Interim Results

Young & Co's Brewery PLC
16 November 2000

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



INTERIM RESULTS
FOR THE 26 WEEKS TO 30 SEPTEMBER 2000


Financial highlights


*           Turnover increased to £48.7 million                   up 8.3%

*           Operating profit increased to £5.6 million            up 12.7%

*           Adjusted profit before tax increased to £4.3 million* up 13.7%

*           Adjusted earnings per share of 22.50p*                up 11.6%

*           Dividend per share increased to 9.25p                 up 6.3%

*           Net assets per share increased to £11.20              up 4.0%



(*  Adjusted to exclude property sales)


Operational highlights


*           Total beer sales were up 6.7% by volume, and brewing volumes
            increased by over 10%;


*           Improved profits from pub and hotel estate, and continued high
            levels of investment;


*           Major new brewing contract secured with Scottish Courage since
            period end;


*           Agreed acquisition of 17 west of England pubs since period end;


*           After recent acquisitions, the balance sheet remains strong.


John Young, Chairman, commented:


'This has been a further encouraging period of double-digit growth. Our
balance sheet remains strong, with plenty of scope to invest further in
expanding and improving our estate.  We continue to win valuable new brewing
contracts, which underlines the logic of our strategy of remaining a
vertically integrated brewery.


We achieved progress in the year to date, and expect this to be continued in
the second half.'


For further information, please contact:


Patrick Read, Chief Executive

Peter Whitehead, Finance Director

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



James Longfield / John Olsen

Hogarth Partnership                                               020 7357 9477



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


INTERIM REPORT

FOR THE 26 WEEKS TO 30 SEPTEMBER 2000

Chairman's Statement


Profit before tax for the first half of the current financial year is up 13.7%
at £4.3 million, when adjusted to exclude £0.9 million from property
disposals.  Turnover increased by 8.3% to £48.7 million, operating profit
increased by 12.7% to £5.6 million, and adjusted earnings per share rose by
11.6% to 22.50p.  Basic earnings per share were down 2.1%, reflecting a lower
level of property disposals compared with the same period last year.


The interim dividend of 9.25p per ordinary share, an increase of 6.3%, will be
paid on 11 December 2000 to shareholders on the register on 1 December 2000.


These results show continued double-digit growth, which was achieved despite
the poor summer weather.



Brewing and brands


Total beer sales were up 6.7% by volume and our brewing increased by over 10%.
Production of our Young's beers increased by 1.8%.  Our new beer, Triple '
A', has made good progress since its launch in April this year.


Cask ale volumes were up by 5.5%.  Cask ales make up over 50% of our own
branded production and remain the core of our brewing business.  This
therefore represents a very pleasing performance when set against a general
market decline.


The cost of production per barrel has continued to fall as a result of reduced
manning levels and increased volumes of contract beer.



Pubs and hotels


Turnover from our pub and hotel estate was up 7.0% and profits up 4.2%,
despite the poor summer weather and the impact of the closure of certain sites
for redevelopment.  Profits from managed pubs increased by 4.1%, hotel profits
increased by 11.5%, and profits from the tenanted estate were 0.9% down.  Tied
trade beer volumes fell by 1.7% during the period, in part due to customers
switching from foreign premium packaged lager to pre-mixed spirits.


We have continued to invest in our existing estate and to pursue our strategy
of acquiring new sites that meet our strict selection criteria.


We have invested a total of £4.4 million on our existing estate during the
period.  We have created a new Finch's cafe/bar out of the ballroom at the Dog
and Fox, Wimbledon, and have carried out extensive redevelopment at five
sites, the largest of which is the Pied Bull in Streatham.


We increase the return on our assets by building bedrooms in pubs that have
unused space. Thus, work on adding hotel facilities to two of our pubs - 32 en
suite bedrooms at the Pope's Grotto in Twickenham and 21 at the Greyhound in
Carshalton - was completed during the summer. Since reopening, both sites have
traded above our expectations.  Similar work has started at the Coach and
Horses, Kew, and we have received planning permission for 12 bedrooms at the
Rose and Crown, Wimbledon. While these hotel developments are helping to
expand our trade, our business remains firmly focused on our lifeblood, our
pub estate.



Free trade


Free trade volumes were up 4.2%, with strong performances from take-home (up
40%), exports (up 24%), wholesale (up 17%) and national accounts (up 13%)
offsetting the impact of the market decline in returnable bottles.


We continue to support our brands through an innovative advertising campaign,
both on poster sites and in the trade press.



Cockburn & Campbell


Cockburn & Campbell have had a good first half, with profits up, helped in
part by the swing from foreign premium packaged beer products to pre-mixed
spirits. As a result of Young's pubs' renowned reputation for good wines,
sales continue to increase.



Outlook


This has been another encouraging period of double-digit growth.


Since the period end, we have announced the acquisition of 17 pubs in the
Bristol area from Smiles Brewery, for a total of £5.8 million. We have also
acquired one further pub, the Sussex Brewery, over the West Sussex border from
Emsworth, Hampshire, and agreed terms for two more. We have sold our Bill
Bentley's restaurant in Old Broad Street for £1.1 million.


Our balance sheet remains strong, with gearing at the period end of 22.2% and
interest cover of 4.3 times.  The Smiles acquisition will increase gearing by
some 4.2 percentage points, still leaving plenty of scope for further
investment in expanding our estate.  With a strong foothold now established in
the west of England, we are looking to expand between the M4 corridor and the
south coast.


We have signed a major new brewing contract with Scottish Courage, which will
further increase the brewery's efficiency.


We are encouraged by the progress to date and expect this to be continued in
the second half.



                                   - Ends -



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

                   Unaudited group profit and loss account

                   For the 26 weeks ended 30 September 2000




                                                 26 weeks   26 weeks  53 weeks

                                               to Sept 00 to Sept 99 to Mar 00

                                                     £000       £000      £000

Turnover                                           48,743     45,009    91,652
Net operating costs                              (43,181)   (40,075)  (81,729)

Operating profit                                    5,562      4,934     9,923
Profit on sales of properties                         854      1,230     1,035

Profit on ordinary activities before interest       6,416      6,164    10,958
Net interest charge                               (1,283)    (1,171)   (2,416)

Profit on ordinary activities before tax            5,133      4,993     8,542
Tax on profit on ordinary activities              (1,455)    (1,204)   (2,402)

Profit on ordinary activities after tax             3,678      3,789     6,140
Preference dividends on non-equity shares            (56)       (53)     (113)

Profit attributable to ordinary shareholders        3,622      3,736     6,027
Ordinary dividends on equity shares               (1,157)    (1,088)   (2,264)

Retained profit for the financial period            2,465      2,648     3,763



                                                   Pence    Pence      Pence
Basic earnings per 50p ordinary share              29.45    30.07      48.59
Effect of profit on sales of properties           (6.95)   (9.90)     (8.34)

Adjusted earnings per 50p ordinary share           22.50    20.17      40.25

Diluted basic earnings per 50p ordinary share      29.40    29.76      48.12




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

                        Unaudited group balance sheet

                             At 30 September 2000



                                                     At Sept   At Sept   At Mar
                                                          00        99       00

                                                        £000      £000     £000
Fixed assets                                         180,335   170,075  177,443

Current assets and liabilities
Stocks                                                 4,623     4,519    4,637
Debtors                                                7,149     6,719    6,862
Cash                                                       -     5,246      651
                                                      11,772    16,484   12,150

Creditors: amounts falling due within one year      (17,705)  (15,852) (17,792)

Net current (liabilities)/assets                     (5,933)       632  (5,642)

Total assets less current liabilities                174,402   170,707  171,801
Creditors: amounts falling due after more than one  (30,160)  (30,289) (30,224)
year
Provisions for liabilities and charges               (5,765)   (5,521)  (5,565)

                                                     138,477   134,897  136,012

Capital and reserves
Called-up share capital:     equity                    6,475     6,475    6,475
                             non-equity                1,361     1,361    1,361 
                                                                              
Share premium account                                  1,414     1,434    1,425
Revaluation reserve                                   91,645    91,661   91,544
Profit & loss account                                 37,582    33,966   35,207
                                                      
Equity shareholders' funds                           137,116   133,536  134,651
Non-equity shareholders' funds                         1,361     1,361    1,361
                                                       
                                                     138,477   134,897  136,012


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

                      Unaudited group cash flow statement

                   For the 26 weeks ended 30 September 2000




                                                           26       26      53  
                                                        weeks    weeks   weeks  
                                                      to Sept  to Sept to Mar
                                                            00       99      00
                                                                   
                                                          £000     £000    £000
Net cash inflow from operating activities                7,209    6,647  18,164

Interest received                                           31       87     130

Interest paid                                          (1,364)  (1,059) (2,645)

Non-equity dividends paid                                 (56)     (53)   (113)

Returns on investments and servicing of finance        (1,389)  (1,025) (2,628)

Corporation tax paid                                     (597)      (1) (2,349)

Purchases of tangible fixed assets                     (6,244)   4,453) 15,563)

Sales of tangible fixed assets                           1,103    1,500   1,804

Purchase of investments                                      -    (270)   (478)

Capital expenditure                                    (5,141)  (3,223)(14,237)

Equity dividends paid                                  (1,176)  (1,139) (2,227)

Cash  (outflow)/ inflow before the use of liquid
resources and financing                                (1,094)    1,259 (3,277)
                                                       
(Decrease) in loan capital                                (48)     (38)    (87)
                                                          
(Decrease) in lease finance                               (11)     (10)    (20)
                                                          
(Decrease)/ increase in cash in period                 (1,153)    1,211 (3,384)



Reconciliation of net cash flow to movement in net debt


(Decrease)/ increase in cash in period        (1,153)        1,211      (3,384)
Decrease in debt in period                         59           48          107

(Increase)/ decrease in net debt in period    (1,094)        1,259      (3,277)
Opening net debt                             (29,714)     (26,437)     (26,437)

Closing net debt                             (30,808)     (25,178)     (29,714)



Notes to the accounts


(1) Accounts

The interim accounts have been prepared on the basis of the accounting
policies set out in the group's statutory accounts for the 53 weeks ended 1
April 2000.


The interim report does not amount to full accounts within the meaning of
S.240 of the Companies Act 1985.  Full accounts for the 53 weeks ended 1 April
2000, including an unqualified auditors' report, have been delivered to the
Registrar of Companies.


(2) Recognised gains and losses

The group's results are all in respect of its continuing operations.  There
are no profits or losses other than those disclosed in the group's profit and
loss account.


(3) Taxation

Corporation tax has been provided on the profits for the 26 weeks to 30
September 2000 at a rate of 30% (1999: 30%; for the 53 weeks to 1 April 2000:
30%).  No tax has been provided on profit on sales of properties due to
rollover relief.


(4) 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 12,300,646 (1999: 12,426,018; for the 53 weeks to
1 April 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 period.  The resulting
weighted average number of ordinary shares is 12,318,934 (1999: 12,553,415;
for the 53 weeks to 1 April 2000: 12,525,792).


An adjusted earnings per share figure is presented to eliminate the effect of
the profit on sales of properties on basic earnings per share.


(5) Ordinary dividends on equity shares

                               26 weeks   26 weeks to  53 weeks to
                             to Sept 00       Sept 99       Mar 00
                                  Pence         Pence        Pence
Interim dividend                   9.25          8.70         8.70

Final dividend                     -             -            9.40
                                   9.25          8.70        18.10



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.



(6) Net cash inflow from operating activities
                                               26 weeks    26 weeks   53 weeks
                                             to Sept 00  to Sept 99  to Mar 00

                                                   £000        £000       £000
Operating profit                                  5,562       4,934      9,923

Profit on sales of properties                       854       1,230      1,035
                                                  6,416       6,164     10,958



Depreciation                                      3,427       2,932      5,980

Profit on disposal of tangible fixed assets       (854)     (1,246)    (1,224)


Decrease/ (increase) in working capital

Stocks                                               14        (81)      (199)

Debtors                                           (287)       (903)    (1,046)

Creditors                                       (1,507)       (219)      3,695
Net cash inflow from operating activities         7,209       6,647     18,164



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

                 The Ram Brewery, Wandsworth, London SW18 4JD

 For further information, contact John Young (Chairman), Patrick Read (Chief
                                  Executive)

                   or Peter Whitehead (Finance Director).

                           Telephone: [phone]