The Farsons Group has announced an improvement in its profitability for the interim period to July 31.

Group turnover reached €35 million, an increase of 4.7 per cent over the comparative period last year whilst profit before tax increased by 19 per cent from €1.8 million in 2009 to €2.2 million.

The increased turnover was registered in the Group’s main segments principally due to increased volumes of beverages destined for the exports market, increased sales of beers on the local market principally due to an improved tourist season and through the representation of the Red Bull brand.

Operating profit exceeded €3.1 million, a notable improvement of 12 per cent over the comparative period, also influenced by ongoing reductions in operating and administrative costs achieved through continuous review of the ways of working.

On the other hand, higher utility costs had a negative impact, in particular on the performance of the franchised food businesses.

The group’s board of directors said it was confident that further opportunities existed for improved profitability levels going forward.

It approved an interim dividend of €0.01,33 per share amounting to €400,000 out of tax exempt profits, representing an increase of 33 per cent over the interim dividend paid in 2009.