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Simonds Farsons Cisk plc – Interim Results

Jonathan Falzon

September 25, 2025

25 September, 2025
7 min read
25 September, 2025
7 min read

Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.

Financial Performance

On 24 September 2025, Simonds Farsons Cisk plc published its interim financial results for the six-month period ended 31 July 2025. Following the Board of Directors’ decision to spin off the Group’s food business into a separately publicly listed company called Quinco Holdings plc, the financial results of the food business were reported as discontinued operations, which showed an increase in revenue of 6.2% to €19.3 million, and 4.3% growth in operating profit to €1.58 million and a net profit for the period of €0.93 million, in line with the same period last year.

The financial results of the comparable period last year were also restated such that the continued operations relate solely to the beverage businesses.

Revenues from the beverage segment rose by 6.5% to €54.8 million from €51.5 million in the same period last year reflecting sustained demand in a competitive and evolving market.

Operating expenses increased by 5.8% to €45.3 million from €42.8 million in the previous comparable period. Consequently, operating profit (EBIT) rose by 9.7% to €9.46 million (H1 2024/25: €8.62 million), which translates into an improved EBIT margin of 17.3% compared to 16.8% in the same period last year. Farsons highlighted that overall performance reflects strong consumer preference for the Group’s high-quality products, supported by disciplined cost control, margin optimisation, innovation, and efficiency measures implemented throughout the business.

The financial performance was also boosted by a 14.1% reduction in net finance costs to €0.39 million.

The pre-tax profit for the period amounted to €9.07 million, which is 11.0% higher than the €8.17 million figure reported for the same period last year. After accounting for a tax expense of €0.59 million, Farsons reported a net profit for the period relating to the beverage business of €8.48 million, which translates into an annualised return on equity of 11.8%.

The condensed Statement of Financial Position as at 31 July 2025, when compared to the corresponding figures as at 31 January 2025, shows that total assets increased by 4.4% (or €10.1 million) to €239 million, of which €203 million are attributed to the beverage segment whilst €36 million are attributed to the food business.  Meanwhile, total liabilities rose by 9.0% (or €5.7 million) to €69.0 million, of which €55.1 million are attributed to the beverage segment whilst €13.9 million are attributable to the food segment. The Group’s total equity expanded by 2.6% (or €4.4 million) to €170 million.

Dividend

The Board of Directors resolved to distribute a net interim dividend of €0.065 per share which is 8.3% higher than the interim dividend paid out last year. The interim dividend distribution translates into a payout ratio of 24.9% (H1 2024/25: 24.5%). The dividend is payable on Thursday 16 October 2025 to all shareholders as of the close of trading on Friday 26 September 2025.

Declaration of dividend ‘in-kind’

The Board of Directors of Simonds Farsons Cisk plc resolved to declare a dividend in kind of €46.8 million, equivalent to €1.30 per share, consisting of a pro-rata distribution of SFC’s shareholding in Quinco Holdings plc to all shareholders of SFC as at close of trading on Friday 26 September. In this respect, Quinco Holdings plc published a Prospectus.

Investments

In the Interim Directors’ Report, the Board highlighted a number of investments that are conducted with particular emphasis on three main pillars namely, digital transformation, environmental sustainability, and energy efficiency.

A new carbon dioxide recovery plant became operational in August 2025. This will strengthen the Group’s security of supply for a critical production input while also supports its decarbonisation objectives. Furthermore, the existing returnable packaging facility in Mrieħel is being converted into a fully automated, centralised operation.

The development of a state-of-the-art logistics and office complex in Qormi is now being executed by Quinco Holdings plc.

Outlook

The Directors stated that the results in the first half of the financial year met expectations of another strong set of results, but the Group remains alert to changes in consumer preferences and broader societal trends, including the growing demand for low- and no-alcohol alternatives.

The Directors highlighted that exports remain a key strategic focus for the Group. The recent successful entry into the Ghanaian beverage market was a significant milestone in international expansion efforts. This development complements the established presence in the Australian market. In this respect, the Board noted that export revenues have increased across the portfolio, with promising prospects emerging for established brands such as Kinnie and Cisk.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

On 24 September 2025, Simonds Farsons Cisk plc published its interim financial results for the six-month period ended 31 July 2025. Following the Board of Directors’ decision to spin off the Group’s food business into a separately publicly listed company called Quinco Holdings plc, the financial results of the food business were reported as discontinued operations, which showed an increase in revenue of 6.2% to €19.3 million, and 4.3% growth in operating profit to €1.58 million and a net profit for the period of €0.93 million, in line with the same period last year.

The financial results of the comparable period last year were also restated such that the continued operations relate solely to the beverage businesses.

Revenues from the beverage segment rose by 6.5% to €54.8 million from €51.5 million in the same period last year reflecting sustained demand in a competitive and evolving market.

Operating expenses increased by 5.8% to €45.3 million from €42.8 million in the previous comparable period. Consequently, operating profit (EBIT) rose by 9.7% to €9.46 million (H1 2024/25: €8.62 million), which translates into an improved EBIT margin of 17.3% compared to 16.8% in the same period last year. Farsons highlighted that overall performance reflects strong consumer preference for the Group’s high-quality products, supported by disciplined cost control, margin optimisation, innovation, and efficiency measures implemented throughout the business.

The financial performance was also boosted by a 14.1% reduction in net finance costs to €0.39 million.

The pre-tax profit for the period amounted to €9.07 million, which is 11.0% higher than the €8.17 million figure reported for the same period last year. After accounting for a tax expense of €0.59 million, Farsons reported a net profit for the period relating to the beverage business of €8.48 million, which translates into an annualised return on equity of 11.8%.

The condensed Statement of Financial Position as at 31 July 2025, when compared to the corresponding figures as at 31 January 2025, shows that total assets increased by 4.4% (or €10.1 million) to €239 million, of which €203 million are attributed to the beverage segment whilst €36 million are attributed to the food business.  Meanwhile, total liabilities rose by 9.0% (or €5.7 million) to €69.0 million, of which €55.1 million are attributed to the beverage segment whilst €13.9 million are attributable to the food segment. The Group’s total equity expanded by 2.6% (or €4.4 million) to €170 million.

Cash Dividend 

The Board of Directors resolved to distribute a net interim dividend of €0.065 per share which is 8.3% higher than the interim dividend paid out last year. The interim dividend distribution translates into a payout ratio of 24.9% (H1 2024/25: 24.5%). The dividend is payable on Thursday 16 October 2025 to all shareholders as of the close of trading on Friday 26 September 2025.

Declaration of dividend ‘in-kind’

The Board of Directors of Simonds Farsons Cisk plc resolved to declare a dividend in kind of €46.8 million, equivalent to €1.30 per share, consisting of a pro-rata distribution of SFC’s shareholding in Quinco Holdings plc to all shareholders of SFC as at close of trading on Friday 26 September. In this respect, Quinco Holdings plc published a Prospectus.

Investments

In the Interim Directors’ Report, the Board highlighted a number of investments that are conducted with particular emphasis on three main pillars namely, digital transformation, environmental sustainability, and energy efficiency.

A new carbon dioxide recovery plant became operational in August 2025. This will strengthen the Group’s security of supply for a critical production input while also supports its decarbonisation objectives. Furthermore, the existing returnable packaging facility in Mrieħel is being converted into a fully automated, centralised operation.

The development of a state-of-the-art logistics and office complex in Qormi is now being executed by Quinco Holdings plc.

Outlook

The Directors stated that the results in the first half of the financial year met expectations of another strong set of results, but the Group remains alert to changes in consumer preferences and broader societal trends, including the growing demand for low- and no-alcohol alternatives.

The Directors highlighted that exports remain a key strategic focus for the Group. The recent successful entry into the Ghanaian beverage market was a significant milestone in international expansion efforts. This development complements the established presence in the Australian market. In this respect, the Board noted that export revenues have increased across the portfolio, with promising prospects emerging for established brands such as Kinnie and Cisk.