Profits fall by 39% at Glen Electric

Pre-tax profits at Glen Electric, the Northern Ireland-based division of electric appliance giant, Glen Dimplex last year decreased by 39% to £41.75m (€56.71m).

It is estimated Glen Electric accounts for around half its Dublin-based parent’s overall business.

As well as the profit decline, newly filed accounts show the subsidiary’s revenues declined by 9.5% - from £845m to £765.4m - in the 12 months to the end of last March. Glen Dimplex, itself, has unlimited status and is not required to file public accounts.