Farsons reports a recovery as pre-tax profit rose to € 12.2 million.

Simonds Farsons Cisk plc reported earnings before tax of € 12.2 million, reflecting an increase of € 7.7 million year-on-year in the results for the fiscal year ended January 31, 2022. Group sales were € 91.8 million, an increase of 26% from € 73 million in the previous year. Sales recovery was recorded across all segments of the Group’s business.

Interest, taxes, depreciation and profit before interest (EBITDA) have returned to pre-Covid levels, reaching € 22.7 million annually, compared to € 14.9 million last year. The Group’s net borrowing amounted to 10.3 million euros, a decrease of 8.3 million euros from the previous year. Gearing at the end of the year increased from 16.8% in the previous year to 12.6%. The reduction in debt is due to the emphasis on trade collection along with the VAT and tax deferral schemes implemented during the year.

Norman Aquilina, Chief Executive Officer of Farsons Group, explains: This was achieved through a disciplined implementation to reduce spending, with a focus on implementation, increased productivity, a proactive approach in both procurement and pricing. The group also maintained a dynamic and selective resource allocation policy. ”

He further states: “Our performance for the fiscal year ended January 31, 2022 reaffirmed the strength of our brand portfolio and the resilience of our business (employees, business, financial strength). This year has certainly been a very difficult year, but it has made us a stronger business and ready for a rapidly changing world. “

“Although the outlook remains bleak, the group’s strategic direction is to return to a growth mindset,” said Aquilina. “The resilient and witty group is constantly balancing profits and further. We are determined to drive our ambitions for profitable growth. With a purpose. “

Lewis A. Fargia, Chairman of the Farsons Group, commented on the Group’s achievements: The resulting global challenges were exacerbated by the outbreak of the war between Russia and Ukraine. Business confidence is being hit by growing inflationary pressures and significant supply chain problems. Still, it is encouraging that the resilience demonstrated by the business at the time of testing, the strong resurgence of the on-premises sector, and the projected increase in tourist numbers. “

Farrugia also mentioned Farsons’ current major investment in the restoration of the Farsons Old Brewhouse. Cumulative investment to date is € 14.5 million and all facilities are planned to open during the year. This historic industrial redevelopment project is a visitor experience at Farson’s Brewery, a local brewery, a brewery, a chisk bar, a restaurant, a retail brand store, and multiple indoor and outdoor activities for both business and leisure activities. Consists of the event area of. He also commented on the ongoing capital investment allocated to the development of additional stores in the franchise food retail business, as well as the launch of the new Boost Juice Bar franchise, which will soon be operational.

Encouraged by the results achieved during the current fiscal year, the Board recommends the upcoming Annual General Meeting of Shareholders to declare a net final dividend for the fiscal year ending January 31, 2022. Approved items will be paid to shareholders on June 24, 2022.

In addition, in light of the recent statements of many shareholders, the Board also recommends distributing (proportionately) one share of bonus issuance to shareholders for every five shares held. This proposed bonus issuance of 6 million shares (fully paid) of € 0.30 each will be funded by a € 1.8 million capitalization of retained earnings. Distribution of bonus-issued shares to shareholders is subject to shareholder approval at the next annual general meeting of shareholders, and the allotment date will be announced after the annual general meeting of shareholders.

The Farsons Group will hold its annual meeting in remote locations on June 23, 2022.

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