10% increase in QIH earnings

Quinn Industrial Holdings has announced a 10% increase in EBITDA (Earnings Before Interest, Tax Depreciation & Amortisation) in their latest accounts.

The overview of the company's 2016 operating performance saw earnings increase from €16.6m to €18.2m, with an profit before Tax increase of €6.8m.

Most remarkable, and despite the currency headwinds of a weaker sterling, the company has also boosted employment numbers at their businesses by 8%, up to 777 at year end.

The year of solid progress for QIH has been attributed to a strong underlying performance of both the Construction Industry Supply (‘CIS’) and Packaging divisions.

Revenue in constant currency increased, albeit sales on a reported basis of €194.5m, were 4% lower, reflecting the strength of sterling in 2015 and the deflationary impact of weaker currency translation post the Brexit vote mid-year.

Commenting on the results, Liam McCaffrey, Chief Executive Officer of QIH said paid tribute to the company's staff who he says played a key role in delivering sustainable growth to the benefit of all stakeholders.

But he warned of potential difficulties ahead with regard Brexit.

“As an organisation whose core operations straddle both sides of the border on this island, we see Brexit as presenting challenges which we will continue to assess as a clearer picture emerges from upcoming trade negotiations. Whatever the outcome of discussions between the EU and the UK our focus is on those factors which fall within our control and ensuring an efficient supply chain to the UK mainland which accounts for some 50% of our sales,” Mr McCaffrey stated.