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FARSONS REGISTERS IMPROVED SIX MONTHLY RESULTS 29/09/2010

The Farsons Group has announced an improvement in its profitability for the interim period to 31st July 2010.  Group turnover reached €35 million, an increase of 4.7% over the comparative period last year whilst profit increased by 19% from €1.8 million in 2009 to €2.2 million.

The increased turnover was registered in the Group’s main segments principally due to increased volumes of beverages destined for the exports market, increased sales of beers on the local market principally due to an improved tourist season and through the representation of the Red Bull brand.

Operating profit exceeded €3.1 million, a notable improvement of 12% over the comparative period, also influenced by ongoing reductions in operating and administrative costs achieved through continuous review of the ways of working.  On the other hand, higher utility costs had a negative impact, in particular on the performance of the franchised food businesses. 

The SFC Board of Directors is confident that further opportunities exist for improved profitability levels going forward.

The board of directors also approved an interim dividend of €0.0133 per share amounting to €400,000 out of tax exempt profits, representing an increase of 33% over the interim dividend paid in 2009.