Farsons Group CEO Norman Aquilina told shareholders assembled for its 76th annual general meeting that the Group “is taking on the future with renewed ambition and confidence in its strategy,” highlighting its focus and commitment on ESG responsibilities.
He noted that the Group has made progress on waste management, water usage, renewable energy, and emissions reduction, building on the momentum of its latest financial results, obtained “despite significant challenges”.
The meeting, which took place at the recently renovated Trident Park, saw Farsons Group Chairman Louis A. Farrugia laud the Group’s return to “reasonable levels of profitability” for the financial year ended 31st January 2023.
Profit before tax of €15.3 million was achieved as the Group generated a turnover of €118.2 million, an increase of 28.8 per cent over the previous year’s figure of €91.8 million.
The Group reported that after a decade of careful planning and preparation it was thrilled to open the newly refurbished ‘1950’ Brewhouse housing a number of food and beverage outlets as well as The Farsons Brewery Experience, illustrating a near century of history.
The project has now transformed the non-productive space into a revenue-earning facility which is “establishing itself as a landmark location”, according to the Group.
“Despite the macro-economic turbulence, Farsons Group delivered on its financial projections and achieved solid growth with an operational profit margin of 14.1 per cent through cost containment measures and revision of work practices,” continued Mr Aquilina.
He replaces Jose Ramon Alegre, who resigned from the position at the start of 2024.
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