13% increase in profits for Farsons

The Farsons Group has registered a consolidated profit before tax of Lm1,026,000 for the financial year ended on 31 January 2001, up by 13 per cent from Lm907,000 for the same period of last year. The turnover of the Group for the year increased by six per cent to Lm22,544,000.
These results are mainly due to the acquisition of Anthony Caruana & Sons Limited, a reduction of administrative expenses and a lowering of the interest payable on Group borrowing throughout the businesses. The group’s results were achieved despite the difficult business environment in the sectors in which the group operates. This environment remains difficult mainly as a consequence of the continued liberalisation of the market.
The Directors of Simonds Farsons Cisk plc have already distributed a net interim dividend of Lm60,000 to the shareholders of the ordinary shares and are recommending the payment of a final net dividend of Lm340,000. These dividends are being paid out of tax exempt profits resulting in a total net dividend to the ordinary shareholders of Lm400,000 equivalent to 1c7 per share. (the comparable amounts for the previous year are Lm360,000 net equivalent to 1c5 per share).
The board of directors is confident that the group is in a good position to face the challenges ahead and will persevere in its efforts to increase shareholder value.