Tuesday 23 July 2024

Farsons Group holds its Annual General Meeting in wake of positive fiscal year

Simonds Farsons Cisk plc held its Annual General Meeting on 27th of June 2024, bringing together shareholders, board members, and executive management at the Trident Park Conference Hall.

The Annual General Meeting 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 multi-purpose 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, Mr 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.

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, to be paid on 28th June 2024 to the shareholders of the Company registered on its Register of Members as at close of trading on 5th June 2024.

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

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