Farsons Group Chairman announces ‘positive results’ for latest financial year

Farsons Group Chairman Louis A. Farrugia revealed the group’s ‘positive’ results for the financial year that ended on 31st January 2022 during the group’s 75th annual general meeting.

The group reported a profit before tax of €12.2 million, reflecting an increase of €7.7 million over the previous year. Furthermore, the group’s turnover amounted to €91.8 million – an increase of 26 per cent compared to the €73 million recorded the previous year.

Group CEO Norman Aquilina attributed said results to ‘a strong focus on execution’, ‘a step-up in productivity’, and ‘containing expenditure’.

He went on to note that the outlook remains challenging, and that the group’s strategic direction is to return to a growth mindset. Mr Farrugia added that the global challenges which have created inflationary pressures and significant supply chain issues have affected business confidence and performance.

Despite this, Mr Farrugia continued, the Farsons Group is ‘encouraged by the resilience of its business, the strength of its portfolio, and the commitment and competence of its people.’

Farsons Group’s Board of Directors was reconfirmed during the same AGM.