The Farsons Group has reported that it expects to register an improvement in profitability in the current financial year compared to the results for the year which ended last January - when it had a drop in pre-tax profit to €895,000.

In an interim directors' statement to the stock exchange, the group also reported, however, that in line with what was reported in the first half of this year, turnover declined over the corresponding period last year, primarily in the beverages importation segment because of the reduction in excise duties on spirits. This trend continued in the third quarter, albeit as a reduced rate.

The group said its performance in the third quarter was satisfactory. The prime focus of the Group’s management, apart from increasing turnover, was the reduction of costs and elimination of loss-making areas.

In this respect, a number of initiatives were successfully concluded during the period, including the finalisation of the sale of the Italian subsidiary, Vita Sana s.r.l.

The Group said it was preparing itself for potential investments that would continue to keep Farsons at the forefront of the industry.