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Farsons maintains its growth strategy 25/06/2019

Farsons maintains its growth strategy

Simonds Farsons Cisk has held its 72nd Annual General Meeting when Directors reported another year of improved Group performance to its shareholders. Group Turnover registered a robust 5% increase over the previous year reaching €99.8 million whilst profit attributable to shareholders reached €15 million, an increase of 10% from last year. Shareholders approved the declaration on a final dividend of €3 million so that total dividends for FY 2019 increased by €400,000 to €4 million.

Farsons’ Chairman, Mr Louis A. Farrugia, reported on the financial highlights of the year, during which the company also celebrated its milestone 90th anniversary of brewing. He highlighted the fact that Farsons has initiated the restoration and rehabilitation of the Old Brewhouse, which is being coordinated with the Trident Estates plc Business Park Project so that both projects will open simultaneously in the first quarter of 2021.

Mr Norman Aquilina, the Group CEO, provided insight on the overall improved performance of the Group and all its subsidiary companies.  “In spite of ongoing market changes and growing competitive pressures, our ability to consistently register year on year improvements in our results is motivating us to further pursue our strategic vision,” said Mr Aquilina.

In response to the competitive pressures, the Group will continue to invest and innovate. “Innovation is now firmly established as a central pillar of our strategic vision and in whatever we do, as success can never be taken for granted in the ongoing attainment of our resilient results,” said Mr Aquilina.

“Over the last year Farsons continued to implement wide-ranging initiatives to embrace our social and environmental responsibilities. We are also actively engaged in the preparation for the introduction of the Beverage Container Refund Scheme which will see the introduction of a compulsory deposit on beverage containers, bringing along additional challenges, particularly in its enforcement.  The Group is supporting this measure even if the authorities still have a lot to do to bring into action a more equitable and broadly represented circular economy in the interest of the environment as a whole,” said Mr Aquilina.

During the meeting, both Dr Max Ganado and Mr Roderick Chalmers were uncontested and re-appointed as Directors.  The composition of the Board remained unchanged.