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 January 31. The group’s turnover reached €118.2 million, an increase of 28.8 per cent from last year’s figure, with improved revenue across all areas of operation.

2022 was particularly challenging due to global macroeconomic and geopolitical developments, such as 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.

Farsons Group chairperson Louis A. Farrugia said all this was possible because of the dedication of its workforce:  “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.”

Group CEO Norman Aquilina added: “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.”

Aquilina continued: “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.

In the past years, the group has also 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, being held at the Trident Park Conference Hall on June 15.

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 January 31 of €5.58 million or €0.155 per share.