Bathroom fittings group Qualceram has moved into the black in the year to December 2003 and said it would pay out a final dividend of €5.25, after paying nothing last year.
Pre-tax profit came in at €3.5 million from a loss of €11.6 million, on turnover from continuing operations at €95 million down from €100 million.
The company said important foundations were laid during 2003 which are expected to result in improved performance and cash flow in future years.
The sale and leaseback of Shires properties has reduced gearing and strengthened the balance sheet, while the Hanley plant which impacted adversely on profits in 2003 was finally closed in November.
I am confident that the results will continue to benefit from these measures during 2004," chairman Mr Peter Addison said.
Demand for the group's products both in Ireland and in the UK is buoyant and trading for the first quarter is ahead of 2003 levels.
"With the benefits of the savings now in place and the measures already taken to improve operations and service levels, the Board is confident of building on the success of 2003 and generating improved performance in the current year."
AFP