Companies: YNGA   

Profits before tax for the six months to 29 September increased 9% to £4.7m compared to the same period last year (excluding an extra £522,000 profit on property disposals, down from £854,000 in 2000). The brewer, pub and hotel operator's overall turnover was up 10.5% to £53.9m, while NAV per share edged up 3.5% to £11.54 by the half-year end. However, the results were achieved on the back of 'challenging market conditions throughout the summer', with central London tourism down and rural pubs affected by foot-and-mouth. Given the world economic uncertainty and the geo-political events of the past few months, the outlook for an improvement in tourism and consumer spending is not good and the company expects the second half to be 'challenging', though reassures that it believes it is 'in good shape during this turbulent period'. The interim dividend has been increased 6% to 9.8p - a total of 19.3p was paid out last year, giving a yield of 3.6% at the current price. On a historic p/e of 8.8 Young does not look particularly attractive at the moment, with Belhaven, for one, looking a better bet within the brewing subsector.