Simonds Farsons Cisk plc held its 76th Annual General Meeting physically after three years of remote meetings. The Company welcomed its shareholders to the newly formed Trident Park Conference Hall. Mr Louis A. Farrugia, Chairman of Farsons said that the Group returned to reasonable levels of profitability in the financial year ended 31 January 2023, following the challenging period of the Covid-19 pandemic.
Profit before tax of €15.3 million was achieved as the Group generated a turnover of €118.2 million, an increase of 28.8% over the previous year’s figure of €91.8 million.
The Group reported that after a decade of careful planning and preparation it was thrilled to open the newly refurbished ‘1950’ Brewhouse housing a number of food and beverage outlets as well as The Farsons Brewery Experience, illustrating a near century of history. The project has now transformed the non-productive space into a revenue-earning facility which is establishing itself as a landmark location.
Group Chief Executive Mr Norman Aquilina said that despite the macro-economic turbulence, Farsons Group delivered on its financial projections and achieved solid growth with an operational profit margin of 14.1% through cost containment measures and revision of work practices. He reported focus and commitment on the Group ESG responsibilities with progress made on waste management, water usage, renewable energy, and emissions reduction. Despite the significant challenges, Farsons Group is building on the momentum of the latest financial results and is taking on the future with renewed ambition and confidence in its strategy.
Further to the approval of the Financial Statements and Directors’ and Auditors’ Reports for the year ended 31 January 2023, PricewaterhouseCoopers were reconfirmed as the Company’s Auditors. The Remuneration Report for the year ended 31 January 2023 was approved by way of an advisory vote. The shareholders also approved the Board of Directors’ proposal for a dividend of €0.11 per ordinary share of €0.30, representing a final net dividend of €3,960,000 to be paid to the shareholders of the Company registered on its Register of Members as at close of trading on 25 May 2023. The Board of Directors was also reconfirmed.
The official version of the Farsons Group Annual Financial Report can be found on its website www.farsons.com, following its publication on the Malta Stock Exchange website.