Restructuring charges of £18.3 million at the main Northern Ireland unit of the Glen Dimplex group last year contributed to the business recording a £1.2 million (€1.33m) loss. Glen Electric is one of the North's largest employers employing 4,780.
The new accounts for Glen Electric and subsidiaries show that the business recorded the modest loss as revenues climbed by 46 per cent to £1.175 billion.
The sharp rise in revenues is explained by the reporting period covering 18 months to the end of September last following the prior 12 month period. The business recorded an operating profit of £11.5 million before the restructuring charges and interest costs of €2.47 million are taken into account.
The directors state that “the trading environment has been challenging, particularly in the UK, in anticipation of the UK leaving the EU”.
They state: “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 £18.3 million being charged in the period.”
The company paid out dividends of £23.9 million last year and this followed a dividend payout of £8.1 million in 2017.
The principal activity of the business is the manufacture and sale of heating, renewable energy, cooking, and other domestic appliances.
