On 16 June, Simonds Farsons Cisk plc issued their Interim Directors’ Statement covering the four months ended 31 May 2010. The Directors explained that during the period under review the Group continued to operate in a highly challenging environment. Given this scenario the Group is committed to further strengthen its competitive edge within its productive, operational and qualitative abilities.
The ‘importation, wholesale and retail of food and beverages’ and the ‘franchised food retailing’ business segments of Farsons are facing particular challenges in the light of increased competition and higher market trading pressures.
Nonetheless, the Farsons Group registered an increase in turnover during the first four months of the current year when compared to the same period in the previous year. Moreover the Directors stated that the Group is on course to achieve the financial targets set at the beginning of the year.
In a separate announcement, the Farsons Group confirmed that further to the announcement issued on 19 June 2009, Norman Aquilina will be appointed as CEO of the Farsons Group with effect from 1 July 2010. Mr Aquilina will be taking over the responsibilities of the day to day operations of the Group from Louis Farrugia, the outgoing CEO. Mr. Farrugia will retain his roles as Executive Chairman of the Group Executive Board, a main Board Director and as CEO of Trident Developments Limited, the subsidiary that holds most of the Group’s real estate assets. Mr Farrugia will also retain responsibility over the development of the €14 million New Brewhouse project.