Former Quinn Glass business reports massive swing into profit
THE former Quinn Glass business in Co Fermanagh has reported another uplift in sales and a massive swing into profit in what it has described as a year of "significant progress".
Now named Encirc, the firm employs 1,207 people at manufacturing plants in Derrylin and in Cheshire in England.
According to accounts filed at Companies House, the manufacturer of container glass and contract filling had sales of £285.6 million in 2017, set against £265.9 million a year earlier.
And following a loss of £1.9m in the previous trading period, Encirc posted an after-tax profit of £31.7m last year.
During the year the company paid dividend of £14.2m (down on the £57.5m before) and subsequent to the balance sheet date on August 29 past, it paid further dividends of £13.6m.
In a statement Encirc said: "In the coming years the directors plan to maximise the output from glass production and to grow their share of the contract filing market, and hence grow both turnover and profitability."
The business had been part of the empire of former tycoon Sean Quinn and was bought in 2015 by Spanish rival Vidrala for more than €400m to enhance its positioning in the European glass-container market.
Encirc makes glass bottles and containers for British and Irish food and drinks firms including industry giants like Diageo and Britvic.
The accounts show that within administrative expenses expenses was £2.2m which relates to the costs of the settlement of commitments made in respect of an investment announcement entered into by certain employees of the company while it was in ownership of the Quinn Group.
Staff costs over the year were just shy of £56m (up from £50.4m previously), and the highest paid director banked £605,000.
The company's former owner Sean Quinn, once Ireland's richest man, was declared bankrupt in 2012.