On 24 November Simonds Farsons Cisk plc issued its Interim Directors’ Statement explaining that the overall performance during the third quarter (August to October) of the Group’s fiscal year ending 31 January 2011 was satisfactory despite the highly challenging and competitive environment in which the Group operates. The Directors stated that turnover continues to increase across all segments with some notable successes in export markets. The Directors also stated that the Farsons Group is continuing with its strategy of divesting itself of non-profitable businesses and at the same time improving both productivity and reducing costs in its core areas of business.
Meanwhile, works on the new €14 million Brewhouse and Water Treatment Facility are progressing according to plan and the Directors expect the Group’s results for the current financial year to show an improvement in profitability over the previous year when a pre-tax profit of €3.1 million was generated. In conclusion Farsons reassured investors that its indebtedness position continues to improve significantly.