Mannok’s 2020 performance review showed a robust post lockdown recovery and a positive outlook for 2021, with the company posting an increase in earnings (EBITDA: Earnings Before Interest, Tax, Depreciation & Amortisation) of 17% to €31.1 million for the 12 months ending 31 December 2020.
The strong performance comes despite the unprecedented challenges of COVID and Brexit.
2020 also saw the company take on a rebrand from Quinn to Mannok, marking the culmination of a six-year transformation and investment programme that saw sales and employment increase by 44% and 25% respectively.
Performance Highlights:
- EBITDA increased from €26.6 million to €31.1 million. Revenue remained materially consistent at €233 million, demonstrating strong resilience to the impact of COVID-19 on trading during the year.
- 2020 saw good sales and margin increases across Cement and Packaging, partly offset by higher raw material costs for Insulation products.
- Cash generation from operating activities improved by over 44% from €21.7 million to €31.3 million, which aided a reduction in net debt in the period of €19.4 million.
- Investment of €6.7 million in the period, primarily in manufacturing technology and capacity enhancement, bringing total investment to €66 million since the acquisition of the businesses in December 2014, with a further €6.1 million of investment already in train for 2021.
Commenting on the report, Liam McCaffrey, chief executive officer of Mannok, said: “Careful resource planning and operational agility, facilitated by the significant investment we have made in our sales support, logistics and customs management infrastructure, have ensured uninterrupted supply chains for our customers across the construction and food industries in the UK and Ireland.
“Post the initial lockdown, trading recovered strongly in the second half of the year, supported by approximately €66 million of new investment over the past six years. While the business has experienced some impact on trading activities over recent months, with several customer projects being delayed due to COVID, underlying demand has remained strong.
“Given our ongoing exposure to the food and construction sectors, the very positive response to our rebranding and the potential tail-wind of a vaccine-driven economic recovery, the outlook for 2021 is positive.”
