Mannok Holdings, formerly Quinn Industrial Holdings, has reported a 17% increase in EBITDA (Earnings Before Interest, Tax Depreciation & Amortisation) for the year ended 31 December 2020.

EBITDA increased from €26.6 million to €31.1 million. 

Revenue remained materially consistent at €233 million, compared to €234m in 2019.

An overview of its 2020 operating performance published today, shows sales and margin increases across cement and packaging, partly offset by higher raw material costs for insulation products.

The report shows that cash generation from operating activities improved by over 44% from €21.7m to €31.3m which aided a reduction in net debt in the period of €19.4m.

Investment of €6.7m in the period, brought the total investment to €66m since the acquisition of the businesses in December 2014, with a further €6.1m of investment already in train for 2021.

Liam McCaffrey, Chief Executive Officer said that after the initial lockdown, trading recovered strongly in the second half of the year.

"While the business has experienced some impact on trading activities over recent months, with a number of customer projects being delayed as a result of Covid-19, underlying demand has remained strong. 

"Given our ongoing exposure to the food and construction sectors, the very positive response to our rebranding and the potential tail-wind of a vaccine-driven economic recovery, the outlook for 2021 is positive," he said.

In September 2020 the business was renamed Mannok.

The company said this marked the culmination of a 6-year transformation and investment programme that saw sales and employment increase by 44% and 25% respectively.