financing (17)(1,152) (39)
Increase/(decrease) in cash1,7351,067(4,467)

Notes to the Interim Results for the six months ended 30 June 2000

Basic of preparation
The interim results have been prepared by applying the accounting policies described on pages 20 and 21 of the Group's audited financial statements for the year ended 31 December 1999.

The results for the six months ended 30 June 2000 and the six months ended 30 June 1999 are unaudited.The results for the year ended 31 December1999 represent an abbreviated version of the Group's full accounts for thatperiod on which the auditors gave an unqualified report.

Segmental analysis

.Six months Six months Year ended
. 30 June30 June31 December
.2000 1999 1999
. (unaudited)(unaudited)(unaudited)
. IR£'000IR£'000IR£'000
Turnover by class of business
Group turnover
Dairy products 15,928 14,857 28,862
Farm inputs16,401 14,868 24,551
Potatoes3,4635,131 11,772
Confectionery 2,5572,0494,854
Sacks 593409977
.38,942 37,314 71,016
Share of turnover of joint venture: Mushrooms12,17007,726
Turnover group and share of joint ventures51,112 37,314 78,742

Turnover by geographical market of destination

Republic of Ireland23,784 23,962 43,008
Northern Ireland 12,1059,426 16,666
Great Britain 1,8231,8213,037
Continental Europe2608842,859
Rest of World 9691,2215,446
.38,942 37,314 71,016
Share of turnover:
Republic of Ireland 1,8370984
Northern Ireland1570118
Great Britain10,17606,624
.12,1700 7726
Turnover group and share of joint ventures 51,112 37,314 78,742

Earnings per share

.Six months Six months Year ended
. 30 June30 June31 December
.2000 1999 1999
. (unaudited)(unaudited)(unaudited)
. IR£'000IR£'000IR£'000

The computation of earnings
per share (basic) is set out below:

Numerator Profit for the financial period (IR£'000) 1,9051,7232,910
Denominator Weighted average number of
ordinary shares in issue for the period		 10,034,990 10,031,672 10,034,198
Average number of treasury
shares		(107,828)(107,828)(107,828)
Denominator for earnings per
share		 9,927,1629,923,8449,926,370

Earnings per ordinary share

(basic)

19.2p

17.4p

29.3p

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