Qualceram profits up

Bathroom products manufacturer Qualceram Shires has reported a profit before tax increase at €3.9m for 2006 following a loss of €5.1m in 2005.

In a statement released today the ISEQ-listed group turnover increased by 6.4% to €102.0m (2005: €95.8).

In Ireland, turnover rose to €45.0m (2005: €42.6m) and in the UK turnover increased to €50.3m (2005: €47.5).

The outsourcing arrangements introduced in 2005 contributed to the Group’s recovery and in the year ended December 31, 2006 amounted to 65% of Group turnover (2005: 51%).

Operating profit, before exceptional items, increased to €4.1m (2005: €1.5m) and (2005: loss €5.1m).

Chief executive of Qualceram Shires John O’Loughlin, said: “2006 was a year of enhanced performance by Qualceram Shires with a marked improvement in profitability and turnover in both our key markets.

“This satisfactory performance, achieved in challenging and competitive market conditions, is a result of management’s focus on the Group’s strategic business model which also positions the Group on a solid platform for the current fiscal year.”