Hard times for diamond maker

Industrial diamond manufacturer Element Six last year went into the red to record a pre-tax loss of $2.5m (€1.9m).

The Shannon-based firm increased the number it employs to 357 last year and new figures show that the company recorded the pre-tax loss following a pre-tax profit of $1.45m in 2012.

This followed revenues declining from $285.2m to $280.5m in the 12 months to the end of December last. According to the directors’ report, “the main challenges of 2013 were maintaining revenues and margins in light of market uncertainty and managing the impact of foreign currency fluctuations on our business”.

The site at Shannon is primarily involved in the final processing to sales product of diamond grit and polycrystalline diamond hard materials.

The plant was faced with closure in July-August 2009 but a survival plan was put together that involved the loss of 207 jobs securing the remaining jobs. Numbers working at the plant continued to grow last year increasing from 323 to 357, however the directors say the company continued “to monitor the appropriateness of its cost base”.