Farsons Group registers €13.7 million profit, increase of 13.4%

Farsons Group has registered an increase of €1.63 million, or 13.4%, in its profit after taxation for year ending 31 January 2018, when compared to the previous period, the company has announced, with profit reaching €13.7 million for the year ended.

Pre-tax profit from continuing operations amounted to €13.4 million, it said, an improvement of 18.2% of the same period last year, and return on turnover from continuing operations stood at 14.2% compared to 12.9% in the last period.

The group’s turnover increase by €6.8 million, reaching an all time record of €94.9 million, a healthy 7.8% more than the year previous.

“The Group’s overhead expenses increased by €814,000 during the year under review,” the company said, while “earnings before interest, tax, depreciation and amortisation amounted to €22 million, an increase of €1 million over last year.”

“The operational ratio for the Group improved from 24.5% to 23.6% as a result of increased turnover and a comparative slower increase in overheads,” it highlighted.

Dividend distribution

“The Board of Directors of Simonds Farsons Cisk plc has resolved to recommend for the approval of the Annual General Meeting the distribution, out of tax exempt profits, of a final net dividend of €2,600,000, that is €0.0866 per ordinary share of €0.30, to be paid on 22 June, 2018,” Farsons Group said.

“An interim net dividend of €1,000,000, that is €0.0333 per ordinary share was approved at the Board Meeting held on 27 September, 2017 and distributed to shareholders on 18 October, 2017. Therefore, the total net dividend settled in cash to the ordinary shareholders relating to the financial year ended 31st January 2018 amounts to €3,600,000, that is €0.12 per ordinary share.”

“Furthermore, on 20 December, 2017 the Company declared a net interim dividend of €37,211,000 (€1.2403667 per share) paid in kind through the distribution to shareholders of the Company’s entire shareholding in Trident Estates plc. being 30,000,000 ordinary shares of €1 each. The Trident shares were admitted to the official list of the Malta Stock Exchange on 30th January 2018,“ it said.

“The Board of Directors has established 22 May, 2018 as the effective date on which all shareholders, then on the register of members, shall be entitled to receive notice of and attend the Annual General Meeting, be paid dividends declared by the General Meeting and appoint directors or vote at the election of Directors,” it added.