Smyths Toys posts record UK profits despite Covid

The UK operation of Galway-based retailer Smyths Toys doubled its pre-tax profit from £9.5m to a record £18.11m (€20.77m) last year.

Revenue soared to new record levels thanks to record sales of best-selling Lego, Barbie, Nerf Guns, Paw Patrol and My Little Pony.

Last year, the company’s revenue grew by £167.9m, or 27 per cent, from £620m to £788m.

The company is run by the low-key Smyth family of Co Mayo and has three members on the board, Anthony Smyth, Liam Smyth and Patrick Smyth.

Thomas Smyth resigned as Director on November 1, 2021.

Directors state that they are pleased with the results, particularly given the current economic climate, the competitive market and the Covid-19 outbreak.

The UK store posted its best-ever performance despite its brick-and-mortar stores being closed from January to April last year due to UK government Covid-19 restrictions.

In their report, directors note that “all stores have fully reopened and performed strongly for the remainder of the year.”

“It is planned that the UK market will continue to expand in the coming years with the opening of new stores,” the reports said.

The company posted profit after tax of £13.18m after paying £4.93m of corporation tax.

Headcount across the UK company increased from 2,901 to 2,979 last year and staff costs rose from £42.66m to £45.49m.

The British company didn’t pay a dividend last year after paying a dividend of £31m in 2020.

Smyths Toys operates 108 stores in England, Scotland and Wales and a further seven in Northern Ireland.

Separate accounts for Smyths Toys NI Ltd show that pre-tax profits in the Northern Ireland unit rose 59 per cent to £1million last year as revenue fell 9 percentage points from £46.47million to £50.7million pounds sterling have risen.

The combined revenue of the UK and Northern Ireland branches of Smyths Toys totaled £838.7 million last year.

In total, the group operates 231 stores across its network in the UK, Ireland and continental Europe.

In addition to 115 stores in England, Scotland, Wales and Northern Ireland, Smyths Toys operates 21 stores in Ireland, 67 in Germany, 17 in Austria and 11 in Switzerland.

At the end of December, shareholder funds totaled £33.46m, including £30.46m of cumulative profits.

The UK company’s cash rose to £9.5m from £4.97m.

https://www.independent.ie/business/irish/smyths-toys-enjoys-record-uk-profits-despite-covid-42153630.html Smyths Toys posts record UK profits despite Covid

Fry Electronics Team

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