Sunday 25 September 2016

Pre-tax losses at the former Quinn manufacturing group last year increased 76-fold to €301.3m due to exceptional costs.

Gordon Deegan

Published 03/11/2015 | 02:30

Photo: PA
Photo: PA

Pre-tax losses at the former Quinn manufacturing group last year increased 76-fold to €301.3m due to exceptional costs.

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The group, known as the Aventas Manufacturing Group, was made up of four core businesses namely container glass, construction industry supplies, plastics & packaging and radiators.

Aventas is 75pc owned by its former creditors - mainly banks and hedge funds - with the remainder held by its principal former lender, the Irish Bank Resolution Corporation in liquidation.

However, the losses arise from the breakdown of the group which has included the sale of its four trading divisions that has contributed to a total of €755m being returned to creditors since 2011 and all senior debt repaid in full.

The accounts, filed by Gortmullan Holdings Ltd, show that group revenues last year increased by 4pc, almost €30m from €666.86m to €693.8m.

Group chairman Mike McTighe said: "Our financial statements make for very difficult reading in what was operationally a very successful year for the group as a whole."

He said: "This is due to the technical requirement to present the financial statements on a break-up basis as we have completed the sales of all of the operating divisions with two concluding post December 31, 2014, year end."

Mr McTighe said the group's operating profits increased by €0.8m to €27.8m while net cash flow increased by €33.8m to €75.2m.

Numbers employed increased from 2,630 to 2,766 with staff costs amounting to €121.28m

Directors' emoluments last year almost doubled going from €2.3m to €4.16m.

Irish Independent

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