Quinn reports loss of €339m for 2010

THE QUINN Group has reported a loss of €339 million for 2010 in accounts just filed for Quinn Group (ROI) Ltd. This compares with a loss of €888 million the previous year.

In April 2011 the Irish Bank Resolution Corporation (formerly Anglo Irish Bank) appointed a share receiver to the company, and Seán Quinn and other board members were replaced. The restructuring of the group was formally completed in December 2011 by IBRC and other creditors, who between them now own the group.

Quinn Insurance Ltd, formerly part of the group, was put into administration in March 2010 and is no longer part of the group.

Directors’ emoluments fell to €583,000, having been €2.7 million in 2009. The highest-paid director received €138,009, compared with €1.2 million.

The principal activities of the group are container glass, plastics and packaging, radiators and construction products.

In their report, the directors described the outcome as “very disappointing” but said the group’s core divisions had performed satisfactorily given the extremely difficult circumstances and the very difficult economic climate.

Margins were reduced compared with 2009 because of competitive pressures. However, there was increased turnover in glass and plastics, the former related to economic activity and the latter to commodity price changes.

Turnover for continuing activities was €729 million, up from €681 million the previous year.

The balance sheet net assets of the group at year end were in deficit to the tune of €249 million. The figure takes into account provisions of €957 million against related party loan balances.

The average number of staff in the group fell to 3,865, compared with 6,125 the previous year. Staff costs fell to €142 million from €211 million.