Quinn Industrial Holdings Ltd has reported a strong financial year for 2015, marking the first full 12-month reporting period since QIHL’s acquisition of the Quinn Packaging and Construction Industry Supply (‘CIS’) businesses from Aventas in December 2014.
Both CIS and Quinn Packaging performed strongly with consolidated turnover up €41m to €203m, an increase of 25% on 2014.
This translated into an EBITDA increase of 168% to €16.6m. Profit Before Tax and Exceptional Items improved from a loss of €14.6m in 2014 to a profit of €5.9m in 2015.
While the businesses benefited from the strength of Sterling in 2015 - due to a significant portion of turnover deriving from the UK – the company said improvements in underlying margin were achieved across the board.
During the period, the average number of QIHL employees increased from 656 to 721 while the actual number employed at December 2015 had increased by 84 compared with the same period a year earlier.
The group’s capital investment programme commenced during 2015 and a total of €6.8m was expended over the 12-month period, while a further capital investment of €14m is anticipated during 2016.
This comes as businessman Sean Quinn issued a statement following what he describes as "abusive" threats made recently against his former business interests in Cavan and Fermanagh, now controlled by QIHL.
Mr Quinn’s statement was in response to recent incidents in which bullets were sent in the post to contractors working on his former windfarms and signs appearing on property owned by Quinn Industrial Holdings Ltd (QIHL), his former manufacturing business.
In a statement given to the Sunday Business Post Mr Quinn said recent threats made to his former business ventures are "offensive and unacceptable."
"They are in nobody's interest, and are certainly not in the interests of me and my family. Whilst I appreciate that the local community is very hurt, I believe that the comments on the signs in question are totally unacceptable and I note that they have now thankfully been removed.
QIHL acquired the building materials and packaging divisions of the former Quinn Group from Aventas.
Aventas, comprising former Quinn creditors, itself acquired Quinn Packaging after the family lost control of the group in 2011, with outstanding debts of around €2.8bn.
Directors of QIHL include Liam McCaffrey and Dara O’Reilly, both of whom are associates of the group's original founder Séan Quinn.
Mr Quinn is acting as an adviser to the current owners.
