Quinn Rebrands to Mannok as 2019 results show company in strongest position since acquisition
‘Mannok’ is the new identity for Quinn Industrial Holdings, a name which the company’s familiar brands ‘Quinn Building Products’ and ‘Quinn Packaging’ will now transition to. The rebrand coincides with details of the company’s 2019 financial results, which show it to be in the strongest position since its acquisition in 2014, with a fifth consecutive year of increased earnings (EBITDA).
Rebranding to Mannok 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.
The new brand name derives from Fear Manach, the origin of ‘Fermanagh’, reflecting the company’s pride in their roots in the Fermanagh and Cavan region, and their commitment to the people and communities which are the lifeblood of the organisation’s success. The new identity resonates well with domestic and international stakeholders, an important consideration given the company’s increasing export focus.
2019 Performance Results
An overview of Quinn Industrial Holdings’ operating performance for the 12 months ended 31 December 2019 shows another increase in earnings (EBITDA – Earnings Before Interest, Tax Depreciation & Amortisation) to €26.6 million, with an investment increase to €11.5 million. This marks the fifth successive year of increased earnings and shows a robust performance despite the challenges of Brexit and price decreases in certain markets.
A 2.5 per cent dip in turnover from €240 million in 2018 to €234 million in 2019 reflects lower pricing in line with market trends, with overall volumes comparable to 2018 levels. Investment of €11.5 million in the period brings total company investment to €60 million since acquisition in 2014. The 2019 outturn demonstrates the strong underlying performance of the business, despite a very challenging latter part of the year as a result of the continuing BREXIT uncertainty.
Continuing Growth and Innovation
2019 saw heavy investment in both Quinn Building Products and Quinn Packaging, which included fleet and mobile plant replenishment, as well as investment in fixed plant augmentation projects expected to yield significant profitability over the years ahead. Both business areas were also celebrated for their innovative achievements in health, safety and the environment, important areas of focus for the company which will continue as key priorities under the new Mannok brand.
The organisation was awarded the Mineral Products Qualifications Council (MPQC) trophy for Behavioural Safety, Safety Culture and Leadership at the 2019 Mineral Products Association (MPA) Awards, whilst Quinn Packaging received a National Pakman Award in recognition of its efforts to boost plastic recycling in Ireland through its breakthrough new product, Detecta by Quinn, the first fully recyclable black plastic packaging, developed by the company to address issues recycling black plastics.
Major Milestone
The company’s CEO, Liam McCaffrey, said: “We are extremely pleased to unveil Mannok as our new brand identity, which we believe better reflects the ownership, evolution and future focus of our business. It marks a major milestone for us following a 5-year transformation programme that has empowered our staff and repositioned our businesses for continuing growth and innovation. Our business is now in the strongest position since its 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. They can certainly expect a lot more of that same quality offering we’ve become synonymous with, but ‘more of the same’ does not mean we’ll stand still, as we will continue to focus on developing and innovating with market leading, sustainable solutions.”
He continued: “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.”
Outlook
“Trading for both our Building Products and Packaging solutions 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 areas of the business in 2020,” Liam McCaffrey commented. “Looking ahead to 2021 and a post-Brexit environment, we are very optimistic about the future of Mannok and the strong position of the company going into the coming year.”
