Qualceram Shires cuts losses

Bathroom products distribution company Qualceram Shires has announced after-tax losses of €1.6m for the six months to the end of June. Losses for the same period last year were €3.7m.

Qualceram Shires boss John O’Loughlin said: "Despite tough market conditions and high energy prices we have achieved an improved and satisfactory performance."

The group outsourced its production of bathroom products in 2005, which it said today had allowed it to increase its gross profits.

"However, further increases in energy and raw materials costs in our own factories have somewhat mitigated the benefits achieved through outsourcing," the company said today in an announcement to the stock exchange.

Operating in Ireland and the UK, Qualceram Shires said its strategy is to increase its market share in the luxury end of the bathroom products sector. The group has five brands: Qualceram, Shires, Selecta, Trent, and Shaws of Darwen. Founded in 1988, it was admitted to the Irish and London stock exchanges in 1997.