Profits Down 57%. We always said The "Present Management" were a load of wasters. Now the Truth is revealed.

Operating profits more than halved at former Quinn Group

Operating profits at the former Quinn manufacturing group last year declined by 57pc to €18.6m.

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The group, now known as the Aventas Manufacturing Group Holdco Ltd, is made up of four core businesses, namely container glass, construction industry supplies, plastics & packaging and radiators.

Aventas is 75pc-owned by its former creditors - mainly banks and hedge funds - with the remainder held by its principal former lender, the Irish Bank Resolution Corporation, in liquidation.

Last week, Aventas confirmed the sale of its radiator business for €25m.

New accounts just filed by Aventas Manufacturing Group Holdco Ltd show that the group sustained the drop in operating profits after revenues decreased by 2pc from €679.88m to €666.75m last year.

The firm recorded a pre-tax loss of €12.2m after interest payments of €37.9m and a profit of €8m on an asset disposal are taken into account.

Numbers employed by the group decreased from 2,676 to 2,627.

Last year, operating profits declined from €43.48m to €18.6m and a foreign exchange loss of €0.9m compared to a foreign exchange gain of €13.7m in 2012 was a major factor in the profit decline.

The pre-tax loss takes account of non-cash depreciation costs of €40.74m.

In a statement accompanying, chairman, Mike McTighe stated that "the current focus of the board is to continue the progress made to date, leverage our current market position, and seek profitable growth opportunities across the group".

"There have been a number of malicious attacks against certain of our business operations during the year and these have continued into the first few months of 2014," Mr McTighe added.

"In all instances, our contingency plans were activated, ensuring disruption was minimised and customer orders and deliveries were not impacted."

According to the directors' report, 2013 was a year of operational consolidation for the group with strong trading in the second half making up for a weak start to the year.

Shareholder funds totalled €277m. Directors' remuneration declined from €3.3m to €2.3m with the highest paid director receiving €910,000.