Simonds Farsons Cisk plc – Interim Results
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 30 September 2026, Simonds Farsons Cisk plc published its interim financial statements for the six-month period ended 31 July 2026. This was the first interim period following the spin-off of the Group’s food business into Quinco Holdings plc, which was completed in October 2025. As a result, the Group’s results now relate solely to the beverage business, while the comparative period includes the food business as a discontinued operation.
Revenues rose by 6.6% to €58.4 million from €54.8 million in the same period last year, reflecting the continued strength of the Group’s brand portfolio, the effectiveness of its commercial strategies and the resilience of consumer demand.
Gross profit increased by 9.1% to €26.2 million, which the Directors attributed to the Group’s ability to improve operational effectiveness and efficiency. This translates into a gross profit margin of 44.8% compared to 43.8% in the same period last year. Operating profit (EBIT) rose by 12% to €10.6 million (H1 2025/26: €9.46 million), which translates into an improved EBIT margin of 18.1% compared to 17.3% in the same period last year.
Finance costs declined by 27.8% to €0.28 million.
The pre-tax profit from continuing operations amounted to €10.3 million, which is 13.7% higher than the €9.07 million reported for the same period last year. However, the tax expense increased to €3.52 million from €0.59 million, since the tax credits which in previous years offset the Group’s tax charge have now been fully accounted for. The Directors explained that this accounting treatment does not adversely affect the Group’s liquidity or cash-generating capacity, as the Group continues to utilise the deferred tax assets recognised on its statement of financial position. As a result, Farsons reported a net profit of €6.79 million, which is 20% lower than the €8.48 million profit from continuing operations in the same period last year. This translates into an annualised return on equity of around 9%.
The Condensed Statement of Financial Position as at 31 July 2026, when compared to the corresponding figures as at 31 January 2026, shows that total assets increased by 4% (or €8.2 million) to €213 million. Total liabilities rose by 12% (or €6.6 million) to €61.6 million, and total equity expanded by 1.1% (or €1.6 million) to €152 million.
Dividend
The Board of Directors resolved to distribute a net interim dividend of €0.07 per share out of tax-exempt profits, which is 7.7% higher than the €0.065 per share paid out last year. The interim dividend distribution of €2.52 million translates into a payout ratio of 37.1% (H1 2025/26: 24.9%). The dividend is payable on Wednesday 21 October 2026 to all shareholders as at the close of trading on Monday 5 October 2026.
Investments
In the Interim Directors’ Report, the Board highlighted that work continued in the new automated central logistics facility, which is designed to modernise the management of returnable bottles and packaging materials and forms an important element of the Group’s broader sustainability strategy. The project remains on schedule for completion during the final quarter of 2027.
Outlook
The Directors stated that market conditions are expected to remain highly competitive, while economic uncertainty, cost pressures and evolving consumer behaviour require close attention. Against this background, the Directors remain cautiously optimistic regarding the second half of the financial year.
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.