Operating profits at WaterWipes fall 5%

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.

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”.

Three million packs of WaterWipes are manufactured each week in two cleanroom production sites in Drogheda.

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.

They note said that this Ebitda result was broadly in line with the prior year, “reflecting resilient underlying performance despite external cost headwinds, including tariffs, which were managed through strong, ongoing commercial and operational actions”.

The group recorded an operating loss of €7.93 million and interest costs of €4.66 million resulted in the pretax loss of €12.6 million.

The loss also takes account of €11.12 million in exceptional costs which included transaction costs from the €145 million deal as well as one-off costs.

Numbers employed last year increased from 373 to 430 as staff costs decreased from €35.7 million to €34.3 million. Directors’ pay last year increased from €1.12 million to €2.92 million.

evenues increased year on year in transaction currency by 2 per cent, but adverse foreign exchange rate movements resulted in a lower growth in reported revenue, the accounts noted.

The accounts provide the first detailed insight into the financial performance of WaterWipes in almost a decade as WaterWipes UC had unlimited status and was not required to file accounts to the Companies Office since 2017.