NEWS

Play and education sales help boost Smyths’ UK arms to record profits

Published on: 15th October 2013

Sales of Furby, Monopoly Millionaire and learning tablets last year helped the British and Northern Ireland arms of Smyths record combined pre-tax profits of £2.7m (€3.2m).Smyths300

The business recorded the profit after revenues at the two units increased by 47% from £123.8m to £181.8m in the 12 months to the end of December. However, the prior period, when the £123.8m revenues were recorded, was only for a nine-month period. Accounts just filed with Companies House in the UK for Smyths Toys UK Ltd and Smyths Toys NI Ltd show pre-tax profits last year fell 12%, from £3.09m to £2.72m.

However, the chief factor behind the drop was a £577,503 loss on the sale of an asset by the British unit. The combined profit takes account of combined non-cash depreciation costs of £3.4m last year. The group operates 69 stores in total; 41 in Britain, 22 in the Republic, and six in the North.

The British results arose from new superstore openings and, according to the directors’ report, “it is envisaged that further expansion will occur in the market in the coming years through the opening of new stores”.

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