FES Finance plc, a subsidiary of FES Projects Limited, said it will publish its audited financial statements for the year ending 31st December 2024 by the end of November 2025 – several months later than the expected deadline.
In the same statement, the company said it is also still seeking to appoint an Independent Non-Executive Director following the resignation of Alex Tanti in May.
FES is active in property development, building materials, renewable energy, and sustainable hospitality. The company is owned by Christopher Vella and Reuben Debono.
In 2019, FES Finance plc issued a €5 million bond on the local capital market, carrying a 5 per cent coupon rate and maturing in 2029.
Also in May 2025, the company said it was facing “difficulties… to comply with its obligation to issue the audited annual financial statements no later than four months following its financial year end.” FES said it would “keep the market updated” once it has a clearer estimate of when the financial statements will be released.
This was not the first time the company delayed the publication of its annual accounts, having first postponed the release of the 2023 statements to 7th May 2024, and later to 31st May 2024.
In June 2024, FES Projects finalised its acquisition of a property in Gżira, with plans to develop new retirement and hospitality accommodation on the site of its Euro Guest House, a property the company had been trying to acquire for close to five years.
The development formed part of FES Projects’ plans to further develop the capacity of its Euro Guest House property by 32 more rooms to have a total room stock of 93. It would have a new gym, swimming pool, meeting facilities, as well as three new food and beverage venues.
The company had stated that should the property be acquired, the guesthouse’s site footprint would increase by 35 per cent.
However, due to the COVID-19 pandemic and the impact it had on the tourism industry, FES Group closed the guesthouse in 2021.
Subsequently, as announced in FES Finance’s Annual Report for 2023, the group resolved to develop the guesthouse together with other adjoining properties – the acquired property – to form an independent retirement living and hospitality accommodation, under planning number PA/09429/19.
