Shannon firm back in profit

THE main Irish arm of industrial diamond manufacturer Element Six stormed back to profit last year, a year after its Shannon plant was threatened by closure.

Accounts filed by De Beers-backed Element Six show that the company recorded a pre-tax profit of $42.4 million (€30.7m) last year, following substantial combined losses in the previous three years.

The company returned to profit after increasing revenues by 58%, from $205.5m to $325.1m to the end of December last.