Belfast Telegraph

Profits up 17% at Co Fermanagh glass manufacturer

By Rachel Martin

The former Quinn Glass business has reported a 17.6% jump in pre-tax profits to €27.8m (£25.2m), according to its parent company's latest trading statement.

Encirc employs 1,200 people across its manufacturing plants in Derrylin in Co Fermanagh and in Cheshire.

However, despite the jump in profits, the firm suffered a fall in revenues to €313.8m (£284m) from €323.9m (£298m) the year before.

The firm, which had been part of the empire of former tycoon Sean Quinn, was bought in 2015 by Spanish rival Vidrala for €408.6m (£370m).

Vidrala said the main reason for the takeover was to enhance its positioning in the European glass container market.

The UK arm's revenues and profits have been hit by the fall in sterling since the Brexit vote.

But it said it does not expect a wider impact from Brexit, as most of its sales are in the UK.

The firm makes glass bottles and containers for British and Irish food and drinks firms and includes industry giants Diageo and Britvic on its order list.

The company produces more than 2.7 billion glass bottles and other containers annually, and can bottle up to 250 million litres of bulk shipped beverages every year.

Vidrala's bottle-filling clients include brands such as Smirnoff, part of the Diageo stable.

And in the first six months of 2017 Vidrala's sales totalled more than €400m (£362m) with pre-tax profits of €96m (£87m).

Its latest accounts showed pre-tax profits increase from €161.3m (£146m) in 2015 to €170.7m (£154.5m) in 2016, despite a slight drop in sales.

However, the update remained positive, stating that demand for glass food containers was growing in Europe.

Sean Quinn was formerly Ireland's richest man, but was declared bankrupt in 2012.

His manufacturing operations also included Quinn Cement.

Belfast Telegraph

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