Prof­its at El­e­ment Six dou­ble to €27m

Irish Independent - Business Week - - FRONT PAGE - Gor­don Dee­gan

PRE-TAX prof­its more than dou­bled at in­dus­trial di­a­mond man­u­fac­turer, El­e­ment Six to $30.8m (€27m) last year.

New ac­counts filed by the Shan­non­based firm show that the firm achieved the sharp rise in prof­its as rev­enues in­creased by 32pc from $194.4m to $258.8m.

The di­rec­tors state that the main chal­lenges in 2017 “were ramp­ing up sup­ply in the face of strong cus­tomer de­mand, in par­tic­u­lar from the oil and gas in­dus­try”.

The firm paid a div­i­dend of $20m last year.

The Shan­non plant is a key part of the How much rev­enues in­creased by The div­i­dend that the firm paid last year To­tal staff costs at El­e­ment Six El­e­ment Six net­work of plants and the di­rec­tors state that they have con­tin­ued to fo­cus on tight cost con­trol and key prof­itabil­ity driv­ers, such as util­i­sa­tion and ef­fi­ciency.

The di­rec­tors state that the prin­ci­pal risks fac­ing the firm in­clude low-cost com­pe­ti­tion from East­ern Euro­pean and Asian sup­pli­ers

The di­rec­tors state: “The El­e­ment Six group con­tin­ues to in­vest in re­search and de­vel­op­ment into new prod­ucts and tech­nolo­gies and it is hoped that these will yield in­creased mar­ket share and mar­ket growth.”

Num­bers em­ployed in­creased from 422 to 535 and staff costs to­talled $33.63m.

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