On 28 September, Simonds Farsons Cisk plc published its July 2011 Interim Results. The financial statements reveal a 3% increase in turnover to €36 million (2010: €35 million). Sales of locally manufactured beverages destined for the local and export markets were stable but increased volumes were registered through the importation segment as revenue increased by 7% to €7.1 million. Revenue from the operations of the franchised food business grew by 4.2% to €4.8 million
The Group registered a 13% increase in operating profit to €3.6 million. This was brought about by (i) improved results from the franchised food business; (ii) the divestment of loss-making operations; (iii the non-recurrence of an impairment of assets in the property segment and (iv) ongoing efforts to contain overheads and right-size operations.
After accounting for interest payable and the tax expense, the Group registered a profit for the period of €2.6 million (earnings per share of €0.087), representing a 21% increase over the profitability registered in the first half of the last financial year.
The Farsons Group explained that it is satisfied that the performance is now well adjusted to the very competitive environment and that innovation and export growth along with further improvement in cost management will continue to sustain the business model going forward.
The Directors declared an interim dividend of €0.0133 per share (unchanged over the interim dividend paid with respect to the six months ended 31 July 2010). Shareholders as at close of trading on Tuesday 4 October will be eligible for this dividend which will be paid on 21 October 2011.
Download a copy of the Simonds Farsons Cisk plc July 2011 Interim Report