Discreet empire to make €150m in profits

Yesterday's indication from Quinn Group that it would make a profit of more than €150 million this year was unusual in its frankness, with the Fermanagh-based "financial services, cement and concrete products, container glass and hospitality group" traditionally reluctant to broadcast its value.

Stockbroking is, however, very different from most of Mr Sean Quinn's other businesses, with the clients of firms such as NCB understandably very interested in the financial means of the company handling their money. Thus far, Mr Quinn's other forays into financial services have been limited to life assurance through Quinn Direct and and investment through Quinn Life.

In August, Quinn Life reported pre-tax profits of €52 million for the first half of this year, a result which stacks up well against the €150 million or so likely to be made by the entire Quinn Group across the whole of 2003.

The diversified company, which was founded by the publicity-shy Mr Quinn in 1973, has become known as a maverick player within its many markets by repeatedly establishing businesses in direct competition to dominant incumbents.

From initial roots in agricultural contracting, it moved into gravel, then concrete, then cement and, in 1990, hotels and bars. Insurance followed in 1996, with container glass bolted on two years later. As of yesterday, the group employed more than 2,600 people across Ireland and Britain.

It owns seven hotels, including the flagship Slieve Russell in Co Cavan, seven bars and a fitness club. The Quinn Group operates the only container glass plant in the Republic and recently began to build another state-of-the-art glass plant in England.

It makes and sells Portland cement and various concrete products, as well as running a windfarm and landfill site.

Mr Quinn, who rarely gives interviews or discusses his business interests in public, is aged in his mid-50s.