Bathroom group Qualceram Shires reports improved profits
Bathroom products group Qualceram Shires has reported pre-tax profits of €3.01m for the six months to the end of June 2004, compared with €3m the same time last year.
Group turnover increased by 8% to €52.9m from €49.2m in H1 2003. A 6% increase in operating expenses was reflected in an 86% improvement in operating profit, before goodwill amortisation, to €4.1m from €2.2m in 2003.
Chief executive John O’Loughlin said: "During the first half, the group made steady progress as the measures put in place in the previous year had a positive impact on trading. The group is well positioned to grow its business in the future. Sales in the eight week period since the end of June have been robust and the board remains optimistic that the group will continue to perform well for the full year."
The company is looking to the end point of the Special Savings Incentive Schemes to continue the positive trends in the economy, with knock-on effects for Qualceram Shires.
"The Irish economy shows no signs of slowing and the anticipation of the injection of €14bn through the release of Special Savings Investment Accounts in 2006 and 2007 should maintain its strong growth for the foreseeable future," the company said today.
Qualceram Shires plans to expand its product range in the second half of this year with the introduction of a number of new suites and its new group showrooms at its factory in Stoke-on-Trent, England are on schedule to be completed by the end of the year.
