Glen Dimplex turnover increase

Revenues at Glen Dimplex electrical group have started to rebound quickly, according to accounts for one of the main cogs in the group.

Dublin-registered Glen Dimplex Europe Holdings, which captures the majority of the group’s global business, recorded a 17 per cent rise in turnover last year to more than €930 million,
The accounts, which cover the 12 months to the end of last September, show a return to profit after losses incurred at the height of the pandemic.

The unit recorded an operating profit of €16.3 million, compared with an operating loss of €10.2 million the prior year. After adjustments, the profit before tax was €11 million, compared with a loss of €42.6 million in 2020.

A note by the directors, who include chief executive Fergal Leamy, attributes the financial turnaround to Glen Dimplex reaping the fruits of a €180 million investment and restructuring programme.

The company is retooling its operations to seek growth primarily in the heating and ventilation and flame divisions. The flame division includes decorative fake fires that sit in hearths.

The directors highlighted that they expect growth in future to be driven by Government grants for less environmentally damaging heating systems. It said last year’s growth had continued into 2022.

Glen Dimplex Europe Holdings invested more than €29 million in research and development last year, the accounts suggest. It employed close to 4,400 staff. Covid wage subsidies received fell to €1 million from €8 million.

The management team at the business shared a pay pot of €7.4 million, up from €6.6 million. A Naughton family-controlled entity in the Isle of Man that owns the business was paid dividends of €2.45 million, while €2.5 million was paid to the Naughton Foundation, a charity established by the company’s founder, industrialist Martin Naughton.

Glen Dimplex, which also operates a consumer appliances division, recently agreed to sell its Morphy Richards home appliances brand to a Chinese company, in a deal believed to be worth between €175 million and €200 million

Glen Dimplex

Glen Dimplex launch a brand-new Group website

The site has been developed in collaboration with colleagues across all their international businesses to tell the company story, share Purpose, and to bring to life our mission to empower the everyday lives of their customers.

Watch the new Glen Dimplex Group film on the homepage to learn more about our incredible history and exciting future.

Glen Dimplex to sell Morphy Richards in deal worth up to €200m

Glen Dimplex, the electrical company owned by the Louth-based Naughton family, has agreed to sell its Morphy Richards home appliances brand in a deal believed to be worth between €175 million and €200 million.

The brand is to be bought by stock market-listed Chinese company Guangdong Xinbao Electrical Appliance Holdings (Xinbao), which trades under the brand Donlim. The transaction is subject to Chinese government approval, and it is expected to close by the end of the year, staff at Glen Dimplex were told.

Morphy Richards is a British brand that was acquired by Glen Dimplex founder and industrialist Martin Naughton in the mid-80s. Its toasters, kettles and other home appliances are sold in China, Ireland, the UK, Australia and New Zealand, with worldwide retail sales estimated at more than €350 million.

Xinbao, which already manufactures Morphy Richards products in China for Glen Dimplex, is buying the brand globally, but initially it will take full control only of the Chinese and British operations – Glen Dimplex will keep rights to distribute the brand under licence in Ireland, Australia and New Zealand for “at least” 10 years.Glen Dimplex staff were told of the deal on Wednesday in an email from Fergal Leamy, the chief executive of the Glen Dimplex group. He said the Irish company decided to sell after it received an approach from the Chinese buyer.

Glen Dimplex acquired SmarterDM

Glen Dimplex, the heating and industrial group controlled by the Naughton family, has bought a UK software business for an undisclosed sum.

The Dublin-headquartered company last week acquired SmarterDM, a Reading company that specialises in systems to help hotels and other large businesses minimise their energy consumption by using software and other technology to control heating.

The deal, which brings a team of 15 software engineers into Glen Dimplex’s orbit, is part of the Irish group’s attempt to reposition itself as a supplier of electrified heating systems to help businesses transition towards more sustainable practices.

Glen Dimplex, which recently negotiated a debt facility with the European Investment Bank (EIB) to help it fund new acquisitions,

Employees at Glen Dimplex to go on three-day strike demanding better pay

Glen Dimplex UK Ltd in Portadown has been served with notice of strike action after 96 percent of workforce voted for action in a strike ballot over Living Wage concerns.
Glen Dimplex UK Ltd in Portadown has been served with notice of strike action after 96 percent of workforce voted for action in a strike ballot over Living Wage concerns.

The first three-day strike action is due to commence with workforce pickets forming at 6am Wednesday, November 10 until Friday, November 12 at 3pm.

Unite the union has warned of the likelihood that initial strike action will escalate to all out strike if management do not provide a Living Wage to its workforce.

It’s now more than seven months since workers submitted their Living Wage pay claim and after much delay the latest offer is for a below-inflation 3.25 percent increase this year with a 4 percent increase the next.

Unite say this below-inflation pay offer means workers will actually suffer a further, real-terms pay cut. It falls far short of the 11 percent workforce pay claim.

Glen Dimplex is a hugely successful company, commanding more than 70 percent of the home heating market in the UK.

The company is ramping up investment and introducing new lines to take advantage of the surge in demand for its highly energy efficient products.

Glen Dimplex losses

Pre-tax losses at a Dublin based unit of heating, cooling and domestic appliance giant Glen Dimplex  last year increased almost three-fold to €42.62 million.

According to accounts filed by Glen Dimplex Holdings Ltd, the group recorded the increase in pre-tax losses as revenues declined by 8 per cent from €884.64 million to €793.4 million in the 12 months to the end of September last.

The chief factor behind the 178 per cent increase in pre-tax losses from €15.29 million to €42.62 million was the group incurring €20.17 million in restructuring costs after a spend of €6.5 million under that heading in 2019.

The group’s €22.6 million total cost for non-trading items included a €2.5 million donation for educational purposes and this followed €16,000 under that heading in 2019.


Glen Dimplex recorded an operating loss of €10.2 million for 2020 which was an increase of 23 per cent on the 2019 operating loss of €8.3 million.

On the impact of Covid-19, the accounts said that “whilst sales have reduced year on year, they have recovered in Q4 of 2020 and have remained steady post year end”. However the company is confident that it is well placed manage the impact of Covid-19 and continues to monitor the situation closely.

The accounts said that a number of sites within the group had to close for a period during the year due to mandatory government restrictions.

“The group availed of wage support/furlough schemes in the jurisdiction that it operates in and undertook cost cutting measures where appropriate.”

The accounts confirmed that the group received €8 million in State Covid-19 subsidy schemes across a number of jurisdictions last year.

It was also confirmed that the group made a number of strategic decisions in order to negate the challenges it faced,  including undertaken restructuring programmes and are making a major investment in an enterprise resource planning (ERP) system

The directors’ report aid that the trading environment in the UK is challenging following the decision of the UK to exit the EU. It said that the group was in a strong position with cash at €229.7 million at the end of September .

The group’s research and development (R&D) expenditure last year totalled €27.3 million. In 2019 the R&D spend was €30.9 million.


Last year’s loss takes account of non-cash depreciation costs of €23.97 million. Directors’ pay increased from €996,000 to €1.47 million.

A breakdown of revenues shows that €606 million of sales were recorded in the EU with €109 million in North America; €46.2 million in “rest of world” and €31.34 million in “rest of Europe”.

Numbers employed reduced from 4,696 to 4,505 as staff costs fell from €250 million to €225 million. The bulk of employees are employed in production at 2,412, 1,063 in selling and distribution, 663 in administration and 366 in research and development. Shareholder funds at the end of September last year totalled €256.76 million.    

Glen Dimplex reports £36 million loss

Global domestic appliance group Glen Dimplex has posted a £36 million loss in its first financial reporting since the onset of the Covid-19 pandemic.

The Dublin head-quartered outfit, which was set up in Newry by Martin Naughton in 1973, took an 11 per cent hit to its turnover, with six months of lockdown eating into its revenues by £82m, reducing it to just over £659m in the year ending September 30 2020.

Glen Dimplex is the world’s largest electric heating maker. But its vast appliance business ranges from Morphy Richards and radio maker Roberts to Walker televisions and Belling cookers.

Most of the group’s sales, just over half-a-billion pounds in the last reporting period, were derived from within the EU.

The latest grouped accounts for its Newry domiciled business Glen Electric Ltd, states that the impact of Covid-19 can be seen across all entities within its group.

A number of its sites had to close for a period due to government restrictions, with the group revealing it had received £4.8m in Covid-19 wage support in the six months of the pandemic period included in the accounts.

Nevertheless, cost cutting measures saw the group’s workforce cut by almost 300 to 3,799.

Glen Electric said revenue and profitability had recovered “markedly” in the 202/21 financial year with demand for its products strengthening.

Most of the losses stated in the report relate to the cost of restructuring and re-investment in the business as part of what the directors described as the group’s transformation to focus on smart technologies and sustainably driven energy solutions.

The group spent £17.2m into restructuring, most of it in Germany, and pumped £21.1m into R&D. Another £2.3m went to The Naughton Foundation, an educational charity named for the company’s founder.

Summarising the performance during the reporting period, the directors said: “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.”

Glen Electric’s directors also revealed that they increased investment in stock over the year to avoid the risk of potential procurement delays due to Brexit and to ensure enough stock is on hand to meet customer demand.

Glen Dimplex acquires a majority shareholding in Thermofilm

Glen Dimplex Group is pleased to announce it has acquired a majority shareholding in Thermofilm Pty Ltd. Based in Dandenong South, Victoria, Thermofilm produce and distribute a premium range of “Heatstrip” outdoor radiant heating products – both electric and gas. Products within the Thermofilm range include the award winning HEATSTRIP heaters, BLISS heaters and CROSSRAY bbq’s

Glen Dimplex new jobs

Glen Dimplex is investing in the 45,000 sq ft industrial unit at Buckley in Flintshire to manufacture medical and commercial refrigeration units.

The investment, supported by business finance from the Welsh Government, will create 50 new manufacturing jobs over the next year and recruitment will get underway immediately.

As well as manufacturing electrical heating appliances, Glen Dimplex holds significant market positions in domestic appliances, cooling, ventilation, and renewable energy solution industries worldwide.

Mark Abbott, managing director of Glen Dimplex Professional Appliances and its leading medical refrigeration brand, Lec Medical, said: “As well as enabling us to consolidate our manufacturing base in the UK, this new facility will enable us to capitalise on new and lucrative business opportunities. It’s exciting times all round.

“Our new production facility also places us right at the heart of a manufacturing hub, enabling us to better serve our UK and International client base. As such, our customers will benefit from the opening of this new factory as we can provide them with a much enhanced service.”

Headquartered in Ireland, the company has built up a collection of prominent appliance brands including Dimplex, Stoves, New World, Belling, Lec, Redring Xpelair, Goblin, Roberts Radio and others since its founding in 1973.

With an annual turnover of €1.5bn, the group employs 10,000 people globally, with operations in North America, Germany, Holland, Japan, Poland, Belgium, France, China, Australia and Scandinavia.

The new Welsh facility will form part of the company’s professional appliances division which supplies refrigeration units for hospitals, pharmacies and laboratories.

First Minister Carwyn Jones met with Glen Dimplex founder and owner Martin Naughton at the headquarter offices in Dublin during a visit in November 2013.

Economy Minister, Edwina Hart said: “Glen Dimplex’s decision to expand to Buckley is great news for the area. I am very pleased that we have been able to work with the company to secure this project in Wales.

“It fits well with our aspirations to attract new inward investment companies, especially in the manufacturing sector which is the focus of the nearby Deeside Enterprise Zone.”

The landlord Whitley Estates was advised by commercial agents Legat Owen. Glen Dimplex will be hiring for a wide variety of roles ranging from production operatives to facilities maintenance.