QUINN REBRANDS TO MANNOK
QUINN REBRANDS TO 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 Quinn Building Products brand 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 5-year transformation and investment programme that has repositioned the business as a provider of increasingly sophisticated and sustainable building 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 31 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, 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. The business was 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.
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 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.
“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.
“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.”
Behind the Mannok Brand
Explaining in more detail the story behind the Mannok brand, the company states,“The name Mannok, like the company itself, is deeply rooted in the region of Cavan and Fermanagh. It reflects the culmination of a 5-year re-positioning journey from regional commodity supplier to a trusted building and packaging solutions provider, capable of competing and winning alongside leading global brands and doing so in an increasingly environmentally sustainable manner.
“The word Mannok comes from Fear Manach – the origin of ‘Fermanagh’– meaning “Man / people of Manach”. It reflects our enormous pride in our origins – our near-50-year heritage, our quality products, and especially, our people. Visually, the new logo combines strength with a deceptive simplicity: dynamic shapes combine to form a unique ‘M’, reflecting the different elements of our organisation that work together to create something more than the sum of its parts.
“The colours contain a strong green element–in keeping with our commitment to the environment, and our promise to be environmental leaders within our sector. Our name is a symbol of our company. We believe it is also a symbol of our commitment – to our customers, our communities, and to each other.”
Denise Maguire
Editor of Irish Construction Industry Magazine
