Industrial diamond manufacturer Element Six last year recorded a $21.9 million (€16.9m) exceptional gain on its contentious move to wind up its defined benefit pension scheme.

The move by the Shannon firm is the subject of High Court proceedings by 124 scheme members against trustees claiming they are owed €40-€50 million.

Accounts recently filed by Element Six Ltd show the exceptional $21.9 million gain contributed to the firm recording pre-tax profits of $27.9 million last year. However, those profits were down by a third on 2010 despite a marginal increase in revenues to $329.6 million in 2011.

In August 2009, the Element Six plant was faced with closure. However, a survival plan involving the loss of 207 jobs was put in place.

The site is involved primarily in the final processing to sales product of diamond grit and polycrystalline diamond-hard materials.