Quinn Industrial Holdings to rebrand as Mannok
Quinn Industrial Holdings has unveiled a new brand identity 'Mannok' for the organisation. The company has also published an overview of its operating performance for 2019 - which said EBITDA (Earnings Before Interest, Tax Depreciation & Amortisation) increase to €26.6m and an investment of €11.5m.
Mannok will replace QIH and a wide range of variations of same used by the business and other stakeholders. The name derives from Fear Manach – the origin of ‘Fermanagh’ and resonates well with domestic and international stakeholders, an important consideration given the business’s increasing export focus.
The rebranding marks the culmination of a five-year transformation and investment programme that has repositioned the business as a provider of increasingly sophisticated and sustainable building and packaging solutions, supporting an increase in sales of over 30 per cent during the period.
The big unveil comes just over a year to the day that Chief Operations Officer (COO) Kevin Lunney was abducted and attacked with four men charged and due before the courts in relation to the incident.
- EBITDA increased from €26.4m to €26.6m, despite Brexit H2 challenges
- A 2.5 per cent dip in turnover from €240m in 2018 to €234m in 2019 reflecting the pass-through of lower insulation raw material prices to customers, with overall volumes comparable to 2018 levels.
- Investment of €11.5m in the period bringing total investment to €60m since the acquisition of the businesses in December 2014.
In a statement released in the past half hour, the company states thattThe 2019 outturn demonstrates the strong underlying performance of the business following five successive years of EBITDA growth and reflects a robust performance given a very challenging latter part of the year as a result of the continuing BREXIT uncertainty. While turnover was 2.5 per cent lower, as a result of lower raw material prices, underlying volumes were stable.
The business comprises two key divisions: Building Products and Packaging. Capital expenditure of €11.5m across both divisions during the year included fleet and mobile plant replenishment as well as investment in fixed plant augmentation projects expected to yield significant profitability over the years ahead.
Commenting on the performance, Liam McCaffrey, Chief Executive Officer said: “2019 marked our fifth successive year of EBITDA growth and a robust performance given Brexit uncertainty. Our targeted investment of recent years has established strong foundations for continuing growth across Ireland and the UK.
“Post year end and the emergence of Covid 19, the health and safety of our staff and customers has been our key priority and we have taken extensive measures to mitigate risk and support the national fight against the pandemic.
"Our staff play a critical role in ensuring business continuity and in the provision of key supplies to essential sectors including food and construction. We are very grateful for, and acknowledge, our staff support, forbearance and commitment over the difficult lockdown period.
"We also congratulate them for their organised support for healthcare workers which led to the business donating PPE and raw materials for PPE to a range of frontline organisations including our local hospitals in Cavan and Enniskillen."
Mr McCaffrey said the team is confident for the future despite concerns around Coronavirus and Brexit.
"Looking ahead to 2021, and a post Brexit environment, we are extremely pleased to unveil our new brand identity, which we believe better reflects the ownership, evolution and future focus of the business," he said.
The CEO claimed the businesses are now in the strongest position since their acquisition in 2014. "Mannok is an appropriate and much more expansive brand proposition that reflects what our customers value most – a professional one-stop-shop for building and packaging solutions and the support of exceptional staff,” he said.
The new identity was developed by Murray Creative.
Commenting on the 2019 performance, Chief Financial Officer, Dara O’Reilly said “2019 saw a robust performance which was not without its challenges, particularly in the latter part of the year.
"Following a reasonable start to 2020, COVID-19 restrictions did impact negatively, most notably during the mandated lockdowns across both jurisdictions. However, by taking decisive actions and managing our cost base, the business is well placed with a strong liquidity and net asset position to benefit from the current improving demand being experienced.”
During 2019, employment numbers remained steady at 830 staff, as the business continues to roll out its lean and multi-skilling based initiatives in all its divisions. Across both its divisions, the company has continued to focus on health, safety and the environment, achieving recognition in this space for a number of new initiatives including:
- the Mineral Products Qualifications Council (MPQC) trophy for Behavioural Safety, Safety Culture and Leadership at the Mineral Products Association (MPA) Awards held in London in October last year,
- a National Pakman Award for Quinn Packaging in recognition of its efforts to boost Plastic Recycling in Ireland through its innovative new product, Detecta by Quinn, which is the first fully recyclable black plastic packaging, developed by the Company to address issues recycling black plastics.