P209 CJEFAX 209  Fri  6 May  21:11/47
     
      HILLSDOWN REPORTS    
      TRBDING ON BUDGET    
 
  Despite a slow start to the year,   
  Hillsdown Holdings has finished the 
  first quarter on budget, according  
  to chairman Sir John Mott.          
  
  The immediate outlook remains quite 
  encouraging and the company is      
  confident about its prospects for   
  the year, hj told shareholders.     
                                      
  Cash generation also continued to   
  improve in the first quarter.       
  
  However, annual operating profits   
  depend heavily on trading in the    
  second half of the financial year,  
  hj cautioned.                       
 
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