They were not amused
When Scottish & Newcastle (S&N) posted its interim results at the beginning of December, analysts were not happy. Although the brewer and pub retailer managed to raise turnover 19 percent to £2.6 billion and its pre-tax profit 28 percent to £309.8 million, the positive result was mainly due to mainland European beer and Baltic Beverages Holdings doing well and a lower than expected interest payable line while UK beer had remained stable and contributed £108 million. As in the past, analysts expressed concern over management and the payment of debt. Irrespective of the fact that S&N has finally announced a date for the appointment of a new CEO - early 2003 - analysts worried that the candidate would not change the culture within S&N too much. Then there remains the pressing issue of debt..
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