Significant investment and further job creation are anticipated in the coming months at Quinn Industrial Holdings Ltd, the entity which purchased the building materials and packaging divisions of the former Quinn Group late last year.
Quinn Industrial Holdings Ltd took over those sections of the business last December and now owns manufacturing facilities in counties Fermanagh, Cavan, Longford and a cement import facility near London.
This week, the business issued its first formal financial figures, showing revenues of just under €9.2m, gross profit of €748,000 but a loss of €4.34m.
However, the figures only relate to a one-month period — November 20, 2014 to December 31 last — and take account of initial costs and adjustments related to the takeover of the business.
The accounts show €768,000 in ‘exceptional quarry reinstatement’ costs as an exceptional item, along with a one-off settlement cost of €147,000, agreed with a third-party landowner, regarding the extraction of raw materials; and severance packages of €66,000 with certain employees who ceased employment with Quinn Concrete Ltd.
Speaking this week, Quinn Industrial Holdings Ltd’s chief financial officer Dara O’Reilly said despite the first month’s figures, the business has been outperforming and is performing ahead of expectations.
“Since we acquired the business, it has performed strongly, exceeding both last year and budget. Based on this performance and our comfortable debt maturities, which stretch from 2019 to 2024, Quinn Industrial Holdings Ltd is well-placed to further invest in our infrastructure and asset base in the periods ahead,” he added.
© Irish Examiner Ltd. All rights reserved