Issue link: https://maltatoday.uberflip.com/i/1117384
16.05.19 4 NEWS SIMONDS Farsons Cisk has registered an improved perfor- mance in its turnover and op- erational profi tability across all its business segments, despite what it said were ongoing chal- lenges. Farsons said in a statement that it has maintained its growth rate with turnover in- creasing by 5% over the previ- ous year, to reach an all-time high of €99.8 million for the fi nancial year ending 31 Janu- ary 2019. e group's pre-tax profi t reached €15.1 million, an increase of 10% over last year. "In spite of growing aggres- sive competition within the lo- cal beverage market, the com- pany has registered growth in its locally produced products whilst also increasing its im- ported beer, spirits and wine portfolio in response to chang- ing consumer preferences," Farsons said. It highlighted that the group's food importation business to- gether with its franchised food business registered higher turnover resulting in improved contribution levels despite on- going challenges on disribution costs. "While such results are en- couraging and serve to moti- vate us to pursue further our strategic path, we shall contin- ue to face our fair share of chal- lenges. ese include an ever increasing aggressive competi- tion across all business sectors, rapidly evolving consumer tastes and preferences, as well as environmental and health considerations and resultant legislative pressures," Farsons CEO Norman Aquilina said. Farsons acknowledged that environmental pressures for business units to operate in a healthier, cleaner and more sustainable manner were doing their part in increasing costs. Farrugia referred to the Old Brewhouse project, the de- velopment of which started in 2018. e project will lead to the launch of a microbrew- ery, a brew pub and a visitor attraction, depicting Farsons' history. It is being undertaken in par- allel with Trident Estates plc's Business Park Project, with the two projects forecast to be completed by the fi rst quarter of 2021. Farsons registers steady growth despite 'ongoing challenges' Farsons faces ongoing challenges on distribution costs AN app to support young people cop- ing with mental health challenges, an initiative to support victims of domes- tic abuse get back into employment, a smart parking system designed in Catania but also applicable to Malta, and a restaurant staff ed by persons with disability, have won a total of €24,000 in support services to take their ideas to the next level. e awards of €6,000 each were pre- sented at the end of Profi t with Pur- pose, a two-day social innovation ideation event, held at the Malta Inno- vation Hub, which is part of the Malta Life Sciences Park. ree of the awards were sponsored by ENISIE, a project which was created to enable innova- tion through services and institutional engagement between Sicily and Malta. e fourth award was presented by the Valletta Design Cluster and the Malta Innovation Hub. Ing. Joseph Sammut, Chairman of the Malta Life Sciences Park, said, "Profi t with Purpose showed just how many great social innovation ideas are out there. It was so encouraging to see doz- ens of entrepreneurs coming forward with viable commercial projects that also tackle a societal issue. e fi nal pitch for the awards was very impres- sive and the independent judging panel found it so hard to choose the winners that, in fact, and extra award was added to the three originally planned." e winners will now benefi t from €6,000 each in support services includ- ing hot desk access and business devel- opment consultancy expertise. Profi t with Purpose was organised together with the Malta Council for the Volun- tary Sector and also Impact HUB Sir- acusa and Tree. e four organisations are part of ENISIE, which is supported by the European Union's Program IN- TERREG V-A Italia-Malta, which pro- vides funds for intra-regional projects. David Callaby Floridia from Social Smiles (centre), a restaurant staffed by persons with disability, together Rafael Pascual-Leone, Valletta Design Cluster Manager (left) and Ing. Joseph Sammut Ing. Joseph Sammut (centre) together with Benjamin LeBrun from Texting Panda, an app to support young people coping with mental health challenges and Elaine Compagno from Meraki, a social enterprise to support victims of domestic abuse get back into employment Profit with Purpose generates €24,000 in support for social innovation start-ups