Profits fall at Northern-registered subsidiary of Glen Dimplex

Revenues and profits declined last year at a Northern Ireland-registered subsidiary of the heating products manufacturer Glen Dimplex, according to accounts just filed with the companies office in the UK.

Turnover at Glen Electric Ltd declined 5.5 per cent to £723.2 million, while its pre-tax profit fell 49 per cent to £19.4 million.

The company paid a dividend of £1.6 million to its parent company in the period. No dividend was paid in the previous year.

The directors’ report states that the reduction in turnover was 2.8 per cent on a constant currency basis.

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Shareholders funds at the year-end amounted to £321.5 million, an increase of £25.6 million on 2015. There was no mention in the accounts of the possible impact of Brexit on the business.

Turnover for the EU declined 5.7 per cent to £559.1 million and was flat at £25.2 million for the rest of Europe. Revenues for North America rose 4 per cent to £78.1 million, but declined 15 per cent for the rest of the world.

Remuneration

Employee numbers at the company fell during the year to an average of 4,820 from 4,977 in 2015. Total remuneration for staff was down 1.6 per cent to £180.7 million, while key management personnel were paid £2 million.

The deficit in the company’s defined benefit pension scheme narrowed to £42.3 million from £60 million previously. The company said it expected to contribute £5.9 million to the plans in the current financial year.

Charitable donations amounted to £18.3 million during the year, which included £17.8 million paid to the Naughton Foundation, which was set up in 1994 by company founder Martin Naughton.

Glen Dimplex in an unlimited company in the Republic, which means it does not have to file detailed financial results here. The UK accounts for Glen Electric offer a window into the financial health and trading of the group.

Glen Dimplex is involved in the manufacture and sale of heating, renewable energy, cooking, cooling and other domestic appliances. It has three plants in Ireland at Dunleer, Co Louth, and in Newry and Portadown in Northern Ireland.