Happy toy story as Smyth's profits soar
Published 09/10/2015 | 02:30
Sales of Power Rangers and 'Frozen' dolls helped family-owned Irish toy-seller Smyth's enjoy a 34pc rise in pre-tax profits in its UK and Northern Ireland operations last year.
New figures show that the Galway-headquartered firm saw massive growth in 2014 in the UK and NI with sales climbing to £288m (€391m) on the back of new store openings.
Pre-tax profits rose to £4.3m (€5.8m). The firm entered the UK market in 2007 and its business has grown exponentially in the UK since then.
The firm is Ireland's largest toy retailer and the extent of its profits and revenues here are not available as the firm has unlimited status in Ireland.
However, based on an average annual revenue per store of €6m for the firm's 64 UK and Northern Ireland stores, revenues for the 22 Smyth's outlets in the Republic would be around €132m, making the group a €523m-a-year business. The business is led by the four low-profile Smyth brothers, Anthony, Liam, Patrick and Thomas.
Accounts just filed with Companies House in the UK for Smyths Toys UK Ltd show that the business record pre-tax profits of £3.8m as revenues jumped by 38pc from £185.78m to £256m.
The directors said they "are very pleased with the increase in profit".
The directors stated that the 38pc increase in sales was boosted by the opening of nine new stores in the UK last year and sales growth in its existing stores.
Numbers employed by the UK and Northern Ireland units increased by 322 from 1,070 to 1,392 with staff costs increasing to £19m.