Pre-tax profits at the main Irish based unit of Glen Dimplex, the electrical goods company owned by the Louth-based Naughton family, increased three fold last year to €120.93m.
New consolidated accounts filed by Glen Dimplex Europe Holdings Ltd show that the business enjoyed the boost in profits as revenues rose by 2% from €944.03m to €962.7m in the 12 months to the end of September.
The deal saw Glen Dimplex keep rights to distribute the brand for the Chinese company under licence in Ireland, Australia and New Zealand for at least 10 years. The directors said that their"strategic focus and cost discipline has enabled strong year-on-year performance, and continuing progress in delivering on our long-term ambitions".
Post year end, the Group acquired 100% of the shares in Hyfra IndustrieKuhlanlagen GmbH, a Precision Cooling business based in Germany.
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