Profits double at Irish arm of P&G manufacturing to €25.4m
Pre-tax profits at the Irish manufacturing arm of consumer giant Procter & Gamble more than doubled to €25.4m last year.
The company enjoyed the jump in profits arising from booking an exceptional gain of €15.13m.
Revenues at Procter & Gamble Manufacturing (Ireland) Ltd reduced by 23pc, going from €97.94m to €75.38m in the 12 months to the end of June last.
Procter & Gamble (Manufacturing) Ireland Ltd's presence here has involved operating plants at Newbridge, Co Kildare, and Nenagh, Co Tipperary. Its new owners, Coty, last year announced the closure of the Nenagh plant after a study of its global manufacturing operations.
One of the key risks facing the ongoing P&G manufacturing business in Ireland is the existence of manufacturing locations in lower cost areas with increasing technical capabilities.
The company stated that "investment in improved process and technology enables the company to remain competitive in this environment".
Production at the Newbridge plant grew by 2pc last year.
Numbers employed at the company reduced from 606 to 471, with staff costs reducing from €46m to €32m.