The main Irish arm of consumer products group Procter & Gamble swung back into profit last year after revenues increased by 69% to €90.3m.
According to accounts just filed by Procter & Gamble (Manufacturing) Ireland Ltd, the firm recorded pre-tax profits of €5.5m after recording a loss of €4.5m in 2010 — a positive swing of €10m. This followed the firm increasing its revenues by 69% from €53.3m to €90.3m in the 12 months to the end of June 2011.
The principal activity of the firm is the manufacture and distribution of personal care, oral care, health and beauty products and it operates two manufacturing plants in Ireland at Nenagh and Newbridge.
The firm’s product portfolio includes Oral-B toothbrushes, Braun ethanol cartridges, and Max Factor cosmetics.
Numbers employed by the firm last year increased by 172 up to 670, with the firm’s Nenagh plant becoming the group’s strategic hub for the company’s European Colour Cosmetics production.
The Newbridge plant has integrated the power refills and ethanol cartridge business from the Braun Carlow plant that was shut down in Aug 2010 with the loss of 167 jobs.
According to the directors’ report, Newbridge “delivered very strong production on all sectors, with unit volume up by 17% and productivity increasing by 12%.”
The chief factor behind the firm recording a loss in 2010 was an impairment of €7.5m while no impairment charge was recorded last year. The profit for 2011 also takes into account non-cash depreciation costs totalling €20.5m.
The company’s accumulated losses last year totalled €36.4m with shareholder funds standing at €172m following a capital contribution of €158.2m and a share premium of €46.7m.
The figures show that the closure of the Carlow operation cost the company an additional €711,000 in restructuring costs last year. The firm also spent €325,000 relating to site costs at Carlow in 2011.
The Carlow site, which closed in Aug 2010, remains on the market for sale. The report states: “Due to the downturn in the local Irish economy, there is a risk that the asking price for the lands and building will not be secured or that a sale will take some time to secure.”
© Irish Examiner Ltd. All rights reserved