Interim results for 6 months to 28 February 1998

Summary of Results	Group Profit & Loss Account
Main Points	Group Balance Sheet
Chairman's Statement	Group Cash Flow Statement
Chief Executive's Review	Review Report to Allied Domecq PLC
Financial Performance	Notes 1-3, Notes 4-6, Notes 7-10
Further Information	City Presentation - Slides

MAIN POINTS

Trading

• Underlying trading profit growth (excluding currency translation and increased pension costs) of 10% for Spirits & Wine and 4% for Retailing
  
• Spirits & Wine volumes level. Top four brands 2% ahead. Price increases of 1% - 2%
  
• Managed pub turnover per house up 6%. Dunkin’ Donuts and Baskin-Robbins USA same store sales up 11% and 4%
  

Financial

• Constant currency EPS increased by 10% after reduced tax charge
  
• Post tax ROI 10.2% (9.4% February 1997)
  
• Interim dividend increased by 3%
  

Strategy

• Focus on major brands and raising returns on investment
  
• Opportunities for co-operation with other spirits companies being actively addressed
  
• Assessment of business development opportunities is value driven