Zeus Packaging profits surge to €24m as revenues top €402m
Owner of Zeus, Brian O’Sullivan won the 2021 Irish EY Entrepreneur of the Year award. Picture: Darragh Kane
Gordon Deegan Pre-tax profits at the Brian O’Sullivan-led Zeus Packaging last year increased by 49% to €24.36m as revenues increased sharply.
The Rathcoole, Co Dublin-based global packaging group recorded an increase in profits as revenues surged by €114.8m or 40% from €287.45m to €402.3m on the back of the group’s continuing acquisition strategy.
The owner of Zeus, Mr O’Sullivan, won the 2021 Irish EY Entrepreneur of the Year award.
Numbers employed by the group last year increased from 560 to 777 and staff costs rose sharply from €17.98m to €33.35m. The Irish-based multinational has employees at sites in Ireland, the UK, Germany, Spain, Poland, Ukraine, Canada, New Zealand and Australia.
Pay to Fermoy, Co Cork native and sole director, Mr O’Sullivan last year increased marginally from €2.18m to €2.19m.
The director’s report states that in the current financial year, the company made strategic acquisitions in Ireland, the UK and Canada and that Mr O’Sullivan was satisfied with the performance of the group.
The acquisitions included the purchase of JJ O’Toole packaging firm in July last year. The accounts show that the purchase of Swanline Group Ltd was satisfied by €28.3m in cash and that the Swanline Group purchase last year contributed €20.9m towards revenues and profits of €6.1m.
The report states that Mr O’Sullivan expects business activity to increase as a result of the acquisition strategy. This year, the accounts state that the group has purchased three businesses in Poland, Germany and Northern Ireland along with a 70% controlling interest in an Italian firm.
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