Scottish brewer and pub operator Belhaven, whose profits have trebled since it floated in 1996, is described as a "good solid business" and a "long-term buy". Analysts forecast profits of at least £16.7m this year, rising to £18-£18.5m next year, with shares trading on less than 12 times forecast earnings. The company has invested more than £65m in its 226-strong pubs estate, which was worth £111m at the end of March. The brewing side is also growing, although more modestly, contributing two fifths of operating profits before overheads. And there could be additional contract work when Scottish & Newcastle closes its Fountain Brewery in Scotland at the end of this year. The Business 20/06/04 page 22 (Inside the Market)