Tuesday 22 October 2019

Intimidation campaign fails to halt QIH growth

Staff of Quinn Industrial Holdings give a show of support for Kevin Lunny and his family at the Head Office in Derrylin.
Pic Steve Humphreys
Staff of Quinn Industrial Holdings give a show of support for Kevin Lunny and his family at the Head Office in Derrylin. Pic Steve Humphreys

Gordon Deegan

A determined campaign of intimidation failed to prevent industrial conglomerate Quinn Industrial Holdings (QIH) enjoying increased profits and revenues last year.

That is according to new accounts filed by the group, which show that the firm's pre-tax profits increased by 2pc to €10.95m last year.

Please log in or register with Independent.ie for free access to this article.

Log In

This follows revenues at the group increasing by 15pc, to €240.29m, over the period.

Last month, QIH's chief operating officer, Kevin Lunney, was abducted and tortured over a number of hours, and sustained life-changing injuries.

The abduction of Mr Lunney was the culmination of an estimated 70 incidents of intimidation and criminal damage to have taken place over the past eight years, and senior executives at QIH have been advised by gardaí to build 'panic rooms' within their homes.

Mr Lunney has been discharged from hospital in recent days to return home to continue his recovery, while the Gardaí now have in place an armed response unit in Co Cavan.

The accounts only just filed with the Companies Office but signed off in April of this year make no mention of the criminal threats to the business from unidentified parties.

The accounts show that the number of people employed at the business continued to increase last year.

Numbers employed at QIH over the year increased to 816 from 797, and underlining the group's importance to the areas it operates in, staff costs last year increased to €36.7m from €34.36m.

According to the directors' report, the 15pc sales increase last  year was primarily driven by improvements in both volume and prices, in respect of the group's sales of cement, insulation and packaging products.

The business' earnings before interest, tax, depreciation and amortisation (ebitda) last year increased by 10.5pc to €26.4m.

On the group's future developments, the directors stated that it will consider opportunities to expand its current activities and market penetration.

Pay to directors last year totalled €1.2m.

The group's cost of sales last year increased to €169m from €149m, resulting in a gross profit of €70.9m.

The profits take account of non-cash depreciation costs of €9m.

The conglomerate was formerly owned by businessman Sean Quinn.

The accounts are the latest set of 12-month figures since businessmen John McCartin, John Bosco O'Hagan and Ernie Fisher led a buyout of the QIH businesses in 2014, backed by a group of US hedge funds.

At the end of December last, shareholder funds totalled €18.8m.

Irish Independent

Also in Business