Scottish & Newcastle chief executive Tony Froggatt "will need to do a lot better" to keep investors on board. A 4.5% organic beer growth plus comparable per share earnings up 12.7% are a reasonable reward. Western European markets remain flat, however. Until cash flow improves, S&N can hardly play big time in the beer market's international consolidation game. Closing breweries in the company's traditional heartland is commendable and Froggatt has given much-needed focus, direction and impetus. But although efficiency and productivity may be improving, there is much yet to do. The Business 27/02/05 page 10

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