Quinn reveals 'hugely disappointing' losses of €852m

The Quinn group lost €852m in 2009, the company announced this morning.

The losses mainly relate to Quinn Insurance Limited (QIL), which is under administration, and which incurred operating losses of €644m during 2009.

Turnover at QGL (including QIL) amounted to €1.6bn in 2009, down from €2.2bn in 2008.

The chief executive of QGL Paul O’Brien described the numbers as "hugely disappointing".

Net assets for the group’s continuing manufacturing operations were €149m in 2009, compared to €392m the previous year.

"Following the appointment of administrators to the QIL business in March 2010, the insurance business is no longer part of our continuing operations.

"I would like to wish the new owners of QIL every success in their efforts to restore the business to full strength and thereby protect the jobs in that business.

"The future of our group now lies in our manufacturing businesses, which are involved in container glass, construction products, plastics & packaging and radiators across a number of jurisdictions."