Brian O’Sullivan-led Zeus Packaging has reported a significant increase in pre-tax profits for the previous year. The global packaging group, based in Rathcoole, Co Dublin, saw profits rise by 49% to €24.36m, while revenues also experienced a sharp increase of €114.8m or 40% from €287.45m to €402.3m. These positive results can be attributed to Zeus Packaging’s ongoing acquisition strategy.
Mr O’Sullivan, the owner of Zeus Packaging, was recognized for his achievements when he won the prestigious 2021 Irish EY Entrepreneur of the Year award. The group also saw an increase in the number of employees, rising from 560 to 777, with staff costs also experiencing a sharp rise from €17.98m to €33.35m. Zeus Packaging has a multinational presence, with sites in Ireland, the UK, Germany, Spain, Poland, Ukraine, Canada, New Zealand, and Australia.
Mr O’Sullivan’s pay, as the sole director of the company, saw a marginal increase from €2.18m to €2.19m. According to the director’s report, Zeus Packaging made strategic acquisitions in Ireland, the UK, and Canada during the current financial year. Mr O’Sullivan expressed his satisfaction with the group’s performance.
One of the notable acquisitions was the purchase of JJ O’Toole packaging firm in July of the previous year. The accounts reveal that the acquisition of Swanline Group Ltd was satisfied with €28.3m in cash. The Swanline Group purchase contributed €20.9m towards revenues and profits of €6.1m. The director’s report also states that Mr O’Sullivan expects business activity to increase as a result of the acquisition strategy.
In the current year, Zeus Packaging has already purchased three businesses in Poland, Germany, and Northern Ireland, as well as acquiring a 70% controlling interest in an Italian firm. These acquisitions further demonstrate the group’s commitment to its expansion plans and its aim to strengthen its presence in key markets.
Overall, Zeus Packaging’s impressive financial performance and strategic acquisitions highlight its position as a leading global packaging group. With its continued growth and expansion, the company is well-positioned to capitalize on future opportunities and maintain its success in the industry.