Miele reports 20.6% uplift in sales

Miele, the manufacturer of luxury domestic appliances, has reported a 20

Miele, the manufacturer of luxury domestic appliances, has reported a 20.6 per cent uplift in Irish sales for the year to the end of June.

The German company said that the improvement came after a €1.5 million investment in marketing and training of both staff and customers.

Miele did not break out Irish profit figures, but accounts filed with the Companies Office show that it recorded an operating profit of €206,995 for the 2006 calendar year. This marked a 24 per cent decrease on the €271,720 operating profit recorded in 2005.

Gross profit for 2006 stood at €5.6 million, up from €4.6 million in the previous year.

READ MORE

Distribution costs increased sharply in 2006, rising by almost 30 per cent to €4 million.

Pretax profits for the year stood at €200,433, down from €269,741 in 2005.

Retained profits carried forward at the end of 2006 amounted to €878,967.

Pat McGrath, chief executive of Miele Ireland, pointed to the company's "steady growth" which, he said, stemmed from the design of its products.

"All Miele products are built to last 20 years," he said.

The Miele group as a whole grew its turnover by almost 8 per cent to €2.74 billion in the 12 months to the end of June.

The company expects to draw significant future growth from eastern Europe and Russia in particular.

Mr McGrath said that Miele was well placed to record strong growth in the Republic in the 2007/08 fiscal year.

Úna McCaffrey

Úna McCaffrey

Úna McCaffrey is an Assistant Business Editor at The Irish Times