Mannok’s margins recover despite slight fall in turnover during 2023

Liam McCaffrey confirms he will step down as CEO on June 30

Mannok chief executive, Liam McCaffrey.
Mannok chief executive, Liam McCaffrey, confirmed he will step down on June 30 2024.

The cross-border manufacturing group Mannok Holdings has reported a slight downturn in revenue during 2023.

The company, formerly known as Quinn Industrial Holdings (QIH), recorded a turnover of €311.9 million (£367m) for the year ending December 31 2023, 1.8% down on its 2022 performance.

Publishing its annual business performance review on Thursday, the group said its turnover was hit by sales price deflation for insulation and plastic packaging products last year.

But earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by 74% to €44.9m (£38.4m) over the same period due to the easing of inflationary pressures in other areas of the business.

Headquartered in Derrylin, Co Fermanagh, Mannok is split between a building products and packaging division.

Alongside cement, concrete, quarry and aggregate products, it makes packaging products for the food industry.

“Having supported our customers through several years of oppressive inflationary pressures, Mannok was pleased to see margin recovery during 2023 as cost absorption pressures eased somewhat,” said Mannok chief executive Liam McCaffrey.

“Investments in excess of €100m in the business over the past nine years has seen a doubling of turnover and a seven-fold increase in EBITDA, while also increasing employment by more than 150 employees in the same period,” he added.

Mr McCaffrey is due to retire as chief executive of the Derrylin-based company on June 30 2024, with Mannok’s current chief financial officer Dara O’Reilly named as his successor.

In the north, Mannok announced the completion of the tender process for phase one of its new energy valley project, which will start with the production of green hydrogen for use in its transport fleet, replacing diesel.