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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/11/pub-firm-cheers-rise-in-profits.jpg"><img class="alignnone size-full" title="Pub company Young's posted better-than-expected results" src="http://londonglossy.com/wp-content/uploads/2010/11/min-pub-firm-cheers-rise-in-profits.jpg" alt="Pub company Young's posted better-than-expected results"/></a></p>
<p>Pubs and brewing chain Young&#8217;s provided some cheer from the embattled sector after it reported an 8% rise in half-year profits.</p>
<p>The group, which has 220 pubs and brews Bombardier through its Wells &#038; Young&#8217;s joint venture, grew revenues by 0.7% to £67.7 million in the six months to September 27, as adjusted pre-tax profits lifted 8.4% to £13.4 million.</p>
<p>It hailed the strength of food sales following a drive to focus on British cuisine, while it also benefited from a Local Heroes campaign to push locally brewed ales, such as Old Hooky, Butcombe Bitter and Sambrook&#8217;s Wandle.</p>
<p>The company&#8217;s 13 hotels, which were recently rebranded as Young&#8217;s, saw sales grow by 18.7% in the period.</p>
<p>Young&#8217;s, which is working on plans to brew special ales to celebrate April&#8217;s royal wedding and the London Olympics in 2012, said recent trading remained positive, with like-for-like sales in its managed pubs estate up 1.8% in the last seven weeks, compared with 0.8% in the half-year.</p>
<p>The Wandsworth-based company said it had been resilient to the recession due to its focus on London and the south-east and the premium end of the market.</p>
<p>The results were boosted by a good performance from Wells &#038; Young&#8217;s, with sales up 1.5% and pre-exceptional profits 18% higher.</p>
<p>But sales through its tenanted pubs were flat, with a 4.2% decline in profits, as the company provided more financial support.</p>
<p>Shares in the company were up 3% following the results announcement.</p>
<p>Hugh-Guy Lorriman, an analyst at Seymour Pierce, retained his &#8216;buy&#8217; rating for the company, saying that the results were better than expected. He forecast the company would make £21.5 million of pre-tax profits in the year.</p>
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