HILLSDOWN HOLDINGS PLC <HLDN.L> 1986 YEAR
Shr 16.3p vs 12.2p
    Div 2.75p vs 2.25p making 3.8p vs 3.15p adjusted for
    Three-for-one capitalisation
    Pre-tax profit 54.9 mln stg vs 33.4 mln
    Turnover 1.70 billion vs 1.13 billion
    Tax 7.6 mln vs 2.6 mlnProfit attributable 51.9 mln vs 30.1   
 Mln
    Cost of Sales 1.49 billion vs 999.3 mln
    Gross profit 215.9 mln vs 136.2 mln
    Distribution costs 90.3 mln vs 57.2 mln
    Adminstrative expenses 65.9 mln vs 40.8 mln
    Other operating income 3.9 mln vs nil
    Interest payable 8.7 mln vs 4.8 mln
    Minority interests 1.0 mln vs 0.7 mln
    Extraordinary credit (sale of share in S and W Berisford
Plc) 5.6 mln vs nil
    Operating profit includes -
    Poultry, eggs and animal feed 21.7 mln vs 17.2 mln
    Food processing and distribution 15.4 mln vs 6.9 mln
    Furniture and timber distribution 8.4 mln vs 3.4 mln
    Fresh meat and bacon 8.0 mln vs 4.5 mln
 REUTER
