Mannok reports rise inrevenue for last year

MANNOK, the company formerly known as Quinn Industrial Holdings, has reported revenue of €233m (£202m) for 2020.

The building products and packaging company said EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) grew by 17% to €31.1m (£27m) during 2020.

But some customer projects had been delayed due to the impact of Covid-19, the business said in an update.

Quinn Industrial Holdings was renamed Mannok in September last year, which the company said marked the culmination of six years of investment which enabled sales and employment to grow by 44% and 25% respectively.

The company, which was founded by fallen tycoon Sean Quinn, has 830 staff in Fermanagh and Cavan. Last year he said it was “hard to believe” the current ownership of the company had opted for a rebrand.

Revenue was steady at €233m, down from €234m, which the company said showed strong resilience in the face the impact of Covid-19 on trading during the year. There was also good sales and margin increases for cement and packaging though the cost of raw materials for insulation had gone up.

There was investment of €6.7m (£5.8m) during 2020, bringing total investment to €66m (£57m) since the acquisition of the businesses in December 2014.

Chief executive Liam Mccaffrey said: “The safety and welfare of our staff and their families has been, and remains, of paramount importance through the pandemic. As an organisation with operations on both sides of the border, we are enormously grateful for the support and commitment of our 800+ colleagues in helping to navigate the twin challenges of Covid 19 and the Brexit transition.”

Chief financial officer Dara O’reilly added: “Through timely adjustment to our manufacturing levels during the initial lockdown, we succeeded in managing our cost base and resource allocation whilst ensuring seamless supplies to essential industries. We continue to monitor our markets very closely as well as the supply of key input materials for our insulation and packaging businesses in particular. Notwithstanding a positive outlook and good demand, we are expecting some margin compression as a result of inflationary cost pressures in 2021.”

Its key activities are the manufacture of cement, concrete, quarry, insulation materials and products, as well as the manufacturing of packaging products, mainly for the food industry.