Qualceram in €90m turnover
Qualceram Shires, manufacturer, marketer and distributor of bathroom suites, today announced a turnover of €90m for 2007.
Operating profit for the company was up to €6.2m from 4.1m on 2006 earning a gross margin of 30.5%.
Chief executive of Qualceram Shires, John O’Loughlin, said: "The financial year under review presented the group with a volatile and uncertain property market which was primarily responsible for a lower than expected financial performance.
"However, the recent disposal of the Arklow property (in the same volatile and uncertain property market), for €30.025m represented very good value for the group’s shareholders.
"The disposal has further strengthened the balance sheet, and combined with management’s continuing efforts to improve the cost base (annualised cost savings introduced since the start of 2008, and accrued for in 2007, amount to €3m), we are confident that the group will weather the current downturn and emerge as a stronger group, positioned for growth."
