E-Malt.com News article: 1814

The UK regional brewer and pub operator, Young & Co, announced on November 13 that it had registered a 7.1% rise in profit before tax to £5.0 million, for the first half of the year ended 27 September 2003. Young & Co's saw turnover increased by 4%, while operating profit increased by 4.2%, which would have been higher were it not for further increases in employee, tax and regulatory costs.

The result was attributed to the summer weather that boosted sales. Chair, John Young, said: “The summer weather provided a welcome change after several difficult years and the benefit of the sunshine – especially in our garden and riverside pubs – shows through clearly in these results. “It is also pleasing to note emerging signs that give cause for improved confidence, particularly in relation to the London economy.” However, he continued that such confidence is “tempered by the expectation of further interest rate rises, which could hinder any recovery” and that the industry “continues to bear the burden of many government policies which are certain to increase our operating costs”.

Board changes during the period saw Stephen Goodyear take over as chief executive from Patrick Read in July and Patrick Dardis become retail director in August.

Exports enjoyed considerable increases in its main market, the US, said the company, and recent growth has continued in Italy, Finland and Sweden. Exports at the end of the period accounted for 7.3% of their own beer production.


19 November, 2003