Highlights include:
• Turnover up 7.4% to €209m
• EBITDA up 31% from €18.2m to €23.9m
• Group Operating Profit up 48% to €14.9m
• Profit Before Tax increased 59% to €10.8m
Volume growth on both sides of the Irish border and via the group's export hub at Warrenpoint saw turnover at QIH increase by over 7% to €209m in 2017
EBITDA (Earnings Before Interest, Tax Depreciation & Amortisation) in the period was almost one third higher at €23.9m reflecting a combination of volume growth and ongoing investment in more efficient plant, equipment and processes.
Commenting on the latest figures, Liam McCaffrey, Chief Executive Officer of QIH, said: "2017 saw a continuation of QIH's growth trajectory since its establishment in late 2014. Progress has been facilitated by ongoing investment and by our 800 staff who have again excelled by delivering on quality and service.
"Despite the significant macro-economic challenges posed by Brexit, we continue to invest, grow sales, innovate and drive margin growth. Encouragingly, volume growth trends from 2017 are continuing year to date in 2018 and at this point we are firmly on track to deliver our fourth successive year of strong earnings growth.
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"Over the past three years QIH has invested €26m, including €7.6m in 2017. Post year end we are taking delivery of a further 33 new trucks as part of a €3m fleet upgrade, with further investment planned. This ongoing investment reflects QIH's positive outlook for the business and our commitment to driving sustainable growth post Brexit."
QIH comprises two key divisions include Quinn Building Products and Quinn Packaging. Quinn Building Products, which provides a wide range of building materials including insulation, cement, aggregates and quarry products had a very robust performance, benefiting from the ongoing building recovery in the ROI as well as stronger exports to the UK via a new cement export facility located at Warrenpoint.
Quinn Building Products is also set to benefit from technological innovation in the development of a new high-insulation building solution, Super Insulated Masonry System, 'SIMS by Quinn', which has been well received by the trade and is expected to drive new income streams for QIH while at the same time bringing cost and environmental benefits to customers.
Quinn Packaging, which manufactures rigid plastic packaging for major food producers, has experienced continued growth during the period and benefited from a full year contribution from investment in a new extrusion machine in late 2016.
Commenting on the 2017 performance Chief Financial Officer, Dara O'Reilly, said "QIH continues to benefit from strong operating leverage, with higher volumes driving margin growth and return on the investment expenditure of recent years. Despite a relatively weak sterling exchange rate during the period and a shortage of raw material for our insulation products, the performance for 2017 remained robust.
"Current trading for both our Building Products and Packaging businesses remains strong and based on a continuation of these trends we are targeting further growth for both divisions."
Employment numbers at QIH increased to 800 staff in 2017, a cumulative increase of 23% (150 staff) since 2014. Total capital investment during 2017 was €7.6m, with further significant investment expected in 2018.
(MH/LM)
