Bristol, U.K., Sept. 1, 2003 (PRIMEZONE) -- At the close of its financial year ended 31 August 2003, Allied Domecq (NYSE:AED) (Other OTC:ALDQF) confirmed strong underlying growth in trading profit together with earnings in line with expectations despite ongoing tough economic conditions in some markets.
The Spirits & Wine portfolio continues to deliver profitable volume growth as a result of the investment in growth categories and markets made over recent years. The US business has been the strongest performer with continued growth across the core brands. Asia Pacific and Latin America have made good progress despite the impact of slowing economies and SARS in Asia. The European business was held back by sluggish economies and the changes in the Spanish market reported in February and at our interim results. However, as expected, the Spanish business has shown a marked improvement in the second half.
The Quick Service Restaurants business has also performed strongly.
At an analysts' seminar on its wine business this afternoon in London, Allied Domecq will reiterate the strong investment case for its premium wine business. The wine business is performing well and is on track to achieve its targeted growth and returns.
The preliminary announcement of results for the year ended 31 August 2003 will be made on 21 October.
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