Glen Dimplex European Holdings, the majority shareholder of the Glen Dimplex Group, reported a significant increase in profitability for the year ending September 30, 2022. The company recorded a profit of €42.8 million, compared to €11 million in the previous year.
Despite only a modest 4% growth in turnover, reaching €944 million, Glen Dimplex experienced a surge in demand for its energy efficient heating and ventilation products. This can be attributed to the EU’s public policy initiatives focused on sustainability.
The company’s accounts expressed optimism for the future, citing strong underlying demand trends, favorable policies, and fiscal support for end users as drivers of continued growth. Glen Dimplex has been actively transitioning towards sustainability and the electrification of energy, primarily through the application of smart technology.
To support this transformation, Glen Dimplex has engaged in a series of mergers, acquisitions, and disposals, particularly in the heating and ventilation sector. As part of this strategy, the company sold its well-known consumer appliance business, Morphy Richards, to Chinese manufacturing partner Xinbao for €185 million, while retaining distribution rights in Ireland, New Zealand, and Australia. The proceeds from this sale are expected to be reinvested in future acquisitions, facilitating the transition to electric energy solutions.
Over the past year, Glen Dimplex also acquired SmarterDM, a UK-based software company specializing in energy consumption optimization for hotels and large businesses. Additionally, the company obtained full ownership of the Muller Group, its French heating and ventilation subsidiary, and acquired Adax, a leading supplier of electric heating appliances in the Nordics.
These acquisitions align with Glen Dimplex’s objective to become a prominent player in Europe’s electric resistive heating and heat pump markets. The company has expressed plans to invest further in its facilities across Ireland, France, and Germany to support its broader European growth strategies.
A spokesperson for Glen Dimplex confirmed the recent completion of the Adax acquisition, emphasizing its contribution to the company’s goal of becoming a leader in European resistive heating and a significant player in heat pumps.
With its ongoing transformations and strategic investments, Glen Dimplex is well-positioned to capitalize on the shift away from fossil fuels towards more sustainable energy solutions.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
