“There is room for us to be reasonably satisfied when one considers the context of the very challenging and complex environment in which we have had to operate,” says CEO Norman Aquilina, referencing Farsons Group’s financial results from January 2020 to January 2021, which reflected a disruption in the Group’s year-on-year growth in turnover and profitability levels due to COVID-19.
The Group reported profit before tax for the year of €4.4 million, reflecting a decrease of €7.9 million – 64 per cent lower than the previous year.
Group turnover for the financial year ending January 2021 amounted to €73 million, compared with €103.5 million the previous year, a decrease of 29.4 per cent.
Mr Aquilina says that, faced with this scale of disruption and decline in consumption, Farsons Group undertook a number of measures to ensure a safer, yet productive working environment, “whilst re-aligning our cost structures to preserve the financial strength we have developed over the decades”.
“As the spread of the contagion is contained and COVID-19 restrictive measures are lifted, we are preparing for better days,” he adds.
“We remain focused, motivated and hopeful – not only in overcoming the pandemic and regaining lost ground but also to pursue our long-term growth strategy,” he affirms, while praising the Group’s employees who understood, supported and responded to the measures taken to mitigate the impact of the pandemic.
Fabio Muscat discusses how education is needed to provide the workforce with the skills and knowledge needed to succeed.
He possesses over 20 years of experience in the legal profession, specialising in anti-money laundering regulation and financial crime compliance.
He discusses this amid growing concerns about various lifestyle-related diseases and mental health issues young people face.
He has served at the helm of the authority since it was set up in 2002.