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Farsons report a 5% increase in turnover 4/29/2004

The Board of Directors of Simonds Farsons Cisk plc today approved for publication the Preliminary Statement of Annual Results for the year ended 31st January 2004.

Commenting on the results, Mr Louis A. Farrugia, Group Chief Executive said that he was pleased that the Group was once again reporting an improved performance in the Group activities. He reported that Group Turnover increased from Lm23,592,000 to Lm24,725,000, an increase of just under 5%.

Group Turnover increased as a result of a number of factors which included the consolidation of three months operation of Guido Vella Ltd, the wholesale business which the Group acquired in early November 2003, as well as the consolidation of a full year’s turnover of the Casual Diner Restaurant business “Fridays”, not included last year under Group Turnover. Sales in all the Group other businesses was steady and in line with the previous year.

Group Profitability before Taxation improved slightly after adding back Minority Interest (2004 Lm1,115,000 - 2003 Lm1,091,000). The year’s results have been influenced by a good first six months for the parent company and by a difficult second half-year for the Group due to a downturn in demand from the hotel and restaurant sector. 

At the same meeting, the Board also recommended the distribution, out of tax exempt profits, of a final net dividend of Lm514,000 (2c05 per share) on all ordinary shares of 12c5 each to ordinary shareholders on the Register as at June 9th, 2004. An interim dividend of Lm90,000 (0c35 per share) has already been distributed to ordinary shareholders.  This will result in a total net dividend to the ordinary shareholders of Lm604,000 (2c4 per share).

The profit after tax includes changes to the deferred tax provision resulting from the Company's eligibility, as from year of assessment 2004, to benefits available under the Business Promotion Regulations 2001.