Monday 26 February 2018

Profits and revenues soar at Boots Ireland

The pharmacy chain’s Irish arm recorded profits of €25.7m
The pharmacy chain’s Irish arm recorded profits of €25.7m

Gordon Deegan

Revenues and profits continued to soar at the Irish arm of Boots last year as the firm recorded pre-tax profits of €25.73m.

Boosted by the opening of four new stores, Boots Retail (Ireland) Ltd's pre-tax profits increased by 27pc to €25.7m in the 12 months to the end of August last year on a like-for-like basis when compared to the prior year.

Revenues also increased by 15pc to €367m on a like-for-like basis compared to 2015.

According to the directors' report, "the company delivered strong performance in the financial year as a result of new store openings in the current and prior period, good retail trading, partially offset by lower disbursement rates".

The directors stated that "our store portfolio was further strengthened with a net four store openings during the year".

At the end of August last, Boots Ireland operated 84 stores and since then has opened new stores at Greystones, Co Wicklow and Tullamore, Co Offaly.

The company's online offering has also enjoyed large growth with receiving an average of 526,000 visits per month compared to 349,000 visits per month in 2015.

The directors state that since year end, there has been a restructure within the leadership team at the company.

Numbers employed last year rose from 1,603 to 1,678 with staff costs last year totalling €66.3m.

Remuneration to directors last year totalled €481,000. The best-paid director received €337,000 in pay made up of remuneration of €208,000; €103,000 in long term incentives and €26,000 in company contributions to defined contribution schemes.

The profit last year takes into account non-cash depreciation costs of €5.7m.

The accounts show that the firm's operating lease rentals last year totalled €23.13m.

Shareholder funds last year totalled €183m, made up of €102.99m in share premium and €80m in accumulated profits.

The cash pile reduced from €8.8m to €4.6m.

The firm's cost of sales totalled €177m while distribution costs totalled €152.25m and administrative expenses came to €12.57m.

Irish Independent

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