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Galway-headquartered Smiths Toys’ revenues across its Ireland and UK operations passed the €1 billion mark for the first time last year.
In a record year for the business, the combined revenue of the units in the Republic, Northern Ireland and Britain last year totaled €1.19 billion.
New accounts for Smith’s Toys Ltd, the firm’s Irish unit, show its pre-tax profit rose 39 per cent to €4.35 million last year.
Following this, revenue increased by 3.45 percent from €210.3 million to €217.56 million.
The business operates 21 stores in the state, showing average revenue per store for the year was €10.3 million.
Revenue of €217.56 million across the Republic was generated last year by its UK and Northern Ireland units, in addition to revenues of £838.7 million (€973.7 million).
Ireland and UK revenues concern the operation of 21 stores in the Republic and 115 stores in England, Scotland, Wales and Northern Ireland.
European business
However, the business also has a significant store network in continental Europe with 67 in Germany, 17 in Austria and 11 in Switzerland, and revenue for the entire group is projected to exceed €1.6 billion for 2021.
The business has not filed 2021 accounts for its European operations as the company overseeing the business, Smyths Toys EU HQ Unlimited Co, is unlimited and does not need to file accounts.
However, accounts filed for the EU entity for 2020 and 2019 show that it recorded revenues of €475.35 million and €457.36 million in each year.
The group’s best performing unit last year was its UK business where Smith’s Toys UK Ltd revenue rose by £167.9 million, or 27 per cent, to £788 million from £620 million last year.
The company nearly doubled its pre-tax profits to £18.11 million from £9.5 million last year thanks to bumper sales of its best sellers: Lego, Barbie, Nerf Guns, Paw Patrol and My Little Pony toys.
The business is run by the Smith family from Co Mayo and three members sit on the board: Anthony Smith, Liam Smith and Patrick Smith. Thomas Smith resigned as a director on November 1, 2021.
On the operation of the Irish business last year, directors said stores closed from January to May 2021 as a result of Covid-19 restrictions.
“All stores reopened and performed strongly for the rest of the year,” they said.
Further expansion
On the future development of the firm, the directors said the company continues to review more suitable sites to expand the business.
The company reported a post-tax profit of €3.7 million after paying corporation tax of €655,000.
The number employed across the Irish business fell from 617 to 546 last year as staff costs fell from €14.36 million to €14.29 million.
The profit takes into account a non-cash depreciation charge of €1.25 million.
The company’s lease expenses fell from €5.2 million to €4.56 million.
Business
Smyths Toys enjoys record revenues of €1.5bn as busi…
Shareholder funds totaled €14 million at the end of last December, including accumulated profits of €13.38 million.
The firm’s cash fund increased from €5.48 million to €6.09 million.
Directors said the main risks and uncertainties facing the business lie with competitive pricing pressures, foreign currency fluctuations, Brexit and the Covid-19 pandemic.
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