The Farsons Group said today it improved its turnover and profits in all segments in the first six months of the year, compared to the same period last year.
Group turnover exceeded €49 million, representing an increase of 7.5% over the comparative period last year. Profit for the period from continuing operations after taxation amounted to €5.7 million, and exceeded last year’s figure by 3.9%.
Farsons Group Chief Executive Norman Aquilina said that the results were encouraging and reflected the efficiencies gained through the investments made by the group.
Nevertheless, the challenges of operating in a relatively small economy were constant, and in order to achieve growth through other channels, the group was committed to ongoing innovation and further internationalising its business through exports.
Mr Aquilina said the ongoing national debate on waste management would present challenges which needed to be addressed by all. "What is now needed is effective enforcement which is visible and operative in order to ensure a level playing field for all. The current enforcement measures are far from ideal, thus creating a disparity between operators. Any new measures intended to control packaging waste should not further aggravate the disparity caused by inadequate enforcement of regulations.”
Farsons reported that investment in its new logistics centre is nearing completion. The investment in the administrative office block has reached its final stages. A new kegging plant is expected to be commissioned by the end of this financial year.
Group Chairman Louis A. Farrugia endorsed Mr Aquilina’s cautionary comments
whilst noting with satisfaction the results achieved. He recalled that at the annual general meeting in June, the shareholders had approved the spin-off of the company’s
shareholding in Trident Estates Limited.
The necessary formalities for the transfer of the properties, the allotment of shares to existing Farsons shareholders, and the listing of the Trident Estates shares on the Malta Stock Exchange are all at an advanced stage, and are expected to be completed by the end of this year.
The board of directors recommended an interim dividend of €1 million, similar to last year, and equivalent to €0.0333 per share. Such dividend will be paid on October 18, 2017 to those registered ordinary shareholders as at October 4, 2017.