ALLIED-LYONS SEES SUBSTANTIAL SECOND HALF GROWTH

  &lt;Allied-Lyons PLC> will report
  substantial growth in the second half of fiscal 1987 ended
  March 7, chairman Derrick Holden-Brown said in answer to
  reporters' queries.
      "You will certainly see substantial growth in Allied-Lyons
  in the second half," Holden-Brown said following a presentation
  to Toronto securities analysts.
      Holden-Brown declined to say whether second half growth in
  profit before taxes would exceed the 20.7 pct rise reported in
  the first half. Allied-Lyons had first half profit of 148.0 mln
  stg, up from 122.6 mln stg in the prior year.
      Allied-Lyons will also have a full year extraordinary cost
  of slightly more than seven mln stg for defence costs
  associated with Elders IXL Ltd's failed take-over bid for the
  company, Holden-Brown also said.
      But that cost will be more than offset by an extraordinary
  gain of about 60 mln stg on Allied-Lyons' sale of its 24.9 pct
  interest in Australian brewers Castlemaine Toohey, he said.
      "So with Australians, you win some and you lose some. But
  hopefully you win them all in the end," Holden-Brown said.
      Asked if he thought Allied-Lyons is vulnerable to other
  take-over attempts, Holden-Brown replied: "No, I don't."
      "We must never be complacent and we must always be very
  watchful, but I think we would be very expensive," he said.
      Holden-Brown said Allied-Lyons' share price to corporate
  earnings ratio is now comparable with other leading companies
  in the food and beverage industry.
      "That was not the case two years ago. If the Australians had
  come a little bit earlier, they might have had more luck, I
  think," Holden-Brown said.
      Holden-Brown said Allied-Lyons' move to acquire Hiram
  Walker-Gooderham and Worts Ltd in March, 1986 during Elders
  take-over bid for the company was "100 pct a growth action."
      "We knew when we did it that it could be misconstrued, and
  that people almost inevitably would say (the acquisition was)
  defensive, but it never was," Holden-Brown told reporters.
      Asked by securities analysts if Allied-Lyons plans a share
  issue in Canada after acquiring a 51 pct interest in Hiram
  Walker, Holden-Brown responded: "Plan might be too strong a
  word. But I must say I do feel the need for Allied-Lyons to be
  better known in Canada."
  

