Farsons expects record profits in current financial year

The MSE Equity Price Index fell by 0.33% to 3,707.761 points as the declines in APS, BMIT, BOV, Hili Properties, Farsons and the ordinary shares of RS2 outweighed the gain in MIA. Download today’s Equity Market Summary.

Simonds Farsons Cisk plc fell by 0.7% to the €6.85 level on muted activity. Following the close of trading, Farsons published an updated financial analysis summary including forecasts for the current financial year ending 31 January 2025. The Group expects revenues to reach a new record of €141.5 million amid continued growth across both the beverage and food operating segments. EBITDA is expected to surge by 8.8% to a record of €30.3 million which would also translate to a slightly improved EBITDA margin of 21.4% compared to 21.0% in the previous financial year. Forecasts also show an expected record operating profit of €18.4 million and net profit of €17.1 million. The financial analysis also included a reference to considerations for spinning off the food business into a separate listed entity, which could be tabled before shareholders in the current financial year.

APS Bank plc shed 1.8% to the €0.55 level on a single trade of 9,249 shares. APS will publish its interim financial results tomorrow and the Directors will also consider the declaration of an interim dividend.

Also in the banking sector, Bank of Valletta plc moved 0.7% lower to the €1.45 level across three trades amounting to 1,305 shares. BOV will publish its interim results on Monday 29 July 2024.

BMIT Technologies plc slumped by 4.5% to the €0.34 level after recovering from an intraday low of €0.304 (-14.6%) across six deals amounting to 29,150 shares. Yesterday, BMIT announced that its Board of Directors is scheduled to meet on Tuesday 6 August 2024 to consider the approval of interim financial statements for the six-month period ended 30 June 2024.

The ordinary shares of RS2 plc slumped by 3% to a multi-year low of €0.795 albeit over trivial volumes.

Hili Properties plc declined by 3.2% to a five-month low of €0.182 on a single deal of 40,000 shares.

Today’s most actively traded equity –Tigné Mall plc – traded flat at the €0.82 level across three trades totalling 217,569 shares having a market value of €0.18 million.

GO plc held the €2.94 level over three trades amounting to 1,046 shares. Yesterday, GO announced that its Board of Directors is scheduled to meet on Friday 9 August 2024 to consider the approval of the interim financial statements for the six-month period ended 30 June 2024. The Directors will also consider the declaration of an interim dividend.

Malta International Airport plc moved 1.8% higher to the €5.65 level across three amounting to 1,218 shares. MIA’s Board of Directors is scheduled to meet on Thursday 1 August 2024 to consider the approval of the interim financial statements for the six-month period ended 30 June 2024. The Directors will also consider the declaration of an interim dividend.

Today, Lombard Bank Malta plc announced that its Board of Directors is scheduled to meet on Wednesday 28 August 2024 to consider the approval of the interim financial statements for the six-month period ended 30 June 2024.

The RF MGS Index rose by 0.22% to 897.407 points. Data released today showed that the activity private sector in the Eurozone is anticipated to remain relatively flat during July as projections for the activity in the manufacturing and service industries were reduced. Furthermore, the private sector in Germany, in the corresponding month is now expected to contract, as opposed to previous growth forecasts. Meanwhile in the UK, expectations for private sector growth during July were increased as greater anticipated development in the manufacturing industry is set to outweigh a slightly reduced expansion forecast for services. Elsewhere in the US, projected private sector growth for the same period was revised upwards as a larger improvement in the services industry is set to outweigh an unanticipated drop in manufacturing.

This report contains public information only and is not to be construed as investment advice or an offer to buy or sell any securities. Information contained herein is based on data obtained from sources considered to be reliable, but no representations or guarantees are made with regard to the accuracy of the data. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Rizzo, Farrugia & Co. (Stockbrokers) Limited is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap—370 of the Laws of Malta and a member of the Malta Stock Exchange.