Simonds Farsons Cisk plc - Updated Financial Analysis Summary

On 23 July 2025, Simonds Farsons Cisk plc published an updated Financial Analysis Summary. Farsons explained that the spin-off of its food business into a separately listed company – Quinco Holdings plc – is expected to be implemented by October 2025. As such, the projected financial performance of Farsons for the financial year ending in January 2026 incorporates the continuing operations of the beverage segment. Meanwhile, the discontinued operations (food segment) in the 8 months prior to the spin-off are expected to generate a net profit of €1.1 million. The main highlights of the projected financial performance and position of the continuing operations of Farsons for the 2025/26 financial year are as follows:

  • Revenues are expected to increase by 6.1% to €108 million from €102 million in the previous year, supported by record tourist numbers and general population growth that is expected to boost consumption.
  • EBITDA is anticipated to climb by 3.4% to €26.4 million (2024/25: €25.6 million). In this respect, the EBITDA margin is anticipated to decline slightly to 24.5% compared to 25.1% in the previous year, as the cost of sales and administrative expenses are forecasted to increase at a faster pace than income.
  • Net Finance costs are anticipated to remain relatively unchanged at €0.88 million. As such, the interest cover is anticipated to improve further to 30.1 times compared to 29.6 times in the previous financial year.
  • Total debt is projected to increase by 29.9% (or €7.0 million) to €30.3 million, which includes €2.0 million in lease liabilities. The increase in debt relates to the investment in an automated returnable container facility in Mrieħel. The Group’s net debt is also anticipated to amount to €30.3 million.
  •  The gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to climb to 17.1% from 12.4% as at the end of January 2025.
  • The net debt-to-EBITDA multiple is expected to remain at just 1.1 times (31 January 2025: 0.7 times).