Combined revenues at the British and Northern Ireland units of Galway-headquartered retail toy giant Smyths Toys last year totalled £666.56 million (€780.35 million).
According to new accounts filed by Smyths Toys UK Ltd and Smyth’s Toys NI Ltd, combined revenues decreased only marginally, by £1.3 million from £667.874 million to £666.56 million, despite the Covid-19 shutdown on its bricks-and-mortar store network during part of 2020.
The accounts for Smyths Toys UK Ltd show the company’s pre-tax profits last year decreased by 24 per cent from £12.48 million to £9.5 million. This followed revenues decreasing from £622.8 million to £620 million.
The directors state the company’s store network had to close again this year from January to April due to Covid-19 but that since reopening, all stores “are performing strongly”.
The directors said they were “pleased” with the 2020 performance, “particularly given the current economic climate, the competitive marketplace and the outbreak of Covid-19”.
The UK company last year paid out a dividend of £31 million.
Numbers employed at the firm last year increased by 92 from 2,809 to 2,901 and staff costs reduced from £44.8 million to £42.66 million.
Expansion of operations
Smyths Toys operates 106 stores across Britain, seven in Northern Ireland, and 21 in the Republic of Ireland, along with a number of stores across Europe. The directors say “it is envisaged that further expansion will occur in the UK market in the coming years”.
Pre-tax profits at the Northern Ireland unit reduced by 22 per cent to £703,000 as revenues increased by 3 per cent from £45.19 million to £46.47 million.
The profits for the UK operation take account of non-cash depreciation costs of £12.66 million.
The company’s lease costs reduced from £30.3 million to £27.9 million. The firm last year recorded post-tax profits of £7.07 million after paying corporation tax of £2.43 million. Shareholder funds at the end of December last totalled £20.28 million.
