Interim Results

Young & Co's Brewery PLC
14 November 2002

14 November 2002


                                INTERIM RESULTS

                     FOR THE 26 WEEKS TO 28 SEPTEMBER 2002



Highlights


•    Turnover increased to £55.4 million                           up   2.9%
•    Operating profit up to £6.3 million                           up   2.4%
•    Adjusted profit before tax of £4.7 million*                   up   0.3%
•    Adjusted earnings per share of 24.86p*                        up   0.4%
•    Dividend per share increased to 10.30p                        up   5.1%
•    Net assets per share increased to £11.78                      up   2.1%

* Adjusted to exclude non-operating exceptional items

•   Resilient performance in difficult market conditions, particularly in London;
•   Cask ale sales up 4.2% against a market decline of 7%.  Own beer sales up 
    1.8%;
•   Ken Don, Young's head brewer, named 'Brewer of the Year' by the 
    Parliamentary Beer Group;
•   Increasing profile of Young's beers contributes to continued strong 
    performance from the free trade, with overall beer volumes up 9.1% and take 
    home trade sales up 10.8%;
•   The Board has decided that it is now appropriate to seek authority to buy 
    back Young's shares, should it decide to do so.  EGM set for 
    17 December 2002.


John Young, Chairman, commented:

'Against the backdrop of a challenging summer Young's showed its resilience in
the first half.  Trading conditions in London were particularly difficult, with
relentless job cuts in the City, reduced tourist numbers, increased staff costs
and insurance premiums, all compounded by poor weather and the cost burden of
increased regulation.

'Conditions have not changed significantly since the period end, but despite the
many uncertainties, both economic and political, the Board faces the future with
confidence because it  believes that its conservative strategy will deliver long
term value in these difficult trading conditions.'

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





                         YOUNG & CO.'S BREWERY, P.L.C.
                                Interim results
                    For the 26 weeks ended 28 September 2002



Chairman's statement

Profit before tax was ahead at £4.7M once adjusted to exclude last year's
non-operating exceptional profit. Turnover was up 2.9%, operating profit up 2.4%
and adjusted earnings per share up 0.4% at 24.86p.

Young's showed its resilience against the backdrop of a challenging summer,
especially in London with relentless job cuts in the city, reduced tourist
numbers, increased staff costs and insurance premiums, all compounded by poor
weather and the cost burden of increased regulation.

The Board believes its strategy provides protection for shareholders in these
current difficult trading conditions and gives a firm platform for growth when
markets recover.  Accordingly the Board is confident in declaring an increased
interim dividend, up 5.1% to 10.30p. This will be paid on 13 December 2002 to
shareholders on the register on 22 November 2002.


Brewing and brands

Own beer sales for the six months were up 1.8%.  Cask ale sales were 4.2% ahead
in a market down by 7%. The increase in cask and take home volume has helped
reduce the effect of the market driven decline in Light Ale.

Our beers continue to receive acclaim across the industry and in July we were
delighted to announce that Ken Don, our head brewer, was declared 'Brewer of the
Year' by the influential Parliamentary Beer Group.  We also continue to innovate
with the introduction of new beers.  To commemorate the Queen's Golden Jubilee,
Young's created a celebratory Golden Jubilee Beer.  The success of this beer was
such that a permanent listing for the product, re-named Young's Elysium, has
been agreed with Sainsbury.

We continue to promote Young's Bitter, our 'flagship' brand, with the latest
advertising campaign 'How would you describe the taste?'  The advertising,
targeted at commuters within the Young's heartland, continues the irreverent
tone of previous campaigns to promote a traditional but quirky image.
Waggledance has also been promoted in the national press with tactical
advertising to support promotional activity within the increasingly competitive
take home market.


Pubs and inns

During the period we invested £8.6M in our estate made up of £6.3M in managed
pubs, £1.2M in inns and £1.1M on tenancies. This includes the acquisition of the
freeholds of four existing leasehold sites and large developments at the Rose
and Crown in Wimbledon, the Bishop out of Residence in Kingston and the Dulwich
Wood House.

Opportunities to acquire quality freehold assets at economically viable prices
have proved limited in the period. We have purchased only one new pub, the
Dunstan House Inn at Burnham on Sea, have decided not to renew the lease on the
Three Cups in Bloomsbury and have transferred seven managed pubs to tenancy.
Consequently the managed estate is reduced to 124 pubs.

Managed house turnover was up 2.1% and profits were up 3.8%. REVPAR (an industry
standard benchmark that multiplies the occupancy rate by average room rate) in
our inns was down by £2.97 to £39.66, the result of our decision to reduce room
rates to maintain occupancy in tourist hit London. The number of rooms increased
by 19 to 355 following the development at the Rose and Crown in Wimbledon and
the acquisition of the Dunstan House Inn.

There has been considerable consumer marketing activity promoting own and
foreign beer, which has been well received by licensees and customers alike. A
positive example was beer and food linked activity surrounding the World Cup,
which produced considerable interest. In addition beer tasting and wine courses
have been undertaken in our pubs throughout the six months.

Tenanted volumes and rents increased but profits were down 2.4%. However with
the transfer of seven houses to tenancy and more to follow we expect this to
reverse in the second half.  The total number of tenancies in the estate is 82.


Free trade

Free trade beer volume was up 9.1% at the half year.  Multiple pub groups have
led the way, up 19.5%, with our cask ale gaining new distribution in pubs all
round the country.

Take home trade continued its strong trend, with volumes up 10.8%, driven
largely by further increases for Waggledance and by the relaunch of Ramrod Ale.

The wholesale sector increased by 12.8% and the independent free trade was up
3.8% with a number of new account gains across the south of England.


Cockburn & Campbell

Turnover and profits were up in our wines and spirits business. This was the
result of strong demand for wine. Wine sales were up 6.7% in value and 6.6% in
volume with particularly strong growth in the tied trade where volumes increased
by 8.6%.

By contrast premium packaged spirits have declined by 14.2%. The premium
packaged spirit market has seen massive growth in recent years, the softening of
this fashion-led market had been predicted and was not helped by recent budget
increases.

The Royal & Ancient Scotch Whisky won a Gold Medal at the International Spirit
Challenge 2002. This is its fifth Gold Medal in six years.


Notice of EGM

The combination of low interest rates and prevailing stock market conditions has
led the Board to decide that it is now appropriate to seek the necessary
shareholder authority to buy back Young's ordinary shares should it decide to do
so. The first step in this process requires the repayment and cancellation of
Young's preference share capital.  The necessary resolutions and the notice of
an Extraordinary General Meeting to be held on 17 December 2002 at the Civic
Suite, Wandsworth Town Hall, Wandsworth, London SW18 are contained in a separate
circular to shareholders.


Current trading and outlook

Since the period end we have exchanged contracts on the new site in the
Paternoster Square development behind St Paul's in London and purchased the
Mitre in Shaftesbury which we expect to reopen in the new year. We have at last
opened  'Next Door' in Oxford at the old Blackwells bookshop and completed work
on the Duke's Head in Wallington and the Swan in Walton.

Gearing remains low at 34.1% and interest cover is 3.8 times. Together they
provide further opportunity for profitable investment.

Despite the many uncertainties, both economic and political, the Board faces the
future with confidence in the belief that its strategy will deliver long term
value for its shareholders.




                         YOUNG & CO.'S BREWERY, P.L.C.
                       Unaudited profit and loss account
                    For the 26 weeks ended 28 September 2002

                                                                        26 weeks      26 weeks      52 weeks
                                                                      to Sept 02    to Sept 01     to Mar 02
                                                                            £000          £000          £000

Turnover                                                                  55,448        53,875       106,253
Net operating costs                                                     (49,128)      (47,703)      (94,588)

Operating profit                                                           6,320         6,172        11,665
Non-operating exceptional items                                                -           522           227

Profit on ordinary activities before interest                              6,320         6,694        11,892
Net interest charge                                                      (1,649)       (1,517)       (3,062)

Profit on ordinary activities before tax                                   4,671         5,177         8,830
Tax on profit on ordinary activities                                     (1,565)       (1,557)       (2,665)

Profit on ordinary activities after tax                                    3,106         3,620         6,165
Preference dividends on non-equity shares                                   (56)          (56)         (113)

Profit attributable to ordinary shareholders                               3,050         3,564         6,052
Ordinary dividends on equity shares                                      (1,288)       (1,226)       (2,539)
Retained profit for the financial period                                   1,762         2,338         3,513


                                                                           Pence         Pence         Pence
Basic earnings per 50p ordinary share                                      24.86         29.02         49.31
Effect of non-operating exceptional items                                      -        (4.25)        (3.62)

Adjusted earnings per 50p ordinary share                                   24.86         24.77         45.69

Diluted basic earnings per 50p ordinary share                              24.66         28.78         48.98

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 26 weeks ended 28 September 2002


                                                                      26 weeks       26 weeks      52 weeks
                                                                    to Sept 02    to  Sept 01     to Mar 02
                                                                          £000           £000          £000

Retained profit for the financial period                                 1,762          2,338         3,513
Prior year adjustment arising from the adoption of
FRS19 Deferred Tax                                                           -          (635)         (635)

Total gains recognised since last report                                 1,762          1,703         2,878




                         YOUNG & CO.'S BREWERY, P.L.C.
                            Unaudited balance sheet
                              At 28 September 2002


                                                                    At Sept 02     At Sept 01     At Mar 02
                                                                          £000           £000          £000
Fixed assets                                                           206,865        196,411       200,534

Current assets and liabilities
Stocks                                                                   4,631          4,477         4,504
Debtors                                                                  7,592          7,270         6,447
Cash                                                                         -              -           765

                                                                        12,223         11,747        11,716

Creditors: amounts falling due within one year                        (19,423)       (19,646)      (16,082)
Net current liabilities                                                (7,200)        (7,899)       (4,366)

Total assets less current liabilities                                  199,665        188,512       196,168

Creditors: amounts falling due after more than one year               (46,914)       (39,029)      (45,473)
Provisions for liabilities and charges                                 (7,066)        (6,735)       (6,772)

                                                                       145,685        142,748       143,923


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                                                    1,375          1,397         1,386
Revaluation reserve                                                     88,646         88,746        88,646
Profit & loss account                                                   47,828         44,769        46,055

Equity shareholders' funds                                             144,324        141,387       142,562
Non-equity shareholders' funds                                           1,361          1,361         1,361

                                                                       145,685        142,748       143,923




                         YOUNG & CO.'S BREWERY, P.L.C.
                         Unaudited cash flow statement
                    For the 26 weeks ended 28 September 2002


                                                                        26 weeks     26 weeks      52 weeks
                                                                      to Sept 02   to Sept 01     to Mar 02
                                                                            £000         £000          £000

Net cash inflow from operating activities                                  9,034        7,669        17,614

Interest received                                                              5            7            19
Interest paid                                                            (1,694)      (1,595)       (3,209)
Non-equity dividends paid                                                   (56)         (56)         (113)

Returns on investments and servicing of finance                          (1,745)      (1,644)       (3,303)

Corporation tax paid                                                       (728)        (746)       (2,612)

Purchases of tangible fixed assets                                      (10,166)     (10,075)      (18,748)
Sales of tangible fixed assets                                               134        1,412         2,219

Capital expenditure                                                     (10,032)      (8,663)      (16,529)

Equity dividends paid                                                    (1,313)      (1,257)       (2,483)

Cash (outflow) before financing                                          (4,784)      (4,641)       (7,313)

Increase in loan capital                                                   1,444        2,948         9,396
(Decrease) in lease finance
                                                                             (6)         (12)          (24)
Financing                                                                  1,438        2,936         9,372

(Decrease)/increase in cash in period                                    (3,346)      (1,705)         2,059



                         YOUNG & CO.'S BREWERY, P.L.C.
            Reconciliation of net cash flow to movement in net debt
                    For the 26 weeks ended 28 September 2002


                                                                    26 weeks       26 weeks       52 weeks
                                                                  to Sept 02    to  Sept 01      to Mar 02
                                                                        £000           £000           £000

(Decrease)/increase in cash in period                                (3,346)        (1,705)          2,059
(Increase) in debt in period                                         (1,438)        (2,936)        (9,372)

(Increase) in net debt in period                                     (4,784)        (4,641)        (7,313)
Opening net debt                                                    (44,848)       (37,535)       (37,535)

Closing net debt                                                    (49,632)       (42,176)       (44,848)


Notes to the accounts

(1) Accounts

The interim accounts have been prepared on the basis of the accounting policies
set out in the company's statutory accounts for the 52 weeks ended 30 March
2002.  The accounts present information about the company as an individual
undertaking.

The interim report does not amount to full accounts within the meaning of S.240
of the Companies Act 1985.  Full accounts for the 52 weeks ended 30 March 2002,
including an unqualified auditors' report, have been delivered to the Registrar
of Companies.


(2) Taxation

Corporation tax has been provided on the profits for the 26 weeks to 28
September 2002 at a rate of 30% (2001: 30%; for the 52 weeks to 30 March 2002:
30%).

(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 12,268,839 (2001: 12,281,397; for the 52 weeks to
30 March 2002: 12,274,334).

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 12,367,894 (2001: 12,381,736; for
the 52 weeks to 30 March 2002: 12,355,170).

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
                                                                        26 weeks      26 weeks      52 weeks
                                                                      to Sept 02    to Sept 01     to Mar 02
                                                                           Pence         Pence         Pence

Interim dividend                                                           10.30          9.80          9.80

Final dividend                                                                 -             -         10.55

                                                                           10.30          9.80         20.35



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
                                                                    26 weeks      26 weeks      52 weeks
                                                                  to Sept 02    to Sept 01     to Mar 02
                                                                        £000          £000          £000

Operating profit                                                       6,320         6,172        11,665
Depreciation                                                           3,701         3,592         7,169

Movements in working capital
Stocks                                                                 (127)          (57)          (84)
Debtors                                                              (1,145)       (1,365)         (542)
Creditors                                                                285         (673)         (594)

Net cash inflow from operating activities                              9,034         7,669        17,614




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