Gross sales at Sean Quinn’s insurance, cement, hotels and glass empire nearly doubled last year to €1bn, according to accounts just filed. Turnover from existing operations came in at €660m. The Irish-based group enjoyed an additional €212m from acquisitions during the year, mainly the Barlo Group, which Sean Quinn bought in the middle of last year.
Pre-tax profits came in at a massive €221m, up from €163m the previous year. The company is on record that it expects to make profits of €270m this year. The accounts show that at the end of 2004 the group had total assets, including insurance assets, of €1.7bn. When insurance liabilities and borrowings are taken out, it still had net assets of €641m. The accounts give an indication of the sheer size of Mr Quinn’s business interests, which include hotels, stockbroking, cement, plastics, glass bottle manufacture and insurance. The group employs over 4000 people