New figures show that in the last year Smyths enjoyed a 34% increase in pre-tax profits to £4.3m.
The company enjoyed huge growth last year, with sales climbing to £288m. The increase in sales was boosted by the opening of nine new stores in the UK last year.
Ireland’s largest toy retailer only came to the UK in 2007, but has seen rapid growth since. Smyths Toys UK has shown that the business recorded pre-tax profits of £3.8m as revenues jumped by 38% from £185.78m to £256m.
The directors have stated that they are “very pleased with the increase in profit particularly given the current economic climate and the increasing competition in the marketplace.” They also added that they will see further expansions occurring in the UK market in the next few years, with the opening of new stores.
Smyths operates six stores in the North, and figures for Smyths Toys NI show that pre-tax profits increased there from €400,000 to €500,000 as revenues increased by £2.4m to £32m.