Quinn Industrial Holdings, the group that took over certain manufacturing operations that were formerly part of the Quinn Group, is back in black after turning a €14.6 million loss into a €5.9 million profit last year.
New figures published by the group which cover the company’s first full-year results since its acquisition of the Quinn Packaging and Construction Industry Supply businesses from Aventas in December 2014, saw turnover rise by 25 per cent to €203 million from €161.7 million.
Earnings before interest, tax, depreciation and amortisation (ebitda) increased 168 per cent to €16.6 million, versus €6.2 million a year earlier.
The group said while the businesses benefited from the strength of sterling, improvements in underlying margin were achieved across the board, despite the one-off impact of acquisition related costs.
During the year the average number of employees increased from 656 to 721 with average wages up more than 5 per cent on the back of improved productivity bonus payments and a salary increase.
Quinn said it spent €6.8 million as part of a capital investment programme that included replacing fleet and mobile plant. It added it acquired an extrusion machine for its packaging business that will increase capacity by close to 50 per cent. The group expects to spend a further €14 million this year in its existing infrastructure.
“2015 marked a transformative year for Quinn Industrial Holdings, stabilising and growing business and employment and restoring pride and confidence for the future,” said chief executive Liam McCaffrey.
“ The continuing support of our investor group for our ongoing capital investment programme marks a major endorsement of our strategic direction and future prospects and will assist in our target of delivering a further improvement in profitability and employment in 2016,” he added.
