Profits at Element Six double to €27m
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.