Gem Plastics profits jump by 160% in 2015
9 January 2017
The Cavan-based, family-owned Gem Plastics saw profits jump by 160 per cent in 2015, according to accounts recently filed with the Companies Registration Office.
Pretax profits rose to €4.2 million from €1.6 million a year earlier on turnover that climbed from €25.4 million to €26.5 million. Full-year profits were partly boosted by the waiver of a €1.9 million loan by managing director Alec Milligan.
Operating profits totalled €2.6 million compared to €1.39 million a year earlier.
Gem Plastics makes industrial packaging for Irish, British and European markets, while its subsidiary Gem Oils imports, manufactures and supplies finished lubricants within Ireland.
The company, which has been in business for more than 50 years, said the top 10 customers in the plastics manufacturing business account for approximately 84 per cent of its turnover.
A breakdown of revenues shows €12.7 million derived from Ireland, compared to €15.3 million a year earlier. Some €13.7 million came from Europe, as against €10 million in 2014.
Gem said a restructuring of the group’s borrowings in recent years had strengthened its financial position in 2015.
The company, which employed 87 people between its 10,000sq m manufacturing plant in Regaskin, Co Cavan and its Durham-based warehouse, saw staff-related costs rising to €3.3 million versus €3.15 million a year earlier. Directors’ remuneration increased to €429,376 from €314,850 in the prior year.