Final Results

Young & Co's Brewery PLC
7 June 2001



                        YOUNG & CO.'S BREWERY, P.L.C.

                             PRELIMINARY RESULTS

                      FOR THE 52 WEEKS TO 31 MARCH 2001



Highlights



  - Adjusted profit before tax increased to £8.5 million*           up 13.4%

  - Adjusted earnings per share of 45.23p*                          up 12.4%

  - Adjusted EBITDA of £17.6 million*                               up 10.8%




* Adjusted to exclude profit on sales of properties




  - Turnover increased to £96.9 million                             up  5.7%

  - Operating profits up to £11.3 million                           up 13.7%

  - Profit before tax increased to £10.3 million                    up 20.2%

  - Earnings per share of 60.71p                                    up 24.9%

  - Dividend per share increased to 19.30p                          up  6.6%

  - Net assets per share increased to £11.35                        up  4.5%




-   Brewing volumes increased by 5.8%, with Young's own brands bucking
    the national decline in cask beer volumes



-   Trading area enlarged through the acquisition of 15 west country pubs
    from Smiles Brewery



-   Record year of capital expenditure, with £20.5 million invested in
    the business



-   Gearing at 26.6% provides plenty of financial muscle to continue to
    deliver the strategy



Commenting on the results, John Young, Chairman of Young's Brewery said:



'Despite the appalling weather, we have continued to make good progress across
the business, reporting our fourth successive year of double-digit growth.  We
have further strengthened the business in the period, with record levels of
investment and the extension of our trading area following the Smiles
acquisition.  We are examining all opportunities in pursuit of our strategy to
enhance shareholder value and, with the continued decline in the national
brewers' interest in cask ale, we are excited at the opportunities opening up
to Young's as a vertically integrated brewer.'



For further information:



Pat Read, Chief Executive

Peter Whitehead, Finance Director

Young & Co.'s Brewery, P.L.C.                              020 8875 7000

James Longfield, Hogarth Partnership                       020 7357 9477









                        YOUNG & CO.'S BREWERY, P.L.C.

                             Preliminary results

                        For 52 weeks to 31 March 2001





Operational review



We have had another successful year. Turnover is up 5.7% at £96.9m, operating
profit up 13.7% at £11.3m and profit before tax up 20.2% at £10.3m. Profit
before tax, once adjusted for property disposals, is up 13.4% at £8.5m. A
popular measure, EBITDA, which adds back interest, depreciation and
amortisation to our adjusted profit before tax, increased 10.8% to £17.6m.

The annual general meeting on 17 July will be asked to approve a final
dividend of 10.05p, a 6.9% increase over last year. This will be payable on 19
July to shareholders on the register on 22 June and will make a total dividend
for the year of 19.30p, 6.6% higher than last year.

Management action has again delivered continued progress.  Once more we can
announce increases in volume, turnover and profit, with all divisions
contributing positively to profits. The year under review was the wettest on
record and the comparative period the year before included a 53rd week so we
trust you find these results impressive.  It was also a year of record capital
expenditure, with a total of £20.5m invested in the business during the
period.

As a result of the actions we have taken to improve financial performance, we
have been able to provide shareholders with a sustained increase in both
earnings and dividends over the past four years. Our benchmark, adjusted
earnings, has increased by 79% over this period, or at a compound rate of
15.7% a year.



Brewing and brands



Brewing volumes increased by 5.8%, largely due to increases in contract
brewing.  Volumes of our own beers were similar to the comparable period last
year, in direct contrast to a decline in the cask ale market.



Triple 'A', our new cask ale aimed at the younger beer drinker, was launched
in April 2000 and has had a successful first year.  It is now an established
part of our cask ale portfolio, complementing our other leading brands of
Young's Bitter and Young's Special.



Our bottled beer, Waggledance, continued its success in the take home market;
it now lies within the multiple grocers' top ten premium packaged ale brands.
We are building on its success by launching it on draught both in our pubs and
those of our free trade partners.



A new brewing contract was signed with Scottish Courage during the year and
production started in November.



We continue to manage the cost base of the brewery, with further reductions in
manning levels through natural wastage which, when combined with the increase
in beer production, achieved a further fall in unit cost per barrel.



Operating improvements continue and towards the end of the year we started
work on a new £1.1m kegging plant, which is now fully commissioned. This
investment demonstrates our long-term confidence in the British brewing
industry and our total commitment to playing our part in its future.



The national brewers' declining interest in cask ale provides an exciting
opportunity for Young's to increase production of its existing brand portfolio
whilst seeking new prospects to expand it.





Retail estate



We are very proud of the quality of our retail estate, a quality that has been
painstakingly built over many generations. We believe these assets, combined
with the professionalism and commitment of our licensees, provide a haven for
shareholders in these difficult market conditions.



This year we invested £17.0m.  Eighteen new sites were acquired for £7.4m and
a further £9.6m was spent on improving our existing estate, including £7m on
major refurbishment of eleven pubs and seven hotels.



In November we announced the £5.8m acquisition of the Smiles estate,
representing 15 west country pubs, centred on the Bristol area.  This
acquisition enlarged our geographical trading area, which now comprises the
home counties and an area bounded by the Thames valley, Bristol and the south
coast.



Our acquisition strategy combines the desire to build operational density
within our enlarged trading area, preferably through freehold sites, together
with ensuring that there is no dilution in the quality of our overall asset
base.  Our total estate of 201 houses includes 155 freeholds.



We continue to review the estate to maximise its profit potential, whether by
development, refurbishment, transfers between management and tenancy or, where
returns prove inadequate to cover a property's market value, by disposal.  In
line with this strategy we have sold three properties in the year.



Managed pubs and hotels



Turnover and profit in the managed estate increased by 6% and 5% respectively,
achieved despite disruption caused by refurbishment, an inevitable consequence
of continued investment. There were strong advances in wine, spirit and food
profits whilst beer volumes were level against the comparable period despite
the poor weather.



Twelve new managed houses were acquired during the year from Smiles.  This
acquisition had little impact on the results for the year as, although terms
were agreed with Smiles in November, eight of these pubs did not come on
stream until February and March. In addition we acquired the Rising Sun in
Twickenham, which opened for trading in the current year.



We spent £8.8m on the existing estate, including major refurbishment to the
Greyhound in Carshalton, the Pope's Grotto in Twickenham, the Red Lion in
Radlett, Finch's in Wimbledon, the Bull's Head in Chislehurst, the Spotted
Horse in Putney, the Britannia in Kensington and the Robin Hood in Sutton.
Work was also completed at the Pied Bull in Streatham, the Orange Tree in
Richmond, and the Bell at Staines.



We added 32 bedrooms at the Pope's Grotto and a further 17 at the Greyhound,
bringing our total rooms in operation to 287. The recent investment in pub
accommodation continues to bear fruit with increases in sales of 18.2% and net
profits of 18.5%.  Occupancy in the hotels was down 1.9%, as the newer
developments take time to establish themselves. Occupancy on a like-for-like
basis increased by 1.3% and in total, room rates increased by an average of
7.7%. There will be a further 31 rooms, when the £2.7m development at the
Coach and Horses in Kew, opens in July.



Tenanted



The profitability of our tenancies was similar to last year, with a modest
decline in beer volumes offset by a strong wines and spirits performance.



During the course of the year, we acquired five new tenancies, including three
from Smiles. All five purchases were made in the second half of the year.  In
addition we carried out major refurbishments at the Waggon and Horses in
Surbiton and the Half Moon in Putney and we extended the Shaftesbury Arms in
Kew and the Thatched House in Hammersmith.



This investment, representing £2.9m in new and existing tenancies,
demonstrates our continued commitment to this important part of our business.



Free trade



Free trade has enjoyed another excellent year with volumes up 10% on last
year. The growth in contract beer has helped considerably but our emphasis
remains on increasing volume and distribution of our own brands in our
traditional trade channels.



The take home trade has enjoyed its best year ever, delivering growth of 37%,
far exceeding the market. Strong performances were made by all our take home
brands. Waggledance was once again our best performer in terms of growing
sales and distribution.



Volume in national accounts and wholesalers has increased by 8% and 28%
respectively, whilst export volume grew by 6% and now comprises 6% of total
own branded production.



This growth, which is largely the result of increases in own branded cask ale
and non-returnable bottle volume, has more than offset the market decline in
returnable bottles.



Marketing



As in previous years, we have invested in carefully targeted advertising.
Triple 'A' formed the focus of our attention this year with a major
advertising campaign running across more than 660 poster sites in September
and October.



The Ram poster campaign continues to re-energise and modernise the Young's
brand, appealing to both existing and new, younger cask ale drinkers alike.
In the coming year, the campaign will be extended to include national consumer
press to strengthen and broaden its appeal.



We have developed our website into a more informative and easy-to-use site,
offering an opportunity to buy our wines and spirits and promotional
merchandise on-line.  Predominantly a marketing tool, the website increases
the profile of Young's beyond our trading region and generates an on-line
dialogue between Young's and its customers worldwide.



Finally, a display-space planning initiative was carried out throughout our
pub estate providing our customers with an eye-catching range of the most
sought after bottled beers, complementing our already outstanding range of
draught ales and lagers.



Cockburn & Campbell



Cockburn & Campbell has had another successful year, increasing sales by 6%
and profit by 11%.



We received popular consumer support throughout the year for our wine courses
and corporate tasting events, which have greatly enhanced the awareness of
Young's wines. Our own brand of Scotch whisky, The Royal & Ancient, was
exported to the USA for the first time and our agency wines continued to win
awards.



Outlook



We are pleased with the progress we have made over the past four years, which
has enabled us to increase our investment in the business.  We are committed
to continuing this progress and to go on examining all investment
opportunities that will enhance shareholder value.



Since the year-end we have opened the Rising Sun in Twickenham and acquired
the Greyhound in Hendon and the Waverley in Bognor Regis. In addition we have
agreed terms on the acquisition of 5 further sites.



With our £15m revolving credit facility renewed in January and gearing at a
modest 26.6%, we have plenty of financial muscle to continue to deliver our
strategy. This, together with our enlarged trading area, will provide
additional opportunities to grow the distribution and renown of Young & Co in
the coming year.








                        YOUNG & CO.'S BREWERY, P.L.C.

                             Preliminary results



                             FINANCIAL HIGHLIGHTS

                     For the 52 weeks ended 31 March 2001


                                               2001          2000             %

                                               £000          £000        change
Adjusted profit before tax*                   8,513         7,507         +13.4
Adjusted earnings per share*                 45.23p        40.25p         +12.4
Adjusted EBITDA*                             17,624        15,903         +10.8

*  Adjusted to exclude profit on sales of properties.

Turnover                                     96,901        91,652          +5.7
Operating profit                             11,287         9,923         +13.7
Profit before tax                            10,267         8,542         +20.2
Basic earnings per share                     60.71p        48.59p         +24.9
Dividend per share                           19.30p        18.10p          +6.6
Net assets per share                         £11.35        £10.86          +4.5
Gearing ratio                                 26.6%         21.8%         +22.0





                           PROFIT AND LOSS ACCOUNT

                     For the 52 weeks ended 31 March 2001


                                                              2001         2000
                                                              £000         £000
Turnover                                                    96,901       91,652

Net operating costs                                       (85,614)     (81,729)

Operating profit                                            11,287        9,923

Profit on sales of properties                                1,754        1,035

Profit on ordinary activities before interest               13,041       10,958

Net interest charge                                        (2,774)      (2,416)

Profit on ordinary activities before tax                    10,267        8,542

Tax on profit on ordinary activities                       (2,707)      (2,402)

Profit on ordinary activities after tax                      7,560        6,140

Preference dividends on non-equity shares                    (113)        (113)

Profit attributable to ordinary shareholders                 7,447        6,027

Ordinary dividends on equity shares                        (2,414)      (2,264)

Retained profit for the financial period                     5,033        3,763





                                                                Pence     Pence

Basic earnings per 50p ordinary share                           60.71     48.59

Diluted basic earnings per 50p ordinary share                   60.56     48.12

Adjusted earnings per 50p ordinary share                        45.23     40.25








                        YOUNG & CO.'S BREWERY, P.L.C.



                                BALANCE SHEET

                               At 31 March 2001




                                                               2001       2000
                                                               £000       £000
Fixed assets

Tangible fixed assets                                       188,301    175,460

Investments                                                   2,482      2,025

                                                            190,783    177,485

Current assets and liabilities

Stocks                                                        4,420      4,637

Debtors                                                       5,905      6,862

Cash                                                              -        651

                                                             10,325     12,150

Creditors: amounts falling due within one year             (18,147)   (17,834)

Net current liabilities                                     (7,822)    (5,684)

Total assets less current liabilities                       182,961    171,801

Creditors: amounts falling due after more than one year    (36,091)   (30,224)

Provisions for liabilities and charges                      (5,825)    (5,565)

                                                            141,045    136,012



Capital and reserves

Called-up share capital:  equity                              6,475      6,475

                          non-equity                          1,361      1,361

Share premium account                                         1,408      1,425

Revaluation reserve                                          88,518     88,831

Profit and loss account                                      43,283     37,920

Equity shareholders' funds                                  139,684    134,651

Non-equity shareholders' funds                                1,361      1,361



                                                            141,045    136,012



                        YOUNG & CO.'S BREWERY, P.L.C.



                             CASH FLOW STATEMENT

                     For the 52 weeks ended 31 March 2001




                                                              2001        2000
                                                              £000        £000
Net cash inflow from operating activities                   17,610      18,164
Interest received                                               36         130
Interest paid                                              (2,915)     (2,645)
Non-equity dividends paid                                    (113)       (113)
Returns on investments and servicing of finance            (2,992)     (2,628)

Corporation tax paid                                       (2,440)     (2,349)

Purchase of tangible fixed assets                         (20,524)    (15,563)

Sales of tangible fixed assets                               2,858       1,804

Purchase of investments                                          -       (478)

Capital expenditure                                       (17,666)    (14,237)

Equity dividends paid                                      (2,333)     (2,227)

Cash (outflow) before financing                            (7,821)     (3,277)

Increase /(decrease) in loan capital                         5,898        (87)

(Decrease) in lease finance                                   (22)        (20)

Financing                                                    5,876       (107)

(Decrease) in cash in period                               (1,945)     (3,384)












                        YOUNG & CO.'S BREWERY, P.L.C.



           RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT

                     For the 52 weeks ended 31 March 2001




                                                            2001          2000
                                                            £000          £000
(Decrease) in cash in period                             (1,945)       (3,384)
(Increase)/decrease in debt in period                    (5,876)           107
(Increase) in net debt in period                         (7,821)       (3,277)
Opening net debt                                        (29,714)      (26,437)
Closing net debt                                        (37,535)      (29,714)








                  NET CASH INFLOW FROM OPERATING ACTIVITIES

                     For the 52 weeks ended 31 March 2001




                                                               2001        2000
                                                               £000        £000
Operating profit                                             11,287       9,923
Profit on sales of properties                                 1,754       1,035
                                                             13,041      10,958

Depreciation                                                  6,337       5,980
Profit on disposal of tangible fixed assets                 (1,512)     (1,224)

Movements in working capital
Stocks                                                          217       (199)
Debtors                                                         957     (1,046)
Creditors                                                   (1,430)       3,695
Net cash inflow from operating activities                    17,610      18,164







                        YOUNG & CO.'S BREWERY, P.L.C.



                            NOTES TO THE ACCOUNTS




1.      Recognised gains and losses



The results above are all in respect of the continuing operations of the
company.  There are no recognised gains or losses other than those disclosed
above.


2.      Taxation



Corporation tax has been provided at a rate of 30% (2000: 30%) on the profits
for the period ended 31 March 2001.


3.      Earnings and dividends on equity shares






                                                               2001        2000
                                                              Pence       Pence
Basic earnings per 50p ordinary share                         60.71       48.59
Effect of profit on sales of properties                     (15.48)      (8.34)
Adjusted earnings per 50p ordinary share                      45.23       40.25





The weighted average number of ordinary shares in issue is 12,265,600 (2000:
12,403,737).



Diluted earnings per ordinary share are calculated by adjusting basic earnings
per ordinary share to reflect the notional exercise of the weighted average
number of ordinary share options outstanding during the year.  The resulting
weighted average number of ordinary shares is 12,297,731 (2000: 12,525,792).


                                                            2001           2000
                                                           Pence          Pence
Interim dividend                                            9.25           8.70
Proposed final dividend                                    10.05           9.40
                                                           19.30          18.10




4.     Accounts



The above financial information does not amount to full accounts within the
meaning of S.240 of the Companies Act 1985.  Full accounts for the period
ended 1 April 2000, including an unqualified auditors' report, have been
delivered to the Registrar of Companies.  The statutory accounts for the
period ended 31 March 2001, including an unqualified auditors' report, will be
delivered to the Registrar of Companies.



This year the company has applied the exemption in S.229 of the Companies Act
1985 and not prepared consolidated accounts. The financial statements now
present information about the company as an individual undertaking. With this
exception the preliminary announcement has been prepared on the basis of the
same accounting policies as set out in the previous annual accounts.