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Farsons Group reports strong results amid a remarkable recovery 5/18/2023

Farsons Group reports strong results amid a remarkable recovery

Simonds Farsons Cisk plc announced a pre-tax profit of €15.3 million, up from €12.2 million in the previous year, as the Group published its financial results for the year ending 31 January 2023. The Group’s turnover reached €118.2 million, an increase of 28.8 % from last year’s figure, with improved revenue across all areas of operation.

These improved results are significant given the particularly challenging global macroeconomic and geopolitical developments which the Group had to navigate through during the year. These included the impact of the Ukraine war and the lingering effects of Covid-19, to which the Group was highly exposed as a result of the impact of the pandemic on the hospitality and entertainment industry. Notwithstanding these circumstances, the Farsons Group increased its volumes across various beverage and food categories.

In the year under review, the Farsons Group registered a particularly strong performance in two sectors: the production of beer and other beverages, as well as in the importation of foods and drinks. Despite having to contend with significant increases in the cost of services and raw material at global level, the Group managed to maintain its prices at reasonable level and enhance its competitive market position.

Commenting on the Group’s performance, Farsons Group Chairman Louis A. Farrugia said: “Once again we are able to report improved results. We have achieved this because of the dedication of our workforce to the job at hand. Farsons has managed to adapt its work practices and culture to the times we live in without in any way compromising our values and our commitment to quality. We produce or import, market and sell many different consumer products. Over the years we have built a bond of trust with our partners and principals, and earned our reputation of being both reliable and responsible. I am therefore most pleased to commend all our employees for their hard work, commitment and success.”

Farsons Group CEO Norman Aquilina said that: “Despite having had to navigate through another turbulent year, we delivered on our financial projections, registering an improved set of results. In the face of adversity, we have demonstrated resilience and commitment by responding with a number of defensive and proactive measures resulting in solid growth, with all companies within the Group contributing to this solid performance.”

Mr Aquilina further added: “This was predominantly achieved as a result of added focus on execution, better balancing out our scale with agility, and a step-up in both productivity and reach to market, along with ongoing investments in our brands.”

The Group’s annual performance also reflects the transformation implemented over the previous two decades, which saw the Farsons Group being transformed into a diverse and modern operation producing and selling high quality beverage and food products, both locally and internationally. This growth required massive investment in land and buildings, plant and equipment, and a high level of leadership, skills and training.

Over the past years, Farsons Group has been heavily engaged in the redevelopment of its old brewery. The Brewhouse represents a significant milestone in the Group’s development, together with The Brewhouse Visitor Experience. The Brewhouse will also be hosting Farsons Group’s new craft beer venture. The installation and commissioning of a microbrewery was completed in July 2022 with the assistance of a Caspary brew master.

Encouraged by the results achieved during the financial year under review, the Board of Directors will be recommending a final dividend of €3.96 million (equivalent to €0.11 per share) to shareholders at the forthcoming Annual General Meeting. Together with the interim dividend of €1.62 million (€0.045 per share), this will make for total dividends in respect of the financial year ending 31 January, 2023 of €5.58 million or €0.155 per share.

The Farsons Group will be holding its Annual General Meeting on 15 June 2023 at the Trident Park Conference Hall.