On 14 April 2010, Simonds Farsons Cisk plc published its financial results for the year ended 31 January 2010. The Preliminary Profit Statement shows a substantial improvement in pre-tax profits to €3.1 million from the €0.9 million registered in the year ended 31 January 2009 despite a 2% decline in turnover. This jump in the Farsons Group profitability was due to the attained production efficiencies, implementation of cost containment measures (including early retirement schemes) and declines in the cost of raw materials. The Farsons Group registered a profit for the year from continuing operations of €2.7 million (excluding the Italian subsidiary which distributed bottled water which has since been discontinued).
The Directors recommended a final net dividend of €0.05 per share subject to approval at the next Annual General Meeting scheduled to be held on 24 June 2010. Shareholders as at close of trading on 25 May will be eligible for this dividend. Following the net interim dividend of €0.01 per share paid in October 2009, the total net dividend with respect to the year ended 31 January 2010 is of €0.06 per share.
Commenting on the outlook for the current financial year, the Directors explained that the focus is on further cost containment although the Group expects to be adversely impacted by higher utility costs across all of its operations. The Directors revealed that the Beverage Importation arm has strengthened its portfolio this year as it secured representation of Red Bull. Furthermore the €14 million investment in a new brewhouse and water treatment facility was confirmed with works expected to commence in July 2010. In relation to this investment, the Directors reiterated that Farsons has submitted an application to the Listing Authority for the approval of a new €15 million bond which, if approved, will be issued in May 2010.
Download a copy of the Simonds Farsons Cisk plc Preliminary Profit Statement for the year ended 31 January 2010.