Smyths Toys posted record sales of €1bn last year despite the disruptions caused by Covid

Sales at Smyths Toys’ Ireland and UK operations passed the €1 billion mark for the first time last year.

In a record year for the Galway-headquartered company, combined revenues from its offices in the Republic of Ireland, UK and Northern Ireland totaled €1.19 billion last year.

New accounts for the company’s Irish unit, Smyths Toys Ltd, show pre-tax profit rose 39 percent last year to €4.35 million. This was followed by a 3.45% increase in revenue from €210.3 million to €217.56 million.

The company operates 21 branches here with an average annual turnover of €10.3 million per branch.

This is in addition to £838.7m (€973.7m) in revenue generated from its 115 stores across England, Scotland, Wales and Northern Ireland.

However, the company also has a sizeable store network in continental Europe, with 67 in Germany, 17 in Austria and 11 in Switzerland, and total group sales are estimated at over €1.6 billion in 2021.

The Company has not filed 2021 financial statements for its European operations as it is a general entity there and is not required to file accounts.

However, the accounts submitted for the EU entity for 2020 and 2019 show that it recorded revenues of €475.35 million and €457.36 million in each of those years.

The group’s best-performing unit over the past year has been its UK business, where Smyths Toys UK Ltd’s revenue rose by £167.9m, or 27 per cent, from £620m to £788m last year.

The company nearly doubled its pre-tax profit from $9.5 million last year.

The company is run by the Smyth family of Co Mayo and has three directors: Anthony Smyth, Liam Smyth and Patrick Smyth. Thomas Smyth resigned as director on November 1 last year.

Covid-19 restrictions impacted business last year, with shops in the UK and Ireland closed from January to May.

“All stores have reopened and performed strongly for the remainder of the year,” directors said.

They also said the company is continuing to explore other suitable locations to expand the business.

After paying corporate income tax of €655,000, the company recorded an after-tax profit of €3.7 million.

The Irish company’s workforce fell from 617 to 546 last year and staff costs fell from €14.36m to €14.29m.

The profits take into account non-cash depreciation costs of €1.25 million.

The company’s rental costs fell from €5.2 million to €4.56 million.

Shareholder funds amounted to €14 million at the end of December last year, including retained earnings of €13.38 million

The company’s cash position increased from €5.48 million to €6.09 million.

The principal risks and uncertainties facing the company are competitive pricing pressures, exchange rate fluctuations, Brexit and the Covid-19 pandemic, directors said.

https://www.independent.ie/business/irish/smyths-toys-saw-record-1bn-in-sales-last-year-despite-covid-disruptions-42177441.html Smyths Toys posted record sales of €1bn last year despite the disruptions caused by Covid

Fry Electronics Team

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