NEWS

Profits rise at Smyths Toys in Ireland

Published on: 27th November 2023

Revenues of €266.66m represent 19% of Smyths Toys €1.38b revenues across the UK, Northern Ireland and the Republic last year.

Pre-tax profits at the Irish division of Smyths increased by 22.5% to €5.33m last year. Recently filed accounts for Smyths Toys Ltd show revenues for its Irish operation increased by €49m or 22.5%, from €217.56m to €266.66m.

The retailer operates 21 stores, and revenues last year equate to an average of €12.7m per store. The revenues of €266.66m represent 19% of the group’s €1.38bn revenues across the UK, Northern Ireland and the Republic last year.

The directors state that the increase in revenues was primarily driven by an increase in footfall as customers returned to stores post Covid-19 restrictions.The directors added that they were pleased with the results “particularly given the current economic climate and the competitive marketplace”. The Irish unit of Smyths paid out dividends of €12m last December.

Numbers employed increased by 157 from 546 to 703, and staff costs increased from €14.29m to €17.45m.

The profits for last year take account of non-cash depreciation costs of €1.29m and operating lease costs of €3.3m. At the end of December last year, the firm’s shareholder funds totalled €6.58m including accumulated profits of €5.94m.

The firm’s cash funds increased from €6.09m to €8.9m. The firm recorded a post tax profit of €854,000 after incurring a €270,000 corporation tax charge.

Smyths Toys’ business now extends across the UK, France, Holland, Germany, Austria and Switzerland. Across England, Scotland and Wales, a record sales year saw revenues surge by 16% or £122.78m from £788m to £910.78m. Here, pre-tax profits increased by 8% from £18.1m to £19.49m (€22.42m).

The size of the overall business across the UK, Ireland and Europe has increased sharply since last year with the expansion into France following the acquisition of PicWic Toys in France in July 2022.

Smyths Toys now operates 283 stores across Ireland, the UK, France, Germany, Austria, the Netherlands and Switzerland.

RECENT ARTICLES

Friday Blog

Do the right thing … it’s the Friday Blog!

Moonbug and IMC announce strategic partnership

Check out the latest roles added to Toy World’s recruitment section

Heathside Trading signs licence agreement with Molang

Hey Hugo welcomes Richard Hawkins as Sales director

Get involved in Toy World’s April Pocket Money & Collectibles feature

All About Games celebrates third anniversary

Las Vegas Licensing Expo offers first look at closing programme

Wyncor appoints two new top sales executives

Get involved in Toy World’s April Pre-school feature