Simonds Farsons Cisk plc has announced a pre-tax profit of €15.3 million for 2022, up from €12.2 million in the previous year. The group’s turnover reached €118.2 million, an increase of 28.8 % from 2021, with improved revenue across all areas of operation.
"These improved results are significant given the particularly challenging global macroeconomic and geopolitical developments which the group had to navigate through during the year. These included 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," Farsons said.
It said that in 2022 it registered a particularly strong performance in the production of beer and other beverages, as well as in the importation of foods and drinks.
It said that despite having to contend with significant increases in the cost of services and raw material at global level, it managed to maintain its prices at "reasonable level" and enhance its competitive market position.
Farsons Group Chairman Louis A. Farrugia said the positive results had been achieved thanks to the dedication of the 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."
Farsons Group CEO Norman Aquilina said that Farsons had demonstrated resilience and commitment by responding with a number of defensive and proactive measures resulting in solid growth.
The group’s annual performance also reflected 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.
Over the past years, Farsons Group has been heavily engaged in the redevelopment of its old brewery. 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.
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. 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 31 January, 2023 of €5.58 million or €0.155 per share.
The Farsons Group will be holding its Annual General Meeting on 15 June 2023 at the Trident Park Conference Hall.