Shannon based industrial diamond manufacturer, Element Six is going to work with its tax partners to seek refunds on US tariffs as soon as possible.
That is according to new accounts for Element Six Ltd which show that the imposition of the Trump tariffs last year contributed to revenues declining by 13pc from $169.95m to $147.5m (€129.1m).
The firm recorded an operating loss of $4.92m (€4.3m) and this followed the company enjoying an operating profit of $560,000 in 2024 – a negative swing of $5.48m.
The firm last September paid out dividends of $10m and this followed a $10m dividend payout in 2024.
The directors state that both the company and the group were impacted by US tariffs and geo-political uncertainty in 2025.
Providing additional commentary on the performance of the Shannon unit, the directors state that uncertainties in global markets, the imposition of tariffs in certain markets, and broader macroeconomic headwinds resulted in a 13.2pc decline in turnover compared with the prior year.
The directors’ report adds that “in response to these conditions, the directors continued to maintain a strong focus on cost control and operational efficiency across the business”.
In a post balance sheet, the directors state that on February 20th of this year, the US Supreme Court ruled that the International Emergency Economic Power Act (IEEPA) does not authorise the President of the US to impose tariffs.
They state: “However, no mechanism to claim refunds was decided. No adjustment has been made in the financial statements for this although the company will work with our tax partners to seek refunds as soon as possible.”
The markets mainly served with industrial diamond and related products are the United States of America, China, Japan and all countries within the EU.
Element Six Ltd reduced its operating losses of $4.9m to a pre-tax loss of $645,000 through chiefly a dividend received of $3.33m and net interest received of $949,000.
The firm recorded a post tax loss of $830,000 after incurring a corporation tax charge of $185,000.
Numbers employed last year declined from 413 to 405 that included 190 agency workers.
The 215 directly employed workers made up of 104 in production, 63 in finance and administration, 27 in engineering and 21 in sales and marketing.
Total staff costs, including the cost of agency workers, increased from $31.34m to $33.2m that included $29.09m in wages and salaries.
The profit takes account of non-cash depreciation and amortisation costs of $5.45m.
The company’s R&D spend totalled $4.45m compared to $6.94m in 2024.
The profit also took account of a $1.67m write down and a foreign exchange loss of $1.8m.
Aggregate pay to directors last year totalled $812,000 – down from $910,000 paid out in 2024.
The directors state that the principal risks and uncertainties include low-cost competition from Eastern European and Asian suppliers, commodity price, global tariffs uncertainties, fluctuations impacting consumer demand and fluctuating currency exchange rates
At the end of December last year, the firm had shareholder funds of $110.09m that included accumulated profits of $106.09m.
