Dara O’Reilly RMG47
QUINN Industrial Holdings Limited (QIHL) turnover has grown by a massive 25 per cent in the past year, with the company also increasing its work force by 13 per cent 2015.
Last week the former Quinn-owned company released its annual figures, QIHL’s first full 12 month reporting period since its acquisition of the Quinn Packaging and Construction Industry Supply (CIS) businesses from Aventas Manufacturing Group Limited (Aventas) in December 2014. The reports showed pre-tax earnings were up by a staggering 168 per cent, from €6.2 million to €16.6 million, indicating the company has been fairing well despite a continued slow economic climate, as well as ongoing threats and tension in the community in which it operates.
The report showed QIHL, which now employs a total of 721 people in Fermanagh and Cavan, had a turnover of €203 million in 2015, which is approximately just under £160 million. The figures also show average salaries at the company are up by over five per cent, while capital investment in QIHL has doubled t €14 million.
Chief executive officer with QIHL, Liam McCaffrey, said 2015 marked a “transformative year” for the company and they would continue to stabilise and grow the business and workforce, and to “restore pride and confidence for the future” in the months ahead.
“The continuing support of our investor group for QIHL’s ongoing capital investment programme marks a major endorsement of our strategic direction and future prospects and will assist in our target of delivering a further improvement in profitability and employment in 2016,” said Mr McCaffery.
Chief financial officer, Dara O’Reilly added: “QIHL now has a solid platform for sustainable progress supported by strong sector and economic growth, a well invested infrastructure and a committed and skilled workforce. Both businesses are trading strongly year to date and we look forward to implementing the next phase of our strategic plan in the period ahead.”
The strength of the sterling in the last year was among the reasons given by the company for improvements in their profit margin, as was increased capital investment which helped replace its lorry fleet and mobile plant, as well as investment in machinery at their packaging plant.
A further capital investment of €14m is anticipated during 2016, with QIHL planning to continue investing in its existing infrastructure, but also progress a number of strategic projects to facilitate the achievement of further efficiency in its operations, while at the same time enhancing its product offering to its customer base.
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