Published on June 1st, 2021 | by The GC Team0
£36 million loss for Glen Dimplex
THE Northern Ireland arm of the Glen Dimplex group has posted a £36.3 million loss, up from £14.6m in the prior year.
In its reporting for the year ended 30th September 2020, revenues fell by £82 million to c.£659 million due to six months of lockdown.
The group said revenue and profitability had recovered markedly in the 202/21 financial year with demand for its products strengthening.
A number of the manufacturer’s sites closed for a period due to government restrictions, but most of the losses reportedly relate to the cost of restructuring and reinvestment in the business as part of the group’s transformation.
The directors said in a statement: “The £40.6m investment occurred at a time when Covid-19 impacts were at their peak resulting in a total loss for the year before taxation of £36.3, up from £14.6m in the prior year.
“The loss reflects the impact of continued investment in the group’s future as well as its ability to absorb such costs in the short term to achieve its long-term growth objectives.”
Cost cutting measures saw the workforce cut by almost 300 to 3,799, it has been reported.