Pre-tax profits increase three-fold at Glen Dimplex Irish-based unit to €120m

Group recorded the sharp jump in pre-tax profits chiefly from a €170.69m gain on the sale of intangible assets

Glen Dimplex gained €185m from completing the sale of its global brand rights of Morphy Richards home appliances brand to a Chinese acquirer.

Pre-tax profits at the main Irish-based unit of Glen Dimplex, an electrical goods company owned by the Louth-based Naughton family, increased three-fold to €120.93m last year.

New consolidated accounts filed by Glen Dimplex Europe Holdings Ltd show the business enjoyed the boost in profits as revenues rose by 2% from €944.03m to €962.7m in the 12 months to the end of September last.