Trident Estates plc held its 18th Annual General Meeting on Wednesday 27 June 2018. The Directors reported on the Group’s performance for the financial year ended 31st January 2018 during which, the Company was spun off from the Farsons Group and its shares were listed on The Malta Stock Exchange. Turnover for the Group increased to €796,000 representing a growth of over 9% over the previous year. Profit before taxation reached €437,000 inclusive of fair value gains on the property portfolio that amounted to €165,000.
Mr Louis A. Farrugia, Chairman of the Trident Group, reported that following the approval of the Spin-Off of Trident by the shareholders of Simonds Farsons Cisk plc in June 2017, Trident is now a public listed company with its own governance and funding models. “This will allow for dedicated management focus and allow the Board to maximise on the best possible return
on investments” said Mr Farrugia.
Trident CEO, Mr Charles Xuereb, highlighted the milestones achieved by the Group over the past twelve months in terms of restructuring and gave an update of the Trident Park project which was now underway and which shall be completed over the next three years. This was the first major project undertaken by the Group and was a first opportunity to develop new sources of revenue and to enhance the value of its property portfolio.
At the meeting, both Mr Charles Borg and Mr Roderick Chalmers were uncontested and reappointed as Directors. The composition of the Board was confirmed.
