Simonds Farsons Cisk plc held its annual general meeting on Thursday, bringing together shareholders, board members and executive management at the Trident Park Conference Hall.

The AGM convened following a year marked by solid growth in which Farsons Group registered a pre-tax profit of €16.1 million for the year ended January 31, 2024, marking a 4.9% increase from €15.3 million in the previous year. The group’s turnover reached €132.9 million, an increase of 12.4 % from last year’s figure of €118.2 million.

Speaking about the group’s performance, Farsons Group chairman Louis A. Farrugia said: “Our group has not only resumed normal dividend payments in the previous financial year but has also witnessed a continued increase across all trading activities during the current financial year. This trajectory underscores our robust recovery and sustained growth momentum.”

The chairman also emphasised the successful restoration and transformation of The Brewhouse into a multipurpose leisure destination, marking a significant milestone in the group’s commitment to enhancing community and shareholder value through strategic investments.

Farsons Group CEO Norman Aquilina said: “In the face of a challenging market and increasing competition, Farsons Group continued to progress through focused investments in our brands and a strong commitment to driving value and enhancing productivity.”

In reporting on the group’s diverse activities and their results, Aquilina also highlighted the dedicated focus on environmental, social and governance (ESG) principles and good corporate citizenship. This underscores Farsons Group’s commitment to sustainable practices and ethical standards across all areas of operation, he said.

The shareholders approved the board of directors’ proposal for a net dividend of €0.11 per ordinary share of €0.30, representing a final net dividend of €3,960,000, which was to be paid last Friday, June 28, to the shareholders of the company registered on its register of members as at close of trading on June 5.

Together with the interim net dividend of €1,800,000 (€0.05 per ordinary share) that was approved at the board meeting held on September 27, 2023, and paid to shareholders on October 18, 2023, this will make for total dividends in respect of the financial year ended January 31, 2024, of €5,760,000 or €0.16 per ordinary share.