News Releases issued to the Stock Exchange
29 April 1999

Interim results for the six months to 28 February 1999

Results Summary Group Balance Sheet
Highlights Group Cash Flow Statement
Chairman's Statement Review Report (Auditors)
Operating and Financial Review Notes 1 - 5, Notes 6 - 10
Financial Review Further Information
Group Profit & Loss Account City Presentation

 
Highlights

Trading Performance

  • Further marketing focus on core 4 spirits brands: volumes + 5%

  • Spirits prices + 17½%

  • Managed house total sales per pub +3%, food +11%

  • Dunkin' Donuts same store sales +5%

Financial Results

  • European spirits profits +9%, North American +8%

  • Pub profits -10%

  • US foodservice profits +6%

  • Interest cover 6.3x

  • Early payment of 15p interim dividend as a FID

  • £189 million exceptional profit on disposal of Cantrell & Cochrane partially offset by £151 million of exceptional costs

Strategic Actions

  • Increased brand focus through reorganisation of US spirits

  • Review of pub estate composition and profitability

  • Cantrell & Cochrane sold for £519 million

  • Agreement to dispose of 50% interest in Panrico

   
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