Young & Co's Brewery, which makes beers including Young's Bitter and Waggle Dance, has reported an 18.5% increase in full-year adjusted pre-tax profit to £12m on sales up 2.2% at £126.6m.

Its brewing joint venture with Charles Wells, Wells & Young's, established in September, reported sales of £89.5m from 29 September 2006 to 31 March 2007. Through its 40% share, Young's said it had benefited from EBITDA of £1m.

“While there are clearly near term risks for our industry, from the smoking ban and pressures on consumers spending, we believe we are well prepared to face these challenges,” said CEO Stephen Goodyear.