Final Results - 53 Weeks to 1 April 2000

Young & Co's Brewery PLC
8 June 2000


                   YOUNG & CO.'S BREWERY, P.L.C.
                        Preliminary results
                 For the 53 weeks to 1 April 2000
                                 
  Key highlights:
  
* Turnover increased to £91.7 million                up  9.9%
* Operating profit increased to £9.9 million         up 10.5%
* Profit before tax increased to £8.5 million        up 15.2%
* Basic earnings per share of 48.59p                 up 19.5%
* Adjusted earnings per share of 40.25p**            up 10.9%
* Dividend per share increased to 18.10p             up  6.5%
* Assets per share increased to £10.86               up  3.3%
  
* Total beer production up 26% and own beer production up 5.6%
* New cask ale (Triple 'A') launched in April - aimed at younger
  market
* £12.3m invested in pub acquisitions and refurbishments during
  the year
* Gearing at 22% provides plenty of scope for further investment

** Adjusted to exclude profit on sale of property in 1999 and 2000.


Commenting on the results, John Young, Chairman of Young's Brewery
said:

'This is our third successive year of double-digit growth at
Young's and is the result of our strategy of maximising returns on
existing assets, disposing of our under-performing ones, making
strategic investments against consistent selection criteria,
developing sales through all trade channels and minimising the
cost base of the brewery.  We have increased beer production and
most notably are bucking the market trend with healthy increases
in our own beer brands.  The recent launch of Triple 'A' will
further assist this process and introduce a new generation of beer
drinkers to Young's beers. We have plenty of scope for further
investment, which, together with operational improvements, give us
confidence for continued progress in the coming year.'

For further information:

Pat Read, Chief Executive                     020 8875 7000
Peter Whitehead, Finance Director
Young & Co's Brewery

James Longfield,                              020 7357 9477
Hogarth Partnership

                  
                                 
                   YOUNG & CO.'S BREWERY, P.L.C.
                                 
                        Preliminary results
                 FOR THE 53 WEEKS TO 1 APRIL 2000
                                 
Operational review

The year finished with profits before tax up 15.2% at £8.5m, basic
earnings  per  share  up 19.5% at 48.59p and,  once  adjusted  for
property sales, increased by 10.9%.

This  is  the  third  successive year of  double-digit  growth  at
Young's and is the result of our strategy of maximising returns on
existing  assets,  disposing  of  under-performing  ones,   making
strategic   investments  against  consistent  selection  criteria,
developing  sales  through all trade channels and  minimising  the
cost base of the brewery.

Our  results  show  sustained progress as  the  actions  taken  by
management continue to deliver volume, turnover and profit growth.

The  annual general meeting on 18 July will be asked to approve  a
final  dividend of 9.40p, a 6.8% increase over last year,  payable
on  20 July to shareholders on the register on 23 June 2000.  This
will give an 18.10p dividend for the year, up 6.5% on last year.

Brewing and brands

Total beer sales increased 19% by volume.  Beer production was  up
26%,  largely due to brewing contracts, which has brought about  a
welcome reduction in unit costs. This contract beer forms part  of
a  strategic partnership with major brewers, a partnership that in
turn   provides our pubs with high profile lager brands.
Significantly, the production of our own beers was up  5.6%,
defying market trends.

We  have  always  recognised that the  long-term  success  of  the
brewery  depends on the performance of our own established  brands
and  on developing new ones.  In this regard, we are delighted  to
announce that we have launched Triple 'A', a new cask ale aimed at
a new generation of beer drinkers.

Young's  Triple 'A' is designed to attract younger  pub-goers  to
traditional draught ale.  It is brewed at 4.0% alcohol by  volume,
is served cool, has a smooth, creamy flavour and a slightly fruity
nose.

Triple 'A' was successfully tested in a number of our pubs over a
four  month  period before being launched through  our  estate  in
April,  with initial sales at encouraging levels.  It  is  already
available  in some pub groups and will become nationally available
through the free trade and other pub chains during the summer.

We continue to retain focus on tight control of costs within the
brewery and at the end of the year we reduced manning levels once
more through  automation leading to voluntary redundancies.  The
resulting savings will arise in the current year.

Our beers continue to win awards.  In this year's Brewing Industry
International  Awards, which were contested by 732 beers  from  40
countries,  we took two world championships, four gold medals and
two silvers  -  the best performance by any single brewery.

We won the International Speciality Beers championship and gold
medal with Young's Double Chocolate Stout, which also won a  gold
medal in its class.  Young's Bitter won the International Keg Ales
championship  and  gold medal, plus a gold  medal  in  its  class.
Silver  medals  went to Young's Triple 'A' and to Young's  Oatmeal
Stout.

Young's won four prizes in the British Bottlers' Institute awards:
a gold medal for Special and diplomas for Light Ale, Old Nick and
Special London Ale, which had earlier been voted Champion Bottle
Conditioned Beer of the Year at the Campaign for Real Ale's Great
British Beer Festival.  Young's Double Chocolate Stout also won a
gold  medal  in  the  International Beer  and  Cider  competition,
sponsored by the publishers of Off Licence News and The Grocer.

Managed houses and hotels

We  have  maintained  our beer volumes whilst  wines  and  spirits
volume  is  up by 9% and food by 11%.  Total sales in the  managed
estate  were  up  8%  with profits up by 3%.   This  was  achieved
despite  the  impact on trading of pub closures for  refurbishment
and the costs associated with new openings.

Five  new managed houses were bought during the year for  a  total
investment  of  £4.2m.  They were the Red Lion,  Radlett  with  13
bedrooms,  the  Ship,  East  Grinstead,  the  Cock  Inn,  Boughton
Monchelsea  near  Maidstone, the Bar Verve, Slough,  and  Finch's,
Chelmsford.  This brings our total managed estate to 118.

The  Master Gunner near St Paul's has been sold, but will  in  due
course reopen as part of the new Paternoster Square development.

Investment in our managed pubs and hotels continues and during the
year  we  spent a further £5.2m on refurbishment at  nine  managed
pubs and extensive redevelopments at three pub/hotels.  By July we
will  have  a total of 281 rooms (up 84), with planning permission
granted  for  a  further 96.  Occupancy rates at our  hotels  were
slightly  down on last year because some of the new ones  are  not
yet fully established, but the average spend was up 3%.

Congratulations  to Richard Williamson, manager of  the  Rose  and
Crown,  Wimbledon,  who  was a regional  winner  and  one  of  the
national  finalists  in  the Innkeeper of  the  Year  competition,
organised by the British Institute of Innkeeping.

Tenanted houses

Over the last year we have entered into several joint partnership
investment schemes with our tenants.  Some examples of these  are:
The  Duke  of Cambridge, Battersea, The Clock House, Peckham,  The
Thatched House, Hammersmith and The Red Cow, Richmond.

We have purchased the Court House, Dartford,  which  brings  our
total tenanted estate to 68.

Beer volumes in our tenanted houses were down by 2% with wines and
spirits up 9%.  Profits were unchanged.

The  Duke of Cambridge, Battersea, was runner-up in the Times 1999
National  Pub  of  the Year competition.  Congratulations  to  our
tenant, Rupert Clevely, and all his staff.

Retail generally

During the year we spent £12.3m developing our estate with six new
acquisitions  and 34 refurbishments ensuring our pubs  remain  the
best in the country.

Our  total estate now stands at 186 pubs and hotels, of which  148
are freehold.  Our investment policy regarding new sites is always
location driven. We also seek to take a long-term view on our  pub
portfolio and wherever possible, seek to acquire freeholds.

In  order to comply with new accounting standards, we have for the
first  time  provided  £0.2m  for  the  depreciation  of  freehold
property.

We at Young's retain our belief in the benefit of running pubs on
an individual basis, where the licencees are encouraged  to  use
their skills to meet their customers' requirements.  This has  led
to the rich diversity of our pubs which is becoming increasingly
popular with customers.

Free trade

Free trade has enjoyed an excellent year with overall volumes up
13% and own beer volumes up 14%.  The acquisition of the Waggle
Dance brand  has assisted in continued and rapid growth in take
home trade, building on an already well established brand portfolio
which enjoys national status and as already  mentioned has received many
awards.
The strength of our brands and the first class service we have
been  able  to offer our customers have strengthened our overall
presence in the free trade stretching from Land's End to Inverness.

Exports

Overall  exports increased by 35% in volume, with  a  particularly
strong  performance  in  America,  where  the  increase  was  42%.
Exports now comprise 5.5% of our own branded production.

Marketing

Our  latest  advertising featuring our Ram has been  displayed  on
poster sites throughout London. This campaign has strengthened the
Young's brand, appealing to existing and new drinkers in our  tied
and  free  trade. The development of Triple 'A' is a step  towards
ensuring  that  the next generation of drinkers  enjoy  real  ale.
Continued  press  and poster campaigns supporting  Triple 'A'  in
addition  to  the  rest  of the Young's  product  range  will  run
throughout the next year.

Cockburn & Campbell

Profits  from  our  wines and spirits division rose  by  17%,  the
result of  increases  in  volume  and  more  competitive  buying
opportunities presented by the weak euro.

Young's  own whisky, The Royal & Ancient, won the gold  medal  for
blended  whiskies  in  the  1999  International  Wine  and  Spirit
competition.

Outlook

In spite of a year of high capital expenditure, gearing at the end
of  the  year  is  22%  with interest cover at  4.1  times.   This
provides  us with an excellent platform for targeted expansion  in
our  London  heartland, the Home Counties and  in  particular  the
commuter  towns.  This room for investment, together with  further
developments  in our existing estate and operational improvements,
give us confidence for further progress in the coming year.


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

GROUP PROFIT AND LOSS ACCOUNT
For the 53 weeks ended 1 April 2000

                                                 2000       1999
                                                 £000       £000
------------------------------------------------------------------
Turnover                                       91,652     83,372
Net operating costs                           (81,729)   (74,395)
------------------------------------------------------------------
Operating profit                                9,923      8,977
Profit on sales of properties                   1,035        713
------------------------------------------------------------------
Profit on ordinary activities
before interest                                10,958      9,690
Net interest charge                            (2,416)    (2,272)
------------------------------------------------------------------
Profit on ordinary activities
before tax                                      8,542      7,418
Tax on profit on ordinary
activities                                     (2,402)    (2,231)
------------------------------------------------------------------
Profit on ordinary activities
after tax                                       6,140      5,187
Preference dividends on
non-equity shares                                (113)      (107)
------------------------------------------------------------------
Profit attributable to
ordinary shareholders                           6,027      5,080
Ordinary dividends
on equity shares                               (2,264)    (2,201)
------------------------------------------------------------------
Retained profit for the
financial period                                3,763      2,879
------------------------------------------------------------------
                                                Pence      Pence
------------------------------------------------------------------
Basic earnings per 50p ordinary share           48.59      40.66
Diluted basic earnings per 50p ordinary share   48.12      40.48
------------------------------------------------------------------
Adjusted earnings per 50p ordinary share        40.25      36.30
==================================================================
                                 
                              
                                 
                                
                   YOUNG & CO.'S BREWERY, P.L.C.

BALANCE SHEETS
At 1 April 2000
                                       Group            Company
-------------------------------------------------------------------
                                   2000      1999     2000     1999
                                   £000      £000     £000     £000
-------------------------------------------------------------------
Fixed assets
Tangible fixed assets           175,460   167,251  175,460  166,551
Investments                       1,983     1,300    2,025    2,100
-------------------------------------------------------------------
                                177,443   168,551  177,485  168,651
-------------------------------------------------------------------
Current assets and liabilities
Stocks                            4,637     4,438    4,637    4,384
Debtors                           6,862     5,816    6,862    5,218
Cash                                651     4,035      651    4,021
-------------------------------------------------------------------
                                 12,150    14,289   12,150   13,623
-------------------------------------------------------------------
Creditors: amounts
falling due
within one year                  17,792    14,729   17,834   17,191
-------------------------------------------------------------------
Net current liabilities          (5,642)     (440)  (5,684)  (3,568)
-------------------------------------------------------------------
Total assets less
current liabilities             171,801   168,111  171,801  165,083

Creditors: amounts falling
due after more than
one year                         30,224    30,341   30,224   30,341
Provisions for liabilities
and charges                       5,565     5,521    5,565    5,498
-------------------------------------------------------------------
                                136,012   132,249  136,012  129,244
===================================================================
Capital and reserves
Called-up share
capital:       equity             6,475     6,475    6,475    6,475
               non-equity         1,361     1,361    1,361    1,361
Share premium account             1,425     1,450    1,425    1,450
Revaluation reserve              91,544    91,587   88,831   88,874
Profit and loss account          35,207    31,376   37,920   31,084
-------------------------------------------------------------------
Equity shareholders' funds      134,651   130,888  134,651  127,883
Non-equity shareholders' funds    1,361     1,361    1,361    1,361
-------------------------------------------------------------------
                                136,012   132,249  136,012  129,244
===================================================================



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

GROUP CASH FLOW STATEMENT
For the 53 weeks ended 1 April 2000

                                                 2000       1999
                                                 £000       £000
------------------------------------------------------------------
Net cash inflow from operating
activities                                    18,164      14,591

Interest received                                130          70
Interest paid                                 (2,645)     (2,405)
Non-equity dividends paid                       (113)       (107)
------------------------------------------------------------------
Returns on investments and
servicing of finance                          (2,628)     (2,442)
------------------------------------------------------------------
Corporation tax paid                          (2,349)     (1,734)
------------------------------------------------------------------
Purchase of tangible fixed assets            (15,563)    (10,112)
Sales of tangible fixed assets                 1,804       2,707
Purchase of investments                         (478)          -
------------------------------------------------------------------
Capital expenditure                          (14,237)     (7,405)
------------------------------------------------------------------
Equity dividends paid                         (2,227)     (2,137)
------------------------------------------------------------------
Cash (outflow)/inflow before the use
of liquid resources and financing             (3,277)        873
(Decrease)/increase in loan capital              (87)      2,347
(Decrease) in lease finance                      (20)        (20)
------------------------------------------------------------------
(Decrease)/increase in cash in period         (3,384)      3,200
==================================================================


GROUP RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
For the 53 weeks ended 1 April 2000


                                                 2000       1999
                                                 £000       £000
------------------------------------------------------------------

(Decrease)/increase in cash in period          (3,384)     3,200
Decrease/(increase) in debt in period             107     (2,327)
------------------------------------------------------------------

(Increase)/decrease in net debt in period      (3,277)       873
Opening net debt                              (26,437)   (27,310)
------------------------------------------------------------------
Closing net debt                              (29,714)   (26,437)
------------------------------------------------------------------


GROUP NET CASH INFLOW FROM OPERATING ACTIVITIES
For the 53 weeks ended 1 April 2000

------------------------------------------------------------------
                                             2000           1999
                                             £000           £000
------------------------------------------------------------------

Operating profit                            9,923          8,977
Profit on sales of properties               1,035            713
------------------------------------------------------------------
                                           10,958          9,690

Depreciation                                5,980          5,279
Profit disposal of tangible fixed assets   (1,224)          (721)

(Increase)/decrease in working capital
Stocks                                       (199)          (428)
Debtors                                    (1,046)        (1,744)
Creditors                                   3,695          2,515
------------------------------------------------------------------
Net cash inflow from operating activities  18,164         14,591


NOTES

1.  Recognised gains and losses

The results above are all in respect of the continuing operations
of the group. There are no recognised gains or losses other than
those disclosed above.

2.  Taxation

Corporation tax has been provided at a rate of 30% (1999: 31%) on
the profits for the period ended 1 April 2000.

3. Earnings and dividends on equity shares

                                                 2000       1999

                                                Pence      Pence
------------------------------------------------------------------
Basic earnings per 50p ordinary share           48.59      40.66
Effect of profit on sales of properties         (8.34)     (4.36)
------------------------------------------------------------------
Adjusted earnings per 50p ordinary share        40.25      36.30
==================================================================


The weighted average number of ordinary shares in issue is 12,403,737
(1999: 12,493,423).

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 year.  The resulting weighted average number
of ordinary shares is 12,525,792 (1999: 12,550,676).


                                                 2000        1999
                                                Pence       Pence
------------------------------------------------------------------
Interim dividend                                 8.70        8.20
Proposed final dividend                          9.40        8.80
------------------------------------------------------------------
                                                18.10       17.00
==================================================================



4.  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 27 March 1999, including an
unqualified auditors' report, have been delivered to the Registrar
of Companies.

The statutory accounts for the period ended 1 April 2000,
including an unqualified auditors report, will be delivered to the
Registrar of Companies.  This preliminary announcement is prepared
on the basis of the same accounting policies as set out in the
previous annual accounts.