Belfast Telegraph

Glen Dimplex firm's pre-tax profits rise by 7% despite challenges posed by Brexit

Strong position: Martin Naughton
Strong position: Martin Naughton

By Gordon Deegan

Pre-tax profits at a Glen Dimplex group of companies increased by 7% to €37.84m (£33m) last year in spite of a dip in revenues.

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Glen Dimplex, founded by Martin Naughton, is the largest manufacturer of electrical heating worldwide and employs a large number of people here.

The accounts for Dublin-based Glen Dimplex Europe Holdings Ltd include the performance of two Northern Ireland subsidiaries, Glen Electric Ltd and Glen Dimplex NI Ltd.

The Glen Dimplex group operates two manufacturing plants in Newry and Portadown with a third in Dunleer, Co Louth.

The accounts show that revenues dipped by 2%, going from €1bn to €989.7m in the 12 months to the end of last March.

The holding company's revenues are made up of revenues from 29 subsidiaries based here and in the Republic of Ireland, England, Germany, Austria, Canada, Holland, France, Norway, the United States, New Zealand, Australia, China and India.

The principal activity of the group is the manufacture and sale of heating, renewable energy, cooking, cooling and other domestic appliances.

The directors said the trading environment in the UK is challenging following the decision of the UK to exit the EU.

The group last year paid dividends of €13m. This followed a dividend payout of €8.8m in 2016. The balance sheet remains very strong with shareholder funds totalling €436.47m. Accumulated profits stood at €371m.

The directors state that the group is in a strong cash position.

Belfast Telegraph