Redundancy costs hit profits at P&G
Published 29/04/2015 | 02:30
Redundancy costs at the main Irish arm of consumer healthcare giant Procter & Gamble contributed to pre-tax profits falling by 9pc to €11.8m last year.
New accounts just filed by Procter & Gamble (Manufacturing) Ireland show that revenues increased marginally from €92.17m to €93.3m in the 12 months to the end of June 30. The directors state that "operational results for the year were satisfactory".
The figures show that the firm made a provision of €1.6m towards redundancy costs at the firm's Newbridge facility due to changes in headcount as a result of productivity requirements.
The directors state that the key risk facing the ongoing business in Ireland is that there are manufacturing locations in lower cost areas with increasing technical capabilities.
"Investment in improved processes and technology enables the company to remain competitive in this environment," the report states.
Numbers employed increased from 648 to 652.
The firm's other Irish plant is in Nenagh.