Bathroom products group Qualceram today reported first half profit before tax of €3m, a 100% increase on the €1.5m recorded in the same period a year earlier.
Operating profit dropped 54% to €1.9m from €4.1m in the same period a year earlier, with group turnover 4% lower at €49.2m.
Qualceram chief executive John O'Loughlin said that the Irish market remains positive for future growth and that the increasingly competitive environment in the UK market remains favourable.
He said: 'Management's focus is on enhancing revenues from our UK business. During the period, we continued to be successful at controlling costs across all areas of the group.'
The group said that although turnover in Ireland increased by 7% to €20.2m, the impact of currency translation on sterling sales, together with relatively flat performance in the UK pulled turnover down.
Turnover in Mainland Europe has remained stable, while turnover growth in other markets, including the US, adjusting for currency translation, was positive.
The completion of the sale and leaseback transaction in April, which resulted in a reduction of €28.2m in group debt, has generated an exceptional gain of €2.7m.
Shares in Qualceram closed 10 cent lower at €1.40 in Dublin.
