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Farsons maintains a steady performance 25/09/2019

Farsons maintains a steady performance

Farsons Group maintained its steady performance for the six-month period ending 31 July 2019, with all business segments registering gains over the comparative period. As a result of continuous capital investments in operational assets and human resources, Farsons registered growth in both turnover, up 4% to €53.3 million, and profit after tax, up 4.7% to €6.4 million.

Operating profit increased by €437,000 or 6% over the previous year. These results were achieved despite a backdrop of intensifying competition and unfavourable weather conditions. Farsons Group will continue to focus on its strategic investments, on further product improvements and on pursuing its internationalisation plans.   

Farsons Group Chief Executive Mr Norman Aquilina said: “It is encouraging to report a steady performance across all segments within our Group, which continues to deliver robust results despite competitive pressures.”

Referring to the challenges ahead, Mr. Aquilina said: “The changing market landscape and changes in consumer spending patterns, along with growing concerns on packaging waste, will continue to be important challenges for the Group, as will the maintenance of equitable market conditions that ensure a level playing field for all operators in the sector.”

The Group registered a marginal increase in its brewing and beers segment notwithstanding ongoing market competition in terms of new imported brands and pricing challenges. The beverage and food importation companies registered an improved 10.3% contribution to profit, while the franchised food retailing establishments maintained steady growth with an 8.6% turnover increase.

The Group’s Chairman Mr Louis A Farrugia said: “The Group reaffirms its commitment in internationalising the business while remaining prudently optimistic of the growth potential in existing and new markets.

The Board of Directors recognise that the long-term investment strategy deployed over the years will continue to prove beneficial in providing in an efficient, competitive and profitable manner the diversified high quality product mix sought by our customers.”

Referring to the restoration and rehabilitation of Farsons Old Brewhouse, Mr Farrugia said that this landmark regeneration project is on time for the projected completion date during the first quarter of 2021.  The project will provide a brewery Visitor Experience, a Microbrewery, a Brewpub, a Cisk bar, a food court and multiple indoor and outdoor event areas for both business and leisure activities.

Earnings per share increased by 4.4% to €0.213 for the period under review. The Board of Directors declared a net interim dividend of €1 million (2018: €1 million).