During Farsons Group’s 74th Annual General Meeting held remotely yesterday, Chairman Louis A. Farrugia said that the results achieved in 2020 are ‘commendable’ given the enormity of the challenges that have been faced since the outbreak of COVID-19 last March.
In a statement, the company said that the past financial year will go down as one of the most challenging in the Group’s history. “The toll of the pandemic which has affected every corner of every continent, has also had severe implications on the trading performance of the Group.”
Group turnover for the year ended 31 January 2021 fell from €103 million to €73 million, a decrease of 29.4 per cent, which was experienced across all sectors, with the higher drops being registered in the beverage import operations and the franchised food establishments.
The Group also saw a decline in profit before tax for the year of €7.9 million, equivalent to a reduction of 64 per cent compared to the previous year.
Norman Aquilina, CEO of Farsons Group, said “Throughout the year, we have been compelled to operate within a highly volatile and disruptive market with all the consequences this brought about on the working environment, our revenue and overall Group performance.”
“We have responded by increasing our promotional activity and selling efforts, introduced various cost containment measures and revisited operational efficiency to be able to achieve savings of €3.3 million.”
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