Friday 17 November 2017

Ex-Quinn firm makes €43.5m

Sean Quinn
Sean Quinn

The company that controls many of the former manufacturing businesses that once belonged to Sean Quinn said it made an operating profit of €43.5m before exceptional items and impairment charges in 2012.

That was close to twice the level seen in 2011. Pre-tax profit for Quinn Manufacturing Group Holdco Ltd's first full year came in at €7m compared to a loss of €44.3m the previous year.

The company, which was created from the remains of bankrupt businessman Sean Quinn's manufacturing empire, said sales jumped 8.2pc to €679.9m, thanks to improvements in the container glass business.

Eliminating the impact of foreign currency movements, turnover grew by 4pc.

"The group's financial statements for 2012 show an improvement in all aspects of financial performance on a like-for-like basis over the prior year," said chief executive Paul O'Brien.

"The cash generation is the most pleasing aspect of this performance as we managed to improve working capital management and this enabled a paydown of €20m of senior debt ahead of schedule."

The company, which does everything from glass and plastics to packaging and radiators, was formed from the wreckage of Sean Quinn's former empire.

Last year, was the first full year when it was controlled by its new owners, who include bondholders and other creditors.

Irish Independent

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