Electrical giant sees fall in profits

Pre-tax profits at Glen Electric, the Northern Ireland-based division of electric appliance giant Glen Dimplex, decreased by 4% to £60.3m (€72.4m) last year.

Glen Electric Ltd accounts for around half of the Dublin-based Glen Dimplex’s overall business, and new figures show the company recorded the profit fall after revenues declined by 3.5%, from £843m to £812m, in the 12 months to Mar 31.

Glen Dimplex has unlimited status and is not required to file public accounts.

Glen Electric is the largest manufacturer of domestic heating appliances in the world, with a range of more than 400 products. It is one of the largest employers in the country, with 5,034 staff.

Established by Dubliner Martin Naughton in 1973, Glen Dimplex’s brands include Morphy Richards, Creda, EWT, and Belling.

The accounts show that Glen Electric paid a dividend of £9.8m to Glen Dimplex last year.

Glen Electric is led by CEO and chairman Sean O’Driscoll, with Michael Maher also sitting on the board. The accounts disclose that the highest paid director — who is not identified — received remuneration of £417,000 last year.

The firm’s balance sheet remains strong, with shareholder funds of £342.7m as of the end of March. Net assets included cash totalling £205.3m.

The firm’s pre-tax profits last year take account of non-cash depreciation costs of £14.8m.

According to their report, “the directors will continue to develop the principal activities of the group and to identify areas with further growth potential and acquisitions, which would increase shareholder value”.