Simonds Farsons Cisk plc’s 75th annual general meeting was held remotely from the group’s latest investment, the regeneration of the old Brewhouse, which is nearing completion to open its doors to the public during this year.
This investment will be operated through a newly formed company called ‘The Brewhouse Co. Ltd’. Farsons Group chairperson Louis A. Farrugia said that having fought its way through the severe immediate impact of COVID, the group was pleased to announce positive results for the financial year end January 31, 2022.
The group has reported a profit before tax of €12.2 million, reflecting an increase of €7.7 million over the previous year. Group turnover amounted to €91.8 million, an increase of 26 per cent compared to €73 million the previous year.
Group chief executive Norman Aquilina further explained that the group delivered a good set of results in very challenging times due to a strong focus on execution and a step-up in productivity as well as on containing expenditure. He noted that the outlook remains challenging, and that the group’s strategic direction is to return to a growth mindset.
Farrugia added that the global challenges, which have created inflationary pressures and significant supply chain issues, have affected business confidence and performance. However, despite this, the Farsons Group is encouraged by the resilience of its business, the strength of its portfolio and of the commitment and competence of its people.
Apart from approving the income statement and statement of financial position for the year ended January 31, and the reports of the directors and the auditors thereon, and the reappointment of auditors PricewaterhouseCoopers, the meeting also approved an advisory vote on the Remuneration Report for the year ended January 31.
The shareholders also approved a final net dividend of €4 million, in addition to the interim dividend paid on October 20, 2021, of €1.5 million and the dividend paid on December 21, 2021, of a further €1.5 million. The final net dividend is to be paid to the shareholders of the company registered on its Register of Members as at close of trading on June 3.
The meeting also approved the ordinary resolution put forward to it that, subject to the registration of the revised and updated M&A, the amount of €1.8 million from the company’s Retained Tax Exempt Earnings Account is to be capitalised for the purpose of issuing not more than six million fully paid-up ordinary shares of nominal value of €0.30 per share, representing one bonus share for every five shares held.
These bonus shares are to be allotted to members of the company appearing on the Register of Members on June 3. A company announcement will be issued to inform the market when the shares will be admitted to listing and when trading of the same will commence.
The board of directors was also reconfirmed.