Revenues plummeted at the main Irish arm of consumer goods giant, Procter & Gamble last year by €50.8m following the firm's decision to exit manufacturing here.
New accounts filed by Procter & Gamble (Manufacturing) Ireland Ltd show that the company recorded a pre-tax profit €7.26m which was a slight decrease on the pre-tax profits of €7.9m in 2021
In the 12 months to the end of June last, the firm’s revenues declined by 47% or €50.8m from €108.98m to €58.17m.
This followed the company announcing the sale of its Newbridge plant to Mapaex Health and Personalcare Ireland Private Limited, part of Makson Group.
The transaction includes the trade and assets of the Newbridge manufacturing site for $10.5m.
The Procter & Gamble manufacturing portfolio here included Oral-B toothbrushes, floss and power refills and Braun ethanol cartridges.
As part of the transaction, the P&G firm made a contribution of €45m to the company pension scheme on April 26th 2022.
The directors state that the period up to May 1st 2022 saw production remain consistent with the prior year.
They say that "Initiatives have been taken to remain cost competitive resulting in improved productivity metrics behind automation, flow to the work and work process improvement interventions.
They add that cost remains a challenge with an increase in commodity prices being partially offset by internal cost savings and productivity initiatives.
The firm recorded post tax profits of €1.36m after paying corporation tax of €5.9m.
The P&G firm has previously stated that all of its staff at its Newbridge site will transfer to the new owners.
Numbers employed by the firm increased from 357 to 383 in the 12 months to the end of June 2022 and staff costs declined from €31.7m to €28m.
The profit last year takes account of restructuring costs of €1.02m which followed costs of €40.92m under that heading in 2021. The profit also takes account of non-cash depreciation costs of €8.43m.
Directors' pay last year totalled €456,00 that included aggregate emoluments of €287,000; €114,000 paid under long term incentive schemes and pension contributions of €55,000.
The sale of the Newbridge plant completed on May 1st 2022 marked the end of Procter & Gamble’s manufacturing operations in Ireland, which used to comprise three facilities.
The company closed its Braun shaver refill plant in Carlow in 2011, with the loss of 167 jobs.
In 2016, its Nenagh plant, which produced mascaras and powders for the Max Factor range, transferred to rival beauty business Coty as part of a $12.9 billion sale of Procter & Gamble’s specialty beauty business.
