Final Results

Young & Co's Brewery PLC
6 June 2002

6th June 2002



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

                              PRELIMINARY RESULTS
                     FOR THE 52 WEEKS TO 30 MARCH 2002

Highlights

•         Adjusted profit before tax increased to £8.6 million*                 up    1.1%

•         Adjusted earnings per share of 45.69p*                                up    1.0%

•         Adjusted EBITDA of £18.8 million*                                     up    6.9%
          * Adjusted to exclude non-operating exceptional items

•         Turnover increased to record levels at £106.3 million                 up    9.7%

•         Operating profit up to £11.7 million                                  up    3.3%

•         Dividend per share increased to 20.35p                                up    5.4%

•         Net assets per share increased to £11.59                              up    2.6%

•         Sound performance in some of the most challenging conditions
          experienced for many years - year ends on a high with a strong 
          performance in March;

•         Brewing volumes up 9.4% and total beer sales up 5.7% by volume - both
          significantly better than the total market which was static;

•         Continued progress in the managed estate with turnover and volume up
          11.0% and 6.1% respectively;

•         Investment continues, with eight pubs and one inn acquired in the year
          for £6.0 million, and a further £9.3 million invested in refurbishment
          of the existing estate;

•         Increasing profile of Young's beers contributes to strong performance
          from the free trade, with overall beer volumes up 13.0% and take home 
          trade sales up 30.8%;

•         Despite an investment of over £54 million in the business over the
          past 3 years, gearing stands at only 31.2% and interest cover is 3.8X, 
          which provides plenty of scope for further, well targeted investment.



John Young, Chairman, commented:

'Despite the difficult trading conditions for much of the year, Young's has
proved its resilience by continuing to grow.  The pick-up in trading in March
offers some encouragement that we may be turning the corner, although with
international political uncertainty continuing to dominate the news, the picture
remains unclear. We remain quietly confident about the prospects for the year
ahead.'

For further information, please contact:

Patrick Read, Chief Executive              Young & Co.'s Brewery, P.L.C.         020 8875 7000
Peter Whitehead, Finance Director          Young & Co.'s Brewery, P.L.C.         020 8875 7000
James Longfield / John Olsen               Hogarth Partnership                   020 7357 9477

Operational review

We have continued to make progress, despite some of the most challenging
conditions experienced for many years. Turnover at £106.3 million was up 9.7%
representing something of a milestone, being the first time that sales have
exceeded £100 million.  Operating profit was up 3.3%, a creditable performance
considering the difficult trading conditions, particularly in the second half.
Profit before tax, once adjusted for exceptional items, was up 1.1% at £8.6
million. We finished the year on a high with a strong performance in March
providing encouraging signs that life is returning to normal.

Brewing and brands

Total beer sales excluding contract brewing were up 5.7% in volume against
static sales nationally. Own brand volumes increased by 1.8%. Contract brewing
on behalf of other brewers was up 29.7%, which when combined with our own beer
growth gives an increase in Young's production of 9.4%.

Contract brewing improves the utilisation of the brewery and spreads costs. Once
more unit costs of production have fallen and during the year we invested a
further £1.8 million in improving efficiency and quality of our brands.

Nonetheless we recognise that the future lies in our own beers, the quality of
which has once more been acknowledged by success in prestigious competitions.
Young's Special London Ale was the supreme champion at the International Beer
and Cider Competition 2002. In addition Young's Special and Young's Double
Chocolate Stout won silver medals and Young's Triple 'A' a bronze at the Brewing
Industry International Awards. Congratulations are due to Ken Don, our head
brewer and his team.

During the course of the year we re-launched our 'drive' brand, Young's Bitter,
with its biggest and most effective advertising campaign, designed to strengthen
the appeal of Young's Bitter to a wider and younger audience, reinforced with a
contemporary new pump clip.  This campaign, under the banner 'There's no
disguising a great beer', focused on consumers in London, by effective use of
local press, underground posters and tube panels, and was supported by a broader
promotion in the national press throughout November.

In addition to Young's Bitter, Waggledance appeared on posters and in the
national press earlier in the year and Chocolate Stout too was supported in the
national and trade press.  In addition to promoting our beers for the retail
estate, this additional media activity complemented our successes in the take
home market.

Retail estate

This year we invested £15.3 million in our retail estate. We purchased nine
sites for £6.0 million, carried out major refurbishment at a cost of £6.1
million on 13 sites and spent £3.2 million on a number of smaller projects. We
disposed of three sites for £2.1 million.  The total estate now comprises 206
pubs and inns of which 156 are freeholds.

Managed pubs and inns

Trade in the managed pubs and inns was affected by the lower tourist levels
during the year.  This resulted from the foot and mouth outbreak that wreaked
havoc among farming communities in the early part of 2001 and from the terrorist
attacks in New York and subsequent economic uncertainty in the second half.  Our
managed estate also had to contend with the additional cost of the increased
minimum wage, which came at a time when it was very difficult to pass on any
additional cost to the consumer.

Against this backdrop it is pleasing to report progress, with turnover up 11.0%
and beer volumes up 6.1%.

We spent £5.7 million on six new managed pubs and one inn. The new sites are
Blackwells in Oxford, the Greyhound in Hendon, the City Gate in Exeter, the
Grove in Exmouth, Horts in Bristol, the Waverley in Aldwick near Bognor Regis
and the Lamb Inn in Hindon, Wiltshire.

In addition we invested £8.7 million developing our existing managed estate.  Of
this, £6.1 million was on major works at the Duke of Cumberland in Fulham, the
Founders Arms in Southwark, the Grove in Balham, Le Chateau in Bristol, the Rose
& Crown in Wimbledon, the Ship Inn in East Grinstead, the Bishop out of
Residence in Kingston, the Dulwich Woodhouse, the Windmill in Clapham and
finishing the Rising Sun in Twickenham and the Coach & Horses in Kew.

The impact of reduced tourism was, naturally, most noticeable in our inns, with
a decline in REVPAR (average room rate multiplied by occupancy) in the year of
6.7% to £40.04.  During the course of the year we have opened 49 additional
rooms bringing our total to 336.

Tenanted pubs

Tenanted trade beer volumes were up 4.1%. Total investment in the tenanted
estate was £0.9 million, which included the acquisition and refurbishment of two
new leasehold pubs, the Rope Walk in Bristol and the Wheatsheaf in the Borough
Market.

In line with our stated objective of increasing the number of tenancies in the
estate, we transferred a further five managed houses over to tenancy in the
year.  Taking account of the two acquisitions, the disposal of one tenancy and
two transfers to management, we now have 75 tenanted houses, four more than last
year.

Free trade

The traditional free trade has had another exciting year with volumes increasing
by 13.0% on the previous year.

This increase was driven by further growth in the take home trade, which was up
30.8% in volume terms.  Within this, the star performer has been Waggledance,
which had increased distribution in major supermarkets and off licences
throughout the country.

We continue to innovate with new products and have recently increased our range
of specialist beers with the introduction of  'Lord's Beer', developed in
conjunction with the MCC, and Ramrod has been re-branded and taken on as the
official beer of the National Trust.

Amidst a number of very strong performances, the regional free trade finished
the year 13.8% ahead. This was due to new business gains in London, the Home
Counties and in the West Country where we have increased our profile and
operational density as a result of our recent acquisitions.

The interbrewer market, a substantial market for Young's, continued to show
volume increases, up 14.3%, although these gains do not show through in profit
terms as increases in contract brewing offset a decline in higher margin Young's
Light Ale.

Exports had a strong second half. Our strategy of consolidation into key markets
has delivered considerable growth since the half year finishing with volumes
20.1% ahead for the year. Trade has been growing in Scandinavia and more
recently New Zealand, but it is the USA that remains our main and growing
market. It seems that if the Americans will not come to London, we have to send
a bit of London to them!

Cockburn & Campbell

Cockburn & Campbell, our wines and spirits division, advanced in a growing
market. Turnover increased by 6.7% and profits by 11.4%.

Tied trade wine volumes were up by 16.5% and spirits, including premium packaged
spirits by 13.2%. In the free trade wine volumes fell 1.3% but spirits increased
by 14.7%. Our leading agency, El Coto de Rioja, continued to benefit from
increased distribution particularly to regional brewers and national
wholesalers. El Coto Blanco is now the biggest selling white Rioja in the UK. We
have recently extended our range of New World wine with new distribution deals
with Jekel Vineyards from California and Matua Valley of New Zealand.

Outlook

Despite the difficult trading conditions for much of the year, Young's has
proved its resilience by continuing to grow.

Since the year-end we have purchased the freehold interest in four of our
leasehold properties and acquired a managed pub, Dunstan House in Burnham on
Sea.  With gearing at 31.2% and interest cover at 3.8X, we have ample resources
to continue to build the business.

On the trading front, the picture remains unclear with many of the economic and
political issues that plagued last year still unresolved.


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

                            Profit and loss account
                      For the 52 weeks ended 30 March 2002
                                                                                      2002              2001
                                                                                      £000              £000
Turnover                                                                           106,253            96,901
Net operating costs                                                               (94,588)          (85,614)

Operating profit                                                                    11,665            11,287
Non-operating exceptional items                                                        227             1,754

Profit on ordinary activities before interest                                       11,892            13,041
Net interest charge                                                                (3,062)           (2,774)

Profit on ordinary activities before tax                                             8,830            10,267
Tax on profit on ordinary activities                                               (2,665)           (2,707)

Profit on ordinary activities after tax                                              6,165             7,560
Preference dividends on non-equity shares                                            (113)             (113)

Profit attributable to ordinary shareholders                                         6,052             7,447
Ordinary dividends on equity shares                                                (2,539)           (2,414)

Retained profit for the financial period                                             3,513             5,033


                                                                                     Pence             Pence
Basic earnings per 50p ordinary share                                                49.31             60.71

Effect of non-operating exceptional items                                           (3.62)           (15.48)
Adjusted earnings per 50p ordinary share                                             45.69             45.23
Diluted basic earnings per 50p ordinary share                                        48.98             60.56



The results above are all in respect of continuing operations of the company.


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

                  Statement of total recognised gains and losses
                      For the 52 weeks ended 30 March 2002

                                                                                      2002              2001
                                                                                      £000              £000
Retained profit for the financial period                                             3,513             5,033
Prior year adjustment arising from the adoption of
FRS 19 Deferred Tax                                                                  (635)                 -
Total gains recognised since last report                                             2,878             5,033


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

                                  Balance sheet
                                At 30 March 2002
                                                                                      2002              2001
                                                                                      £000              £000
Fixed assets                                                                       200,534           190,783

Current assets and liabilities
Stocks                                                                               4,504             4,420
Debtors                                                                              6,447             5,905
Cash                                                                                   765                 -
                                                                                    11,716            10,325

Creditors: amounts falling due within one year                                    (16,082)          (18,147)

Net current liabilities                                                            (4,366)           (7,822)

Total assets less current liabilities                                              196,168           182,961

Creditors: amounts falling due after more than one year                           (45,473)          (36,091)
Provisions for liabilities and charges+                                            (6,772)           (6,460)
                                                                                   143,923           140,410

Capital and reserves
Called-up share capital:     equity                                                  6,475             6,475
                             non-equity                                              1,361             1,361
Share premium account                                                                1,386             1,408
Revaluation reserve                                                                 88,646            88,518
Profit & loss account**                                                             46,055            42,648

Equity shareholders' funds**                                                       142,562           139,049
Non-equity shareholders' funds                                                       1,361             1,361

                                                                                   143,923           140,410



** The comparative figures have been restated for the prior year adjustment
   arising from the adoption of FRS 19 Deferred Tax.


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

                              Cash flow statement
                      For the 52 weeks ended 30 March 2002


                                                                                      2002              2001
                                                                                      £000              £000

Net cash inflow from operating activities                                           17,614            17,610

Interest received                                                                       19                36
Interest paid                                                                      (3,209)           (2,915)
Non-equity dividends paid                                                            (113)             (113)

Returns on investments and servicing of finance                                    (3,303)           (2,992)

Corporation tax paid                                                               (2,612)           (2,440)

Purchases of tangible fixed assets                                                (18,748)          (20,524)
Sales of tangible fixed assets                                                       2,219             2,858

Capital expenditure                                                               (16,529)          (17,666)

Equity dividends paid                                                              (2,483)           (2,333)

Cash (outflow) before financing                                                    (7,313)           (7,821)

Increase in loan capital                                                             9,396             5,898
(Decrease) in lease finance                                                           (24)              (22)

Financing                                                                            9,372             5,876

Increase/(decrease) in cash in period                                                2,059           (1,945)



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

              Reconciliation of net cash flow to movement in net debt
                      For the 52 weeks ended 30 March 2002

                                                                                      2002              2001
                                                                                      £000              £000

Increase/(decrease) in cash in period                                                2,059           (1,945)

(Increase) in debt in period                                                       (9,372)           (5,876)
(Increase) in net debt in period                                                   (7,313)           (7,821)

Opening net debt                                                                  (37,535)          (29,714)
Closing net debt                                                                  (44,848)          (37,535)

Notes to the accounts

(1) 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
31 March 2001, including an unqualified auditors' report, have been delivered to
the Registrar of Companies.  The statutory accounts for the period ended 30
March 2002, including an unqualified auditors' report, will be delivered to the
Registrar of Companies.

The preliminary announcement has been prepared on the basis of the same
accounting policies as set out in the previous annual accounts.

(2) Taxation

Corporation tax has been provided on the profits for the 52 weeks to 30 March
2002 at a rate of 30% (2001: 30%). A prior year adjustment of £635,000 has been
made to bring the deferred tax balance in line with the requirements of FRS 19.

(3) Earnings per share

Earnings per share are calculated by dividing the profit attributable to
ordinary shareholders by the weighted average number of ordinary shares in
issue.

The weighted average number of ordinary shares in issue, which exclude the
investment in own shares, is 12,274,334 (2001: 12,265,600).

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 period.  The resulting
weighted average number of ordinary shares is 12,355,170 (2001: 12,297,731).

An adjusted earnings per share figure is presented to eliminate the effect of
the non-operating exceptional items on basic earnings per share.

(4) Ordinary dividends on equity shares
                                                                                       2002             2001
                                                                                      Pence            Pence
Interim dividend                                                                       9.80             9.25
Proposed final dividend                                                               10.55            10.05

                                                                                      20.35            19.30

The trustees of the Ram Brewery Trust have waived their rights to dividends on
shares held within the Ram Brewery Trust General Fund on behalf of the
directors' share option schemes.

(5) Net cash inflow from operating activities
                                                                                       2002              2001
                                                                                       £000              £000

Operating profit                                                                     11,665            11,287
Depreciation                                                                          7,169             6,337

Movements in working capital
Stocks                                                                                 (84)               217
Debtors                                                                               (542)               957
Creditors                                                                             (594)           (1,188)
Net cash inflow from operating activities                                            17,614            17,610



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