Electrical giant hit by drop in its profits
Pre-tax profits at Glen Electric, the Northern Ireland-based division of electric appliance giant Glen Dimplex, fell 4% last year to £60.3m (€72.4m).
Glen Electric is estimated to account for around half of the Dublin-based Glen Dimplex's overall business and new figures show the company recorded the drop in profit after the firm's revenues declined 3.5% from £843m to £812m (€975m) in the 12 months to the end of March 31, 2013.
A breakdown of Glen Electric's revenues show that the EU is the business's largest market, accounting for £613.8m of sales. Revenues in North America accounted for £84m, with turnover in the rest of the world totalling £81.6m and sales in the rest of Europe accounting for £33m.
Glen Dimplex, headed by CEO Sean O'Driscoll, has unlimited status and so 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 on the island of Ireland, employing just over 5,000.
Glen Dimplex in Northern Ireland consists of a base in Craigavon, where electrical appliances are distributed, one in Portadown, where heaters are manufactured, and one in Newry, where convector heaters and heat pumps are manufactured.
The Northern Ireland operations collectively employ approximately 500 people.