The Board of Directors of Simonds Farsons Cisk plc approved the Financial Statements and Half Yearly Report for the six month period ending on 31st July 2005.
During the period under review, the Group’s turnover increased marginally from Lm13,501,000 to Lm13,660,000.
Profit attributable to shareholders decreased from Lm592,000 to Lm207,000.
Key factors affecting the trading results under review are:
• Lower demand for the Group’s beverage products due to lower economic activity in the tourist trade.
• Below-average temperatures prevailing in the key months covered by this report.
• Increased turnover and operating profit of Quintano Foods Limited.
• Continued losses, in total amounting to Lm202,000, in subsidiary companies, Guido Vella Limited, Vita Sana srl and Galleria Management Limited.
• A lower incidence of fair value gains on investment property of Lm104,000.
The Board of Directors is anticipating that its beverage sales in the second half of the year will recover to last year’s levels.