Bathroom products maker Qualceram Shires has reported pre-tax losses of €5.1m for the year ending December 2005. That compares to a profit of €5.85m in 2004 and follows what the company calls 'another challenging year'.
Group turnover at €95.8m was 2.4% lower on 2004's €98.2m figure. The company said this was mainly due to competitive pricing, especially in the UK.
Turnover in Ireland increased to €42.6m last year from €41.7m the previous year, while in the UK, turnover was down from €51.2m to €47.5m.
Qualceram Shires said that, as anticipated, the restructuring at its Longton plant gave rise to an exceptional charge of €6.1m.
The company is recommending a final dividend of 3.75 cent per share, resulting in a total dividend for the year of 5.85 cent per share, up from 5.75 cent in 2004.
'Despite the subdued housing market in the UK, group sales in all of its markets in the first quarter of 2006 are ahead of the corresponding period in 2005, although this period in 2005 included Easter,' the company said in today's results statement.
'The group is cash generative and the balance sheet remains strong. The board is confident that the measures now in place will deliver improved results in 2006,' it added.
Shares in the company were down three cent to €1.25 in Dublin this evening.
