Wednesday 26 July 2017

Element Six returns to profit

Stock image
Stock image

Gordon Deegan

The main challenge last year for industrial diamond manufacturer, Element Six, was keeping up with customer demand as revenues soared and the firm returned to profit.

New accounts show that the long-established Shannon firm last year recorded pre-tax profits of $44.6m (€41.5m). It followed a pre-tax loss of $2.52m in 2013 - a positive swing of $47m.

Revenues at the firm increasing by more than 18.5pc to $332m.

The change in fortunes for the firm last year coincided with the announcement of a €25m capital investment at the facility and a relocation of an additional €20m of assets over two years to the Shannon site.

The new investment involved the creation of 40 new jobs at the Shannon plant to bring the workforce there to more than 410.

This was from a base of 250 people employed after the introduction of a survival plan at the plant in 2009 that involved the redundancy of 207 workers.

According to the directors' report, the restructuring in the manufacturing side of the business involves a relocation of the group's Swedish activities to Shannon.

The directors stated that "the main challenges of 2014 were maintaining supply in the face of strong customer demand and managing the impact of foreign currency fluctuations on our business".

Irish Independent

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