Punch Industries paid its parent company Spotless Group €11 million dividend last year. The Cork-based home care product specialist recently released accounts showing that it made a profit of €11.6 million in 2013 on sales of €48.35 million.
This was seen to be mostly in line with its 2012 accounts. The dividend of €11.25 million paid to the French Spotless Group is the equivalent of €5.95 a share, more than double the €5.4 million paid in 2012.
As a result of the dividend payment, Punch Industries retained a loss of €1.1 million at the year end as its post-tax profit was €10.15 million, which led to a drop in assets to €17.1 million.
Punch Industries is also due to be absorbed into German company Henkel next year when it buys Spotless Group in a €940 million deal. As part of the deal, €300 million will be repaid to a lenders group including Bank of Ireland.
Punch Industries has a range of household, laundry, shoe care, garden, insect control and pet care products, its main business being colour catcher for laundry.
© 2014 - Checkout Magazine by Genna Patterson
