- Continuing investment drives robust performance in 2019 and a resilient outlook post Covid
- Unveils “Mannok” as new identity for export-focussed business
Monday, 28th September 2020: Quinn Industrial Holdings DAC (‘QIH’) today publishes an overview of its 2019 operating performance for the 12 months ended 31 December 2019, a period in which EBITDA (Earnings Before Interest, Tax Depreciation & Amortisation) increased to €26.6m and a further investment of €11.5m was made.
QIH is also very pleased to unveil Mannok as the new brand identity for the organisation. The rebranding marks the culmination of a 5-year transformation and investment programme that has repositioned the business as a provider of increasingly sophisticated and sustainable building and packaging solutions, supporting an increase in sales of over 30 per cent during the period. Mannok will replace QIH and a wide range of variations of same used by the business and other stakeholders. The name derives from Fear Manach – the origin of ‘Fermanagh’ and resonates well with domestic and international stakeholders, an important consideration given the business’s increasing export focus.
- EBITDA increased from €26.4m to €26.6m, despite Brexit H2 challenges
- A 2.5 per cent dip in turnover from €240m in 2018 to €234m in 2019 reflecting the pass-through of lower insulation raw material prices to customers, with overall volumes comparable to 2018 levels.
- Investment of €11.5m in the period bringing total investment to €60m since the acquisition of the businesses in December 2014.
The 2019 outturn demonstrates the strong underlying performance of the business following five successive years of EBITDA growth and reflects a robust performance given a very challenging latter part of the year as a result of the continuing BREXIT uncertainty. While turnover was 2.5 per cent lower, as a result of lower raw material prices, underlying volumes were stable.
The business comprises two key divisions, Building Products and Packaging. Capital expenditure of €11.5m across both divisions during the year included fleet and mobile plant replenishment as well as investment in fixed plant augmentation projects expected to yield significant profitability over the years ahead.
Commenting on the performance, Liam McCaffrey, Chief Executive Officer said:
“2019 marked our fifth successive year of EBITDA growth and a robust performance given Brexit uncertainty. Our targeted investment of recent years has established strong foundations for continuing growth across Ireland and the UK."
“Post year end and the emergence of Covid 19, the health and safety of our staff and customers has been our key priority and we have taken extensive measures to mitigate risk and support the national fight against the pandemic. Our staff play a critical role in ensuring business continuity and in the provision of key supplies to essential sectors including food and construction. We are very grateful for, and acknowledge, our staff support, forbearance and commitment over the difficult lockdown period. We also congratulate them for their organised support for healthcare workers which led to the business donating PPE and raw materials for PPE to a range of frontline organisations including our local hospitals in Cavan and Enniskillen.
“Trading for both our Building Products and Packaging businesses is strong year to date, despite the impact of COVID-19 and continuing BREXIT concerns, and we are confident of another strong performance for both divisions in 2020.
"Looking ahead to 2021, and a post Brexit environment, we are extremely pleased to unveil our new brand identity which we believe better reflects the ownership, evolution and future focus of the business. It marks the culmination of a 5-year transformation programme that has empowered our staff and repositioned our businesses for continuing growth and innovation. Our businesses are now in the strongest position since their acquisition in 2014 and Mannok is an appropriate and much more expansive brand proposition that reflects what our customers value most – a professional one-stop-shop for building and packaging solutions and the support of exceptional staff.”
Commenting, Chief Financial Officer, Dara O’Reilly said:
“2019 saw a robust performance which was not without its challenges, particularly in the latter part of the year. Following a reasonable start to 2020, COVID-19 restrictions did impact negatively, most notably during the mandated lockdowns across both jurisdictions. However, by taking decisive actions and managing our cost base, the business is well placed with a strong liquidity and net asset position to benefit from the current improving demand being experienced.”
- the Mineral Products Qualifications Council (MPQC) trophy for Behavioural Safety, Safety Culture and Leadership at the Mineral Products Association (MPA) Awards held in London in October last year
- a National Pakman Award for Quinn Packaging in recognition of its efforts to boost Plastic Recycling in Ireland through its innovative new product, Detecta by Quinn, which is the first fully recyclable black plastic packaging, developed by the Company to address issues recycling black plastics.
New brand identity:
Our new name, like the Company itself, is deeply rooted in the region of Cavan and Fermanagh. It reflects the culmination of a 5-year re-positioning journey from regional commodity supplier to a trusted building and packaging solutions provider capable of competing and winning alongside leading global brands, and doing so in an increasingly environmentally sustainable manner.
The word Mannok comes from Fear Manach – the origin of ‘Fermanagh’– meaning “man / people of Manach”. It reflects our enormous pride in our origins – our near-50-year heritage, our quality products, and especially, our people.
Visually, the new logo combines strength with a deceptive simplicity: dynamic shapes combine to form a unique ‘M’, reflecting the different elements of our organisation that work together to create something more than the sum of its parts. The colours contain a strong green element– in keeping with our commitment to the environment, and our promise to be environmental leaders within our sector. Our name is a symbol of our company. We believe it is also a symbol of our commitment – to our customers, our communities, and to each other.
The new identity was developed by Murray Creative.
Photography by Shane O’Neill, Coalesce
Pat Walsh, Murray Group
Tel: +353(0)87 2269345