Quinn Manufacturing Group Limited 2012 financial statements show that their net debt reduced by over €70m.
This is the Group’s first full year of trading since the change of ownership in April 2011. The Manufacturing Group consists of four core businesses namely Container Glass, Construction Industry Supplies, Plastics & Packaging and Radiators, each holding leading or significant positions within their respective sectors / markets.
Net debt stood at €395m at the end of December 2012, a reduction of €70.3m from December 2011 including a voluntarily repayment of €20m of debt. Turnover grew 8.2% to €679.9m, primarily due to growth in the Container Glass business, the Group operating profit was €43.5m (2011: €24.2m) before exceptional items and impairment charges.
CEO of the Group, Paul O’Brien said, “The Group’s financial statements for 2012 show an improvement in all aspects of financial performance on a like for like basis over the prior year. The cash generation is the most pleasing aspect of this performance as we managed to improve working capital management and this enabled a paydown of €20m of senior debt ahead of schedule. We have undertaken considerable operational restructuring in each of our divisions and these investments in our people and processes have laid solid foundations for each of our businesses, allowing us to navigate through the current challenging conditions and ultimately leave the Group well placed to benefit as the macro economic cycle improves.”