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

 
Group Profit & Loss Account
6 months ended 28 February 1999
12 Months to   6 Months to 28 February 1999 6 Months
31 August   Before to 28 February
1998   exceptional Exceptional 1998
Total   items items Total Total
£m   Note £m £m £m £m
       
3,342 Continuing operations   1,698 - 1,698 1,732
315 Discontinued operations
              - Cantrell & Cochrane		   130 - 130 150
651               - Victoria Wine   - - - 328
- Share of joint venture
              - First Quench Retailing		   322 - 322 -
       
4,308 Group turnover and share of turnover of joint venture 2 2,150 - 2,150 2,210
- Less: share of turnover of joint venture   (322) - (322) -
       
4,308 Turnover   1,828 - 1,828 2,210
   
(3,696) Operating costs   (1,492) (96) (1,588) (1,845)
     
550 Continuing operations
              - Cantrell & Cochrane		   312 (96) 216 336
49 Discontinued operations   24 - 24 22
13               - Victoria Wine   - - - 7
       
612 Operating profit   336 (96) 240 365
- Share of profits of joint venture undertakings
              - First Quench Retailing		   3 (7) (4) -
22 Share of profits of associated undertakings   8 - 8 7
       
634 Trading profit 2 347 (103) 244 372
  Profit/(loss) on sale of businesses in continuing and    
(20) discontinued operations   - 176 176 -
(17) Loss on disposal of fixed assets in continuing operations   - (2) (2) (2)
       
597 Profit on ordinary activities before finance charges   347 71 418 370
(142) Finance charges   (55) (33) (88) (52)
       
455* Profit on ordinary activities before taxation   292 38 330 318*
(160) Taxation on profit on ordinary activities   (76) 15 (61) (83)
       
295 Profit on ordinary activities after taxation   216 53 269 235
(21) Minority interests and preference dividends   (3) - (3) (15)
       
274 Earned for ordinary shareholders for the period 4 213 53 266 220
       
(266) Ordinary dividends 9 (157) (103)
       
8 Retained profit for the period   109 117
       
26.3p Earnings per ordinary share:
              basic and fully diluted		   25.4p 21.1p
41.7p               normalised 4 20.4p 21.3p

The above figures comprise the unaudited results for the six months ended 28 February 1999 and 28 February 1998 and the audited results for the twelve months ended 31 August 1998.

* For the twelve months ended 31 August 1998 and the six months ended 28 February 1998, profit on ordinary activities before taxation and exceptional items was £615m and £320m respectively.
   
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