Published on January 16th, 2017 | by The GC Team0
Glen Electric profits dip as charitable giving rises
Northern Ireland-based Glen Electric, the world’s largest domestic heating appliances maker and a division of electrical appliances group Glen Dimplex, has reported turnover down 5.5% for the year to 31March 2016 (from £765.5 million to £723.2 million), compared to the previous year.
According to an Irish News report, accounts filed at Companies House in Belfast show operating profit fell by 11% last year, from £39.6million to £35.1million. After adjustment for group profit on sale of assets, interest and finance costs, and charitable donations amounting to more than £18 million, profits were £19.35 million.
Glen’s balance sheet shows year-end net assets of £361.2 million, including £241 million in cash.
The company, founded in 1973 by Martin Naughton (pictured), employs some 5,000 people on the island of Ireland and has a strong history of charitable giving. Of the more than £18 million donated in the year to March 2016, £17.8 million went to the Naughton Foundation, which Dr Naughton and his wife Carmel set up in 1994 to support arts and educational projects. In 2008 a scholarship programme was created to help students in Ireland wishing to study science, technology, engineering and mathematics subjects at higher education level.
Dr Naughton stepped down as President and from the Executive Board of the Glen Dimplex Group of Companies in April 2016, but remained as Chairman of the Shareholder Supervisory Board. Seán O’Driscoll succeeded him as Chairman.
The group has pursued a policy of acquisition and development, with household brands such as Dimplex, Morphy Richards, Stoves, Roberts and Belling under the group umbrella.
A directors’ report accompanying the financials said they would “continue to develop the principal activities of the group and identify areas with further growth potential and acquisitions, which would increase value”.