Profits give Holland & Barrett healthy outlook
PRE-TAX profits at the Irish arm of health and wellness retailer Holland & Barrett last year almost doubled to €7.18m.
This followed revenues at the company increasing by 26.6pc from €35.1m to €44.4m in the 12 months to the end of September last.
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The increase in pre-tax profits from €3.79m to €7.18m followed the business expanding further last year, opening nine new stores and closing one.
The directors state that "both the level of business and financial position remain satisfactory". The business now has 62 stores. A new warehousing facility in Dublin opened last year to cater for the company's expansion by facilitating deliveries to stores on both sides of the Border. The business was earlier this year involved in the campaign to stop the Revenue Commissioners applying a 23pc Vat rate to all health food supplements.
The health food store industry was successful in the Revenue not proceeding with the plan in March. The proposed increase is now subject to a Department of Finance consultation process, due to conclude on May 24.
At the end of June last, the company had accumulated profits of €41.3m. The firm's cash pile increased from €5.08m to €7.5m. The company's non-cash depreciation costs totalled €1.19m and the increase in stores contributed to the company's lease costs increasing from €5.03m to €5.8m. Numbers employed at the business increased from 294 to 324, with staff costs increasing from €7.76m to €8.53m.