Operating profits at WaterWipes fall 5%

Résumé détaillé

Operating profits before non-trading expenses at the producer of the Drogheda-based WaterWipes last year reduced by 5 per cent to €23.97 million.

Operating profits before nontrading expenses at the producer of the Drogheda-based WaterWipes last year fell by 5 per cent to €23.97 million.

Consolidated accounts for Aqua MidCO2 Ltd show that the group recorded the operating profits before non-trading expenses of €23.97 million as revenues increased marginally from €191.3 million to €191.65 million.

At the end of 2024, the WaterWipes business received a €145 million investment from UK-listed 3i Group Plc with WaterWipes founder and 2025 EY Entrepreneur of the Year, Edward McCloskey retaining a “significant minority position” in the business.

Due to hefty non-cash amortisation costs of €25.17 million arising from the €145 million deal, the business recorded a pretax loss of €12.6 million last year.

The €12.6 million pretax loss for 2025 followed a pretax loss of €4.3 million in 2024 and this was mainly due to a €25.06 million cost associated with a “Growth share employee benefit expense”.

The directors state that the statutory loss for 2025 “reflects, in particular, the non-cash amortisation of goodwill recognised on the acquisition completed during the year and finance costs arising from the Group’s acquisition funding structure”.

[ Edward McCloskey of Irish firm WaterWipes: The target is becoming a ‘billion-dollar brand’Opens in new window ]

Three million packs of WaterWipes are manufactured each week in two cleanroom production sites in the Co Louth town.

In a note with the accounts the directors said that they are pleased with the financial performance of the group, which delivered Ebitda (earnings before interest tax depreciation and amortisation) of €27.7 million in the period.

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