QUINN group 3rd Quarter Review 2009

While economic conditions remain very difficult, particularly in the construction and manufacturing sectors, our research indicates that we continue to outperform our competitors in most areas.

This year we have significantly increased the level of exports from manufacturing to the UK which has helped to compensate for depressed volumes in Ireland. This export based model means that we remain a significant net contributor to the Irish exchequer this year, with an overall tax contribution for 2009 of over €140 million, while sustaining over 5,500 quality jobs.

QUINN-healthcare Customers to subsidise VHI by €37million this year

QUINN-healthcare will pay €37m to the Government this year under the recently introduced health levy scheme.

While we fully support the Community Rating principle, we have major concerns in relation to the implementation of this levy. By imposing the same levy of €160 on all adult premiums, regardless of the policy cost, the government is directly discriminating against less well off people on lower priced plans. This equates to a 50% levy on the lowest price plan compared to an 8% levy on the highest value plan. We would argue that a fixed percentage would be a much fairer implementation of community rating.

We find it extraordinary that the Government can enforce a scheme that transfers funds from an organisation that has proven its ability to successfully provide employment, grow market share and provide superior services all without Government support, and give them to an inefficient semi-state health insurer such as the VHI, which has already admitted that it overpaid for hospital and related services for year.

We are absolutely certain that this €37 million would be put to much better use by QUINN-healthcare, by extending services and/or providing better value to health insurance customers, than it will be in VHI. This levy is not necessary to protect Community Rating and we would again call on the Government to abolish it.

QUINN-group

Late Late Show Sponsorship and Advertising

Picture of 'Trees' opening sceneQUINN-group embarked on several media enterprises in the third quarter. In August we announced the two year Late Late show sponsorship deal which will see "stings" wrapping around each break, predominantly featuring healthcare and insurance products. The new advertising campaign, "Trees", launched in September, features various QUINN-group locations and employees and we expect to profile other areas of the company, not featured in the first advert, in future revisions.


NIE again reject network upgrade application in midst of power cut

The QUINN-group was left staggered by the latest development in the ongoing saga between the QUINN-group and NIE. The Group was forced to resubmit applications for a £9.7m rebate for the upgrade of a power line, due to last minute changes in rules. Ironically on 28 July 2009, whilst still awaiting a response to the fresh applications, a landslide, on the site of the new acute hospital, caused damage to the underground culvert and cables and resulted in a loss of power to all QUINN-group business in Derrylin. Although the blackout lasted just under an hour, the temporary remedial measures taken by NIE meant that a reduced level of supply was in place until 20 August. An overall permanent solution has not yet been put forward. The impact for the Group is very significant with, for example, moulds and equipment in the Glass Plant being damaged and a loss of temperature in the furnace. If this was not damaging enough, the Group received a response from NIE on 31 July rejecting its second application for reimbursement of costs associated with the upgrade.

We have called on Government to investigate the entire matter and to outline how these decisions where arrived at. To our knowledge we are the only company in Ireland affected by the change in rules. We therefore want to ensure that the approach of NIE is not related to our development of a new Power Station in Co. Louth which will bring us into direct competition with both NIE and ESB.

QUINN-glass

Elton Plant Planning Permission one step further

Cheshire West and Chester Council Planning Committee (CWCC) unanimously approved its planning application for its Elton site on September 3rd. The news was welcomed by QUINN-glass. Although original planning for the plant was issued in 2003, the last 6 years have borne witness to a catalogue of legal challenges from competitors who, we would suggest, would be better served by upgrading their facilities to meet the environmental and efficiency challenges of the market. It is hoped the CWCC planning committee's decision will herald the conclusion to the long run saga of planning permission. Adrian Curry, director of QUINN-glass paid tribute to the team involved in the process, workforce, customers and local community saying;

"I appreciate the efforts of all of our team involved in bringing the process to this stage and I'm also hugely grateful for the continued hard work of our 700 strong workforce, and the support we've been shown by our customers and the local community - all of whom have contributed to the ongoing success of the operation at Elton."

QUINN-radiators

Have a Warma Winter with QUINN-radiators

Picture of a Quinn RadiatorThe new QUINN-radiators Warmastyle product comes to market this month. Manufactured to complement our existing panel products it will give us access to the small installer/developer market sector, particularly in the UK. Exhibiting the same clean lines and slim profile of our existing panel range, the Warmastyle comes as a standard panel radiator, with a 2 in 1 option to hang as a Seam Top or Round Top. For additional options, separate grille packs can be purchased to turn the product in a Compact radiator. Given the current economic climate, the Quinn Warmastyle represents value for money and comes in a wide range of 100 sku's to suit all domestic applications.

4 Star Rating from Plumbing Trade Services

QUINN-radiators are pleased to announce the enhancement of our internal rating within the PTS (Plumbing Trade Services) branch network from 3 star to 4 star. This is in recognition of our increased performance levels across the PTS group as well as a progression of our existing relationship. It represents an opportunity for us to sell QUINN-radiators products across the board at PTS branch level. The PTS star rating scheme is an in-house system scoring the performance of manufacturers based on such indicators as specifications, sales & service and a 4 star rating would represent the highest recommendation of service levels we can achieve within the PTS scheme.

QUINN-merriott Technical Catalogue Launched

Following on from the launch of the new Design Radiator production facility in Newport, QUINN-radiators are pleased to release to the marketplace their new look QUINN-merriott Technical Catalogue. The re-styled and updated catalogue will act as a one-stop reference point on all things technical for all products in the QUINN-merriott Specification Radiator range. The catalogue is currently being distributed by the QUINN-merriott sales team to architects & consultants throughout Ireland and the UK.

QUINN-packaging

Quinn Wrap ... The 2010 Season Starts Now!

Picture of bale wrapper using Quinn WrapThe introduction of Quinn Wrap to the marketplace in June has exceeded all expectations, allowing the division to quickly gain a foothold in the Irish Bale Wrap Market. The first year's sales have given us the platform to distribute the product to a wider customer base in 2010, where we would plan to develop a double digit percentage share in the Irish Bale Wrap Market.


Meat / Poultry Trays

QUINN-packaging are pleased to announce that the Kepak Group have partnered with us as main supplier of their Meat Tray requirements. Kepak supply Musgrave Group PLC, which is compiled of major retailers such as SuperValu, Centra, Mace and Londis.

In Mould Labelling

Connacht Gold has embarked on re-branding their Dairy Spreads business and have chosen QUINN-packaging as their partner in revamping their brand. In conjunction with this modernising they have also added new products to their range, again using QUINN-packaging containers.

QUINN-property

Q-City in India scoops Best Office Award

Picture of award presentation from left to right: Roy Chung Yee Ling (Presenter), Mahender Basani (Indu Projects), Gary Conway (Quinn Group), Samson Arthur (Quinn Group), Bala Subramanian (Indu Projects)QUINN-property is delighted to announce that it has won an award in the category of Best Office Development in India for Q City, Hyderabad, in the Asia Pacific Property Awards 2009 in association with CNBC Arabiya.

The award is part of the International Property Awards which is the worlds most prestigious competition dedicated to finding the best real estate professionals across the globe.

Q-City is a Class-A commercial office which sets a new benchmark in quality commercial real estate and is the first offering in India from QUINN-property. The modern international office development consists of two blocks with a total built-up area of 1.2million sq.ft. The coveted award is proof that Q-City is not only able to compete at this level but also triumph within the highly competitive Asia Pacific property arena.

Speaking at the award ceremony, Mr. Gary Conway; Commercial Manager said;

"We are delighted to receive this award which is testimony to the prestige of Q-City. Building on our existing success in providing premium commercial real estate in Eastern Europe, Russia and Turkey, we are pleased to receive this formal recognition by our international peers as a market leader in the Asia Pacific region. Q-City is the latest offering by the QUINN-group and complements our portfolio of modern office facilities in key business locations"

QUINN-property continues to have high expectations for future investments in the developing regions with these economies well positioned to take advantage of any upturn in world growth.

Severe Storms in Istanbul

We were extremely relieved that all our personnel in Istanbul were unharmed in the wake of the major storm and flooding that affected the city on night of 8 September. The city was very badly affected with significant road and infrastructural damage throughout. Over 40 people were unfortunately killed. Our Shopping Centre; Prestige Mall, was affected by water damage on the basement and first level and is currently undergoing repair. We hope to reopen the centre as soon as possible, and in the meantime we are working closely with tenants and the local insurance company to minimise the impact.

QUINN-hotels

Slieve Russell once again honored in Fáilte Ireland Awards

Picture of Liam Campbell, Fáilte Ireland, Breda Kenny and Anthony Smiddy Slieve RussellThe Slieve Russell Hotel was once again honored at the Fáilte Ireland Awards ceremony in July this year, when they received the Optimus Service Excellence Award for the second year running. A big congratulations to all the coordinators of the programme and the Staff for their continued commitment to service.



We will rock you at the Belfry

Picture of Jonathan Wilkes and auction winners outside BelfryThe successful bidder at a charity auction, in aid of Birmingham charity ACTION FUND, joined stage star Jonathon Wilkes on the green of the Brabazon course at The Belfry hotel. The auction prize featured 18 holes on the course where the successful bidder and a golfing buddy followed in the footsteps of Tiger Woods, Seve Ballesteros and Colin Montgomery in the challenging layout which has recently seen several holes redesigned as part of a significant ongoing investment. Golfing fan Jonathan Wilkes, star of the Queen and Ben Elton musical "We will Rock you!" at Birmingham Hippodrome, said "I've been playing since the age of ten on courses all over the UK and The Belfry is one of my favourite".

QUINN-Insurance

Company Repositioning for Growth

In September the QUINN-Insurance explained how it had refocused the Company for sustained growth having implemented a number of operational changes over the past year to a changed market condition.

As Ireland's second largest insurer with more than 1 million customers, QUINN-Insurance has always been quick to respond to customer's needs in an ever changing environment. The Company's entry into the market changed the competitive landscape in Ireland and by 2008 insurance premiums had reduced for six successive years. Having refused to chase business at unsustainable prices, we marginally reduced our market share in 2008 and this might well reduce again in 2009.

The Company believes it has a responsibility in these difficult times to reward loyal customers. Therefore management remodelled the business over the past year in order to make it even more competitive as well as expanding the fraud prevention team and offering additional discounts customers incepting online.

Together these initiatives have had a very positive effect on the business enabling the generation of very satisfactory profits for the first half of the year. Accordingly the Company is now in the fortunate position of being able to implement price reductions in many of the market sectors in which it operates namely household, private motor, commercial vehicle, commercial property and public and employers liability.

Price increases are currently being implemented in motor fleet insurance, professional indemnity and construction bonds. While on hold at the moment, it is expected that prices will increase for Health Insurance in January.

"2009 and beyond" UK Insurance Broker Forum

Quinn Team Pictured left to right: Norrie Erwin, Richard Stafford, Karen Sweeney, Colin Morgan & GaryQUINN-Insurance recently held a number of Broker Forum events at various locations throughout the UK. The theme of our conferences this year was "2009 and Beyond" and various members of our Management Team delivered informative presentations to wide broker audiences at each venue.

Topics addressed at these events included an overview of our Company and its development over the years, as well as updates pertaining to our Sales, Underwriting and Operations strategies. We also presented details of our Key Sales Initiatives which reaffirm our positioning strategy within the UK Commercial Insurance market. We are fully confident that these plans will ensure our continued growth within this sector amid the tough economic conditions that this market is currently faced with.

QUINN-life Tax Planning Opportunity

It is a rare that an occasion presents for the beleaguered PAYE worker to avail of a tax planning opportunity to reduce their tax liability and trigger a tax refund. The imminent tax filing deadline for 2008 tax returns presents such an opening.

Did you know that the PAYE taxpayer can make a pension contribution for the tax year 2008 at any point up to the 31 October 2009 and obtain tax relief on 2008's tax paid by filing a simple three line tax return? This deadline is extended to 16th November for those individuals who opt to file their tax return on-line using the Revenue On-line Service (ROS). If you haven't used your full pension contribution limits in 2008 this is something you should consider.

Call QUINN-life today on 1850 77 1851 or email info@quinn-life.com for more information.

The People of the Year Awards

The Irish Rugby TeamThe People of the Year Awards, sponsored by QUINN-healthcare, celebrated their 35th anniversary this year. The awards took place on September 12th and were presented by RTÉ's Gráinne Seoige at a glittering awards ceremony at the Citywest Hotel in Dublin. These awards provide a truly unique opportunity to honor the outstanding contributions made by individuals and organisations to the lives of others, both in Ireland and internationally.

The Irish Rugby Team was awarded a People of the Year Award for one of the greatest achievements in Irish sporting history, having won the Six Nations Grand Slam title this year for the first time since 1948. Other award recipients included Christine Buckley and Michael O'Brien who each received an award for their tireless campaigning on behalf of those abused in institutions in Ireland. Steve Collins was also honored for his extraordinary bravery in the midst of the tragic loss of his son Roy, who was murdered in Limerick, and in the face of continued threats to his life and the lives of his family.

Despite the sustained contraction of most markets over the past two years, we are very pleased with our current trading position and are especially appreciative of the continued support of our 1.3m-strong customer base. We hope for a continued recovery, however gradual, for the last quarter of 2009 and aim to continue the development of our Group on all fronts in the years ahead.

14 Oct 2009

« go back