Pre-tax profits at Glen Electric, the Northern Ireland-based division of electric appliance giant, Glen Dimplex fell 15 per cent last year to £62.8m (€76.8 million).

Accounts for Glen Electric Ltd, which is estimated to account for about half of Glen Dimplex’s overall business, show that revenues were down 1.5 per cent from £856.4 million to £843.1 million in the 12 months to the end of March this year.

Glen Dimplex has unlimited status and is not required to file public accounts.

Glen Electric is the world’s largest manufacturer of domestic heating appliances, with a range of more than 400 products. It is one of the largest employers in Ireland, employing 5,160. Its cost of sales decreased from £567.4 million to £558.9million.