Farsons gets new chairman

Simonds Farsons Cisk p.l.c. announced the appointment of Louis A. Farrugia as company chairman.

He succeeds Bryan A. Gera, who held the post for the last 16 years, and did not seek re-election. Mr Gera had been on the board for 31 years.

The company also appointed Michael Farrugia as a non-executive director on the board.

During the company's annual general meeting yesterday, Mr Louis Farrugia thanked Mr Gera for his dedication and fairness. He announced that structural works for the €14 million brewhouse project were at an advanced stage and well advanced and, in autumn, key machinery such as the brewhouse vessels and malt tower silos would be installed. The project is to be completed in a year's time.

Farsons group chief executive Norman Aquilina, said that the company's sales results improved by €2.2 million over 2010 (equivalent to 3.44 per cent) and record sales levels amounting to €67.4 million were reached. The Group registered an operating profit of €6.3 million and improved profit before tax by more than €4million.

Earnings before interest, tax, depreciation and amortisation were the highest in the past five years, reaching nearly €11 million.

Farsons' export sales reached record levels in terms of volume and profitability last year and the company is now exporting to 15 countries in Europe, North America, North Africa and Australia.

While Cisk Lager is now also available in China, Kinnie remained a major asset for the company.

Farsons managed to reduce energy consumption by 12.5 per cent and water usage by 10 per cent.

Shareholders approved a net dividend of €0.0533 per ordinary share and an increase in the aggregate amount of emoluments payable annually to executive and non-executive directors.