Belfast Telegraph

NI-based Glen Dimplex hit by £1.2m loss after charges for restructuring

Ryan McAleer

By Ryan McAleer

The Northern Ireland company behind Glen Dimplex, the world's largest electric heating maker, has reported a pre-tax loss of £1.2m after facing charges for restructuring its business.

The group spans a large number of subsidiaries, including home appliance firm Morphy Richards and radio maker Roberts. It also produces Walker televisions and Belling cookers.

New accounts submitted to Companies House by Newry-registered Glen Electric Ltd show the company recorded a turnover of £1.2bn for the 18 months to September 30, 2018.

Originally set up in Newry in 1973 by Martin Naughton and four colleagues, Glen Electric acquired UK electric heating company Dimplex in 1977.

Still retaining operations in Newry, the group has continued to expand over the decades and now includes a global workforce of some 4,780.

The group describes itself as the world leader in intelligent electric heating and renewable energy solutions.

Outside of domestic appliances, it also has a significant global market share in the world of cooling and ventilation.

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Glen Electric has around 30 registered offices worldwide and operates 23 manufacturing plants worldwide in Ireland, UK, France, Germany, Holland, Norway, Australia, New Zealand, China and the USA.

Its operations in Northern Ireland centre around Rampart Road in Newry, Church Road in Seagoe in Portadown, and the Charlestown Industrial Estate in Craigavon.

The group, which has switched its reporting period, last reported an annual turnover of £805m for the year to March 31, 2017, with pre-tax profits of £28m for the 12-month period.

Well-known philanthropist Martin Naughton stepped down from his main role running the company in 2016, but he retains the title of shareholder supervisory board chairman.

His son Fergal has succeeded him as chief executive, while his other children, Fiona and Neil, are centrally involved in the running of the company.

In a group strategic report accompanying its new finances, the directors said: "As a result of the challenging trading environment, the group has made a strategic decision to restructure parts of the group which resulted in non-trading costs of £18.3m being charged in the period."

The firm paid out dividends of £23.9m last year and this followed a dividend payout of £8.1m in 2017.

Staff costs at the business for the 18 month reporting period totalled £306m.

A breakdown of the staff shows that 2,609 are engaged in production, 1,332 in selling and distribution, 459 in administration and 380 in research.

Belfast Telegraph

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