Quinn industrial confident despite posting euro4m loss

Quinn Industrial Holdings Ltd (QIHL) remains “confident” of future business growth, despite posting an almost €4m loss in its first set of accounts.
The new owners, however, were only at the helm for the final month of trading figures before the company’s end of year. Having taken over elements of the former Quinn Group construction empire in December 2014, QIHL says that the figures include a number of costs with the transaction.
The accounts show that the businesses had a turnover of €9.1m in the period from November 20, 2014, to the end of that year.
Assets acquired by QIHL in the deal with Aventas Group include manufacturing facilities located at Ballyconnell, County Cavan and Derrylin, County Fermanagh, as well as another manufacturing plant in Granard and a €98.2m cement import facility at Rochester, Kent, outside London.
Chief Financial Officer Dara O’Reilly said that QIHL had already delivered significant growth since acquisition, with more expected.
“Since we acquired the business it has performed strongly, exceeding both last year and budget. Based on this performance and our comfortable debt maturities which stretch from 2019 to 2024, QIHL is well placed to further invest in our infrastructure and asset base in the periods ahead,” he said.
QIHL has not yet been filed at the Companies Registration Office in Dublin.
Since taking over the company, QIHL has increased the workforce locally by 100, has relaunched its graduate and apprenticeship programmes, and is currently undergoing a major multi-million euro overhaul of its transport fleet.