Profits jump at Spanish-owned former Quinn Glass company
THE former Quinn Glass business has reported a 17.6pc jump in pre-tax profits to €27.8m, according to its parent company's latest trading statement.
The company - now named Encirc - employs 1,200 people at manufacturing plants in Derrylin, Co Fermanagh and in Cheshire in England.
Despite the jump in profits, the firm suffered a fall in revenues to €313.8m from €323.9m the year before.
The business had been part of the empire of former tycoon Sean Quinn and was bought in 2015 by Spanish rival Vidrala for €408.6m. Vidrala said the main reason for the takeover was to enhance its positioning in the European glass-container market.
The UK arm's revenues and profits have been hit by the fall in sterling since the Brexit vote.
But it said it does not expect a wider impact from Brexit, as most of its sales are in the UK.
The firm makes glass bottles and containers for British and Irish food and drinks firms. It includes industry giants Diageo and Britvic on its order list.
The company produces more than 2.7 billion glass bottles and containers annually, and can bottle up to 250 million litres of bulk shipped beverages every year.
Vidrala's clients include brands such as Smirnoff, part of the Diageo stable.
And in the first six months of 2017 Vidrala's sales totalled more than €400m with pre-tax profits of €96m.
Its latest accounts showed pre-tax profits increase from €161.3m in 2015 to €170.7m in 2016, despite a slight drop in sales. However, the update remained positive, with demand for glass food containers growing.
Sean Quinn, once Ireland's richest man, was declared bankrupt in 2012.