The Farsons Group yesterday announced an improvement in its profitability for the interim period to July 31, 2011. Group turnover reached €36 million, an increase of three per cent over the comparative period last year while profit after tax increased by 21 per cent to reach €2.6 million.

Increased turnover was registered in all the Group’s operations. The board of directors stated that while sales of locally manufactured beverages destined for the local and export markets were stable, increased volumes were registered through its importation segment.

Operating profit exceeded €3.5 million, an improvement of 13 per cent over the comparative period, also influenced by the non-recurrence of an impairment of assets, the divestment of loss-making operations and ongoing efforts to contain overheads and right-size operations. The franchised food business also posted improved results.

The Farsons board of directors stated that it is satisfied that the Group’s performance is now well adjusted to the very competitive environment and that innovation and export growth along with further improvement in cost management will continue to sustain the business model going forward.

The board of directors also approved an interim dividend of €0.0133 per share amounting to €400,000 out of tax exempt profits.