Interim Results

Young & Co's Brewery PLC
15 November 2001

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

                                   INTERIM RESULTS
                         FOR THE 26 WEEKS TO 29 SEPTEMBER 2001

Highlights

-         Adjusted profit before tax increased to £4.7 million* up   8.8%

-         Adjusted earnings per share of 24.77p*                up 10.1%

-         Adjusted EBITDA of £9.8 million*                      up   8.6%

          * Adjusted to exclude profit on sales of properties


-         Turnover increased to £53.9 million                   up 10.5%

-         Operating profit up to £6.2 million                   up 11.0%

-         Dividend per share increased to 9.80p                 up   5.9%

-         Net assets per share increased to £11.54              up   3.5%

-         Brewing volumes up 13.3% and total beer sales up 4.2% by volume -
          both significantly better than the total market;

-         Benefits of investments in the retail estate continue to show
          through, with turnover and profits from the managed estate up 12.2%   
          and 5.7% respectively;

-         Four new managed houses acquired in the period for £2.7 million,
          with a further £5.8 million invested in developing the existing       
          estate;

-         Increasing profile of Young's beers contributes to strong
          performance from the free trade, with overall beer volumes up 13.1%   
          and take home trade sales up 32.9%;

-         Despite all the recent investment, gearing is only 29.5% and
          interest cover is 4.1X, which provides plenty of scope for more, well 
          targeted investment.

John Young, Chairman, commented:

'These results were achieved in challenging market conditions throughout the
summer, which saw tourism in our central London heartland considerably lower
than in recent years and some of our rural pubs directly affected by the foot
and mouth outbreak.  There is little doubt that the second half will also be
challenging.  The world economy is in a very uncertain state, with deep
worries about the international political situation and job prospects.  These
are bound to have an effect on both tourism and UK consumer spending and
Young's can not expect to be immune from such issues.  Nonetheless we believe
we are in good shape during this turbulent period.'

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

Chairman's statement

Profit before tax was up 8.8% at £4.7 million once adjusted to exclude £0.5
million profit on the sales of properties. Turnover was up 10.5% at £53.9
million, operating profit up 11.0% and adjusted earnings per share rose by
10.1% to 24.77p.

These results were achieved in challenging market conditions throughout the
summer, which saw tourism in our central London heartland considerably lower
than in recent years and some of our rural pubs affected by the outbreak of
foot and mouth.

The interim dividend of 9.80p per ordinary share, an increase of 5.9% will be
paid on 10 December 2001 to shareholders on the register on 30 November 2001.

Brewing and brands

Brewing volumes increased 13.3% and total sales of our own and factored beers
were up 4.2% in volume, a significantly better performance than much of our
industry. Unit cost of production has again been reduced as a result of lower
manning levels and increased volumes.

Our advertising continues to generate interest in Young's brands, with
campaigns to support our cask and take home trade markets on posters and in
the national press. The concentration on take home has been a particular
success. We are gaining share in a turbulent market and continue to invest in
our brands and have plans for more activity in the second half.

Pubs and inns

Turnover and profits from managed pubs and inns were up 12.2% and 5.7%
respectively. Beer volumes in this managed estate have increased by 6.4% and
wines and spirits by 14.5%.

Profits from inns have increased in the six months by 13.2%; this is the
consequence of our recent investment. Our REVPAR (an industry standard
benchmark that multiplies the occupancy rate by average room rate) for the six
months was unchanged at £42.63.

Tenanted houses have performed well in this half where beer volumes increased
by 4.4%.

Increases in the minimum wage and additional red tape introduced by recent
government legislation have made some of our sites less economic to manage.
As a result, we have identified a number of managed houses that we intend to
transfer to tenancies during the second half.  These are in addition to the 5
Smiles pubs which were identified as candidates for transfer to tenancy at the
time we acquired them.

The Smiles pubs as a whole have traded in line with our expectations and, as
anticipated, have been held back by the initial repairs we knew were necessary
to bring the pubs into line with the standards set by our existing estate. We
take a prudent approach to accounting for property, by both depreciating
freehold buildings and writing off repairs through the profit and loss account
as incurred.

In terms of investment, we have spent £2.7 million on acquiring 4 new managed
houses: the Greyhound in Hendon, the Waverley in Aldwick near Bognor Regis,
the Lamb Inn in Hindon, Wiltshire and Horts in Bristol.   A further £5.8
million was invested in developing our existing retail estate.  Of this, £3.7
million was on major works at the Duke of Cumberland in Fulham, the Founders
Arms in Southwark, the Grove in Balham, Le Chateau in Bristol, the Rose &
Crown in Wimbledon, the Ship Inn in East Grinstead and finishing the Rising
Sun in Twickenham and the Coach & Horses in Kew. Of these the largest
investment was at the Coach & Horses, which opened for trading in September.

As part of our continued management of the retail portfolio, we sold two
properties during the course of the first half for £1.4 million.

Free trade

The traditional free trade channels are performing well with an overall beer
volume increase of 13.1%; particularly good performances have been achieved in
the independent free trade up 14.0% and the take home trade up 32.9%.

The market decline in returnable bottles has once more affected our light ale
volumes leading to a drop of 13.4% in interbrewer sales.

Export volumes fell by 17.9% but profits improved as a result of our decision
to withdraw from Canada, our least profitable market.

Cockburn & Campbell

Our wines and spirits business continues to make progress with overall volumes
up 9.5% and turnover up 6.2%. Sales to London wine bars and restaurants were
particularly successful.

Accounting Standards

This interim statement incorporates all the changes required by FRS19 deferred
tax. Young's takes a conservative approach to its tax accounting with the
consequence that the effect of this standard has been much smaller on Young's
than on some of its competitors.  There is no impact on earnings per share for
either this year or last.  The only impact, by way of a prior year adjustment,
is a £0.6 million reduction in net assets, which results in minor changes in
net assets per share and gearing.  All other statistics in the financial
highlights remain unaltered.

Outlook

Since the period end we have acquired the City Gate in Exeter and agreed terms
on a further four pubs. Despite all the recent investment, gearing is only
29.5% and interest cover is 4.1X, which provides plenty of scope for more,
well targeted investment.

In normal circumstances, we would be encouraged by our progress in the year to
date and be looking forward to the second half of the year.  There is little
doubt, however, that the second half will be challenging. The world economy is
in a very uncertain state with deep worries about the international political
situation and job prospects.  These are bound to have an effect on both
tourism and UK consumer spending and Young's can not expect to be immune from
such issues.  Nonetheless we believe we are in good shape during this
turbulent period.

                        YOUNG & CO.'S BREWERY, P.L.C.
                     Unaudited profit and loss account
                   For the 26 weeks ended 29 September 2001

                                                 26 weeks   26 weeks  52 weeks
                                               to Sept 01 to Sept 00 to Mar 01
                                                     £000       £000      £000
Turnover                                           53,875     48,743    96,901

Net operating costs                              (47,703)   (43,181)  (85,614)
Operating profit                                    6,172      5,562    11,287

Profit on sales of properties                         522        854     1,754
Profit on ordinary activities before interest       6,694      6,416    13,041

Net interest charge                               (1,517)    (1,283)   (2,774)
Profit on ordinary activities before tax            5,177      5,133    10,267

Tax on profit on ordinary activities              (1,557)    (1,455)   (2,707)
Profit on ordinary activities after tax             3,620      3,678     7,560

Preference dividends on non-equity shares            (56)       (56)     (113)
Profit attributable to ordinary shareholders        3,564      3,622     7,447

Ordinary dividends on equity shares               (1,226)    (1,157)   (2,414)
Retained profit for the financial period            2,338      2,465     5,033

                                                   Pence      Pence       Pence
Basic earnings per 50p ordinary share              29.02      29.45       60.71

Effect of profit on sales of properties           (4.25)     (6.95)     (15.48)
Adjusted earnings per 50p ordinary share           24.77      22.50       45.23
Diluted basic earnings per 50p ordinary share      28.78      29.40       60.56

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 29 September 2001

                                                    26 weeks  26 weeks 52 weeks
                                                  to Sept 01 to Sept 00  to Mar
                                                                           01
                                                        £000      £000     £000
                                                                  
Retained profit for the financial period              2,338  2,465        5,033

Prior year adjustment arising from the adoption
of                                                     
FRS19 deferred tax                                     (635)     -            -
Total gains recognised since last report              1,703  2,465        5,033



                        YOUNG & CO.'S BREWERY, P.L.C.
                            Unaudited balance sheet
                             At 29 September 2001

                                                     At Sept   At Sept   At Mar
                                                          01        00       01

                                                        £000      £000     £000
Fixed assets                                         196,411   180,377  190,783

Current assets and liabilities
Stocks                                                 4,477     4,623    4,420
Debtors                                                7,270     7,149    5,905
                                                      11,747    11,772   10,325
Creditors: amounts falling due within one year      (19,646)  (17,747) (18,147)
Net current liabilities                              (7,899)   (5,975)  (7,822)
Total assets less current liabilities                188,512   174,402  182,961

Creditors: amounts falling due after more than one  (39,029)  (30,160) (36,091)
year
Provisions for liabilities and charges+              (6,735)   (6,400)  (6,460)
                                                     142,748   137,842  140,410

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                                  1,397     1,414    1,408
Revaluation reserve                                   88,746    88,932   88,518
Profit & loss account+                                44,769    39,660   42,648

Equity shareholders' funds+                          141,387   136,481  139,049
Non-equity shareholders' funds                         1,361     1,361    1,361

                                                     142,748   137,842  140,410

+The comparative figures have been restated for the prior year adjustment
arising from the adoption of FRS19 deferred tax.

                        YOUNG & CO.'S BREWERY, P.L.C.
                       Unaudited cash flow statement
                   For the 26 weeks ended 29 September 2001


                                                  26 weeks   26 weeks  52 weeks
                                                to Sept 01 to Sept 00 to Mar 01
                                                      £000       £000      £000
Net cash inflow from operating activities            7,669      7,209    17,610
Interest received                                        7         31        36

Interest paid                                      (1,595)    (1,364)   (2,915)

Non-equity dividends paid                             (56)       (56)     (113)
Returns on investments and servicing of finance    (1,644)    (1,389)   (2,992)
Corporation tax paid                                 (746)      (597)   (2,440)
Purchases of tangible fixed assets                (10,075)    (6,244)  (20,524)

Sales of tangible fixed assets                       1,412      1,103     2,858
Capital expenditure                                (8,663)    (5,141)  (17,666)
Equity dividends paid                              (1,257)    (1,176)   (2,333)
Cash (outflow) before financing                    (4,641)    (1,094)   (7,821)
Increase/(decrease) in loan capital                  2,948       (48)     5,898
(Decrease) in lease finance
                                                      (12)       (11)      (22)
Financing                                            2,936       (59)     5,876
(Decrease) in cash in period                       (1,705)    (1,153)   (1,945)



                        YOUNG & CO.'S BREWERY, P.L.C.
          Reconciliation of net cash flow to movement in net debt
                   For the 26 weeks ended 29 September 2001

                                          26 weeks        26 weeks     52 weeks
                                        to Sept 01     to  Sept 00    to Mar 01
                                              £000            £000         £000
(Decrease) in cash in period               (1,705)         (1,153)      (1,945)

(Increase)/decrease in debt in period      (2,936)              59      (5,876)
(Increase) in net debt in period           (4,641)         (1,094)      (7,821)

Opening net debt                          (37,535)        (29,714)     (29,714)
Closing net debt                          (42,176)        (30,808)     (37,535)


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 31
March 2001.  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 31
March 2001, 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 29
September 2001 at a rate of 30% (2000: 30%; for the 52 weeks to 31 March 2001:
30%).  No tax has been provided on profit on sales of properties due to
rollover relief.  A prior year adjustment of £635,000 has been made to bring
the deferred tax balance in line with the requirements of FRS19.

(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 12,281,397 (2000: 12,300,646; for the 52 weeks to
31 March 2001: 12,265,600).

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 12,381,736 (2000: 12,318,934;
for the 52 weeks to 31 March 2001: 12,297,731).

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

(4) Ordinary dividends on equity shares

                                 26 weeks            26 weeks          52 weeks
                               to Sept 01          to Sept 00         to Mar 01
                                    Pence               Pence             Pence
Interim dividend                     9.80                9.25              9.25

Final dividend                          -                   -             10.05
                                     9.80                9.25             19.30

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 01  to Sept 00  to Mar 01
                                                   £000        £000       £000
Operating profit                                  6,172       5,562     11,287

Profit on sales of properties                       522         854      1,754
                                                  6,694       6,416     13,041

Depreciation                                      3,592       3,427      6,337

Profit on disposal of tangible fixed assets       (557)       (854)    (1,512)

Movement in working capital

Stocks                                             (57)          14        217

Debtors                                         (1,365)       (287)        957

Creditors                                         (638)     (1,507)    (1,430)
Net cash inflow from operating activities         7,669       7,209     17,610