GLOBAL drinks group Allied Domecq joined the lengthening list of top British companies to quantify the profit "hit" likely to be caused by the 15 per cent revaluation of sterling since last August.

Its chairman, Sir Christopher Hogg, told yesterday's annual meeting that the group's annual pre-tax profits would be reduced by £20 million if sterling maintained its current levels for the rest of the year.

Trading in the first five months had been in line with expectations, he said.

First-half profits are expected to be "slightly down" after taking account of the negative influence of sterling's appreciation but the shortfall in interim profits is expected to be more than made good in the second half, leading to higher full-year profits.

Sir Christopher said the group was on course to meet growth objectives for the full year, although growth would be concentrated in the second half.

Outside the meeting a number of pub managers protested at what they said was the withdrawal of bargaining and representation rights.

Allied Domecq shares rose 13p to 428p.