Glass plant boss banks an annual salary of £605,000

AN Encirc company director has banked a whopping £605,000 salary last year as the Derrylin company listed record profits.
The local glass manufacturing company with a plant based on the Fermanagh/Cavan border continues to go from strength to strength and can reportedly make up to 2.7 billion bottles and containers each year.
The former Quinn Glass company recorded substantial profit swings last year with after-tax profits totalling £31.7million. The firms profits were described as ‘significant progress’.
The booming glass business had once been a part of Sean Quinn’s business portfolio but was bought by Vidrala for an excess of €400million three years ago. The purchase of the business was believed to enhance the company’s positioning in the European glass container market at that time.
The firm’s success in recent times can be somewhat measured by comparison of sales figure. In 2017 sales of £285.6million illustrate a considerable rise in comparison to the 2016 figure of £265.9million. Following a loss of £1.9million in the previous trading period Encirc then posted an after-tax profit of £31.7million last year.
Over the course of the year the company paid £14.2million dividend to its parent company. Subsequent to the 29th August balance sheet date the firm paid out further dividends of £13.6million. Further figures of interest from the company’s accounts include staff costs of £56million, representing a jump up of approximately ten percent on the previous year, with the highest paid company director taking home £605,000. The glass manufacturer now employs over 1,200 people across its manufacturing sites, with the Derrylin site continuing to employ a large number of people locally.
Commenting on the ongoing success of the former Quinn company Cllr Barry Doherty said, “This appears to be good news. Indeed any news that says the company is working well, paying people and keeping them in the area for the foreseeable future is welcomed.”
Accounts also show £2.2million related to administrative expenses associated with the settlement of commitments in respect of an investment announcement entered into by some employees when the firm was owned by the Quinn Group.
In a statement published by the Irish News Encirc said, “In the coming years the directors plan to maximise the output from glass production and to grow their share of the contract filing market, and hence grow both turnover and profitability.”

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