Young & Co., the British brewing conglomerate, has reported a pre-tax profit of GBP 9.4 million for the financial year to the end of March, 6.1% up versus the previous year. The company also reported adjusted profit before tax of GBP 8.6 million, 0.1% up against last year fugure. EBITDA rose by 2.7% to GBP 19.3 million with turnover up 1.5% at GBP 107.8 million.

"It is hard to imagine a more challenging set of market conditions than those which faced the business during the past year. We expect a rather more stable, albeit still challenging environment going forward, but it is too early to predict how the year will turn out," said the company’s Chairman John Young.

The company said that free trade sales and exports now account for 60.8% of its beer volumes compared with 49.6% five years ago. In the year to March, free trade volumes were up by 4%. Export volumes were down 4.6% principally due to a decline in demand for British beers in the US, while export business grew in Finland, Sweden and Italy.

06 June, 2003