October 24, 2020

Quinn rebrands as ‘Mannok’ as 2019 results show company in strongest position since acquisition

‘Mannok’ has been unveiled as the new identity for Quinn Industrial Holdings, a name which the company’s familiar brands ‘Quinn Building Products’ and ‘Quinn Packaging’ will transition to in the coming weeks.

The rebrand announcement also revealed details of the company’s strong 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).

Becoming Mannok

Rebranding to Mannok marks the culmination of a five-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% during the period.

The 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: Company in strongest position since acquisition

An overview of Quinn Industrial Holdings’ operating performance for the 12 months ended 31st December 2019 shows another increase in earnings (EBITDA – Earnings Before Interest, Tax Depreciation & Amortisation) to €26.6m, with an investment increase to €11.5m. 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.

Performance highlights:

• Earnings (EBITDA) increased from €26.4m to €26.6m, despite Brexit H2 challenges.

• A 2.5% dip in turnover from €240m in 2018 to €234m in 2019 reflects lower pricing in line with market trends, with overall volumes comparable to 2018 levels.

• Investment of €11.5m in the period brings total company investment to €60m 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 ahead

2019 saw heavy investment in both Quinn Building Products and Quinn Packaging, totalling €11.5m, 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.

Speaking of the new brand and 2019 performance, 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 five-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.

“2019 marked our fifth successive year of earnings 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 company donating PPE and raw materials for PPE to a range of frontline organisations including our local hospitals and care facilities in Cavan and Fermanagh.

“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.

“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.”

Commenting, Chief Financial Officer, Dara O’Reilly, added: “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.”