2020 performance review shows robust post-lockdown recovery and positive outlook for 2021
MANNOK’s 2020 performance review shows a robust post-lockdown recovery and positive outlook for 2021, with the company posting a 17% increase in earnings (EBITDA) to €31.1 million for the 12 months ending 31 December 2020, whilst revenue remained largely consistent at €233 million.
The strong performance comes despite the unprecedented twin challenges of COVID-19 and Brexit during the period, which included a halt on all non-essential production at the company’s multiple manufacturing plants during the second quarter of 2020.
Last year also saw the company 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.
Mannok’s significant investment continued in 2020, amounting to €6.7 million in the period and bringing total investment to €66 million since the acquisition of the businesses in December 2014. A further €6.1 million of investment is already in train for 2021.
Chief executive officer Liam McCaffrey said: ‘As an organization with operations on both sides of the border, we are enormously grateful for the support and commitment of our 800+ colleagues in helping to navigate the twin challenges of COVID-19 and the Brexit transition.
‘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…on the island of Ireland and in Great Britain.
‘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 a number of customer projects being delayed as a result of COVID-19, 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 tailwind of a vaccine-driven economic recovery, the outlook for 2021 is positive.’
