Bathroom suites maker Qualceram Shires has reported pre-tax profits of just under €2m for the first half of this year, following a €3.4m loss in the same period last year.
Total sales rose from €49.7m to €52.1m, despite what the company called 'extremely competitive' markets. The company also said higher energy and raw materials costs had reduced the benefits of its move to outsource production.
Qualceram, which yesterday announced plans to sell its Arklow facility for development, said Irish turnover grew by 8% to €23.5m while turnover in the UK was up 3% to €25.8m. It added that the improved trading seen in the first half had continued.
European export market turnover rose by 4% to €1.4m, while operating expenses were up 5%, mainly because of increased marketing and product development.
The company is not recommending an interim dividend.
Shares in the company closed nine cent higher at €1.50 in Dublin this evening - a gain of over 7%.
