UK: Young & Co.'s Brewery reported a 6 % rise in year profit
Young & Co.'s Brewery, P.L.C., British brewer and pub owner, posted a 6 % rise in year profit on May 26 and bemoaned "never-ending" red tape for businesses.
Profit before tax and exceptional items was up 6 % to 9.6 million pounds in the year to April 2, 2005, said the group, which earlier this month announced plans to delist from the London Stock Exchange and shift to the junior AIM index, partly to reduce its tax burden, according to Reuters.
Operating profit rose 9.7 % at its managed pubs, boosted by a 14.5 percent increase in food sales. Volumes of its flagship Young's Bitter were up 9.5 percent, making it London's fourth biggest selling cask ale, and the tenth nationally.
"Stalling consumer confidence and ever increasing margin pressures, from rising staff and utility costs, never-ending red tape and this year the added costs from new licensing laws and increases in business rates, are all challenges we will have to face," Chairman John Young said in a statement.
"Accordingly, any sales and profit growth achieved this year will be well earned," he added, referring to the year to April 2006.
Young's said it was progressing with its review of controversial plans to commercially develop the site of its Ram Brewery in south London -- where ale has been brewed since 1581.
"As part of this review, discussions have been held over recent months with a number of commercial developers in order to gain their views of the site's potential and value," it said.
Young's shares were up 3 % to 1755 pence by 0945 GMT, valuing the group at around 121 million.
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