New brand signifies strength and commitment as company’s earnings increase for fifth consecutive year.
Mannok was today (Monday 28 September) 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.
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 its 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.
An overview of Quinn Industrial Holdings’ operating performance for the 12 months ended 31 December 2019 shows another increase in 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.
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," he said.
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.”