Simonds Farsons Cisk plc registered an increase of 20 per cent in profit before tax, reaching €8.2 million.

Group turnover for the financial year ending January 31, 2015 increased marginally to exceed €79 million.

The solid performance for the year was positively influenced by growth in the local economy, a record year of tourist arrivals and spending, an encouraging performance of key drinks brands and various other factors, including improved efficiencies, productivity and significant reductions in raw material costs.

The results for the year were also affected by significant decisions taken by the board, including a reduction in the so-called fair value of its property values by €5.2 million.

The company also reviewed the extent to which deferred tax assets may be used in the future, following changes made in July 2014 which made it harder for large companies to apply investment tax credit schemes. This gave rise to the recognition of deferred tax credits on investment aid of €5.3 million.

Group chairman Louis Farrugia said: “We continue to carry out significant investments and seek to produce world-class products in the most efficient and cost effective way possible. We wish to market more of our products internationally and these results will help us along this challenging path.”

The €27 million state-of-the-art beer packaging facility replacing all glass bottle and can production facilities is scheduled to be completed by April 2016.

This new facility will enable the company to produce ‘one way’ bottle packages designed for export.

Shareholders’ funds increased by €5 million to exceed €100 million (January 2014: €95 million). Ebitda (earnings before interest, tax, depreciation and amortisation) for the year amounted to €15.9 million compared to €14.2 million last year.

The board of directors is recommending an increased final dividend of €2 million, resulting in a total declared dividend for the year of €3 million. This figure is €0.5 million higher than the amount declared last year.