Smyths Toys reports £ 666.5million in UK and NI sales
Last year, the combined turnover of the UK and North Irish units of Galway-headquartered toy retail giant Smyths Toys was £ 666.56million ( € 780.35 million).
According to new accounts filed by Smyths Toys UK Ltd and Smyth’s Toys NI Ltd, combined revenue fell only slightly by £ 1.3million from £ 667.874million to £ 666.56million, despite the closure of Covid-19 on its network of brick-and-mortar stores during part of 2020.
Smyths Toys UK Ltd’s accounts show the company’s pre-tax profits fell 24% last year, from £ 12.48million to £ 9.5million. This follows a drop in revenue from £ 622.8million to £ 620million.
Managers say the company’s store network had to close again this year from January to April due to Covid-19 but since reopening all stores “are performing very well.”
The directors said they were “satisfied” with the performance of 2020, “particularly given the current economic climate, the competitive market and the Covid-19 epidemic”.
The UK company paid a dividend of £ 31million last year.
Last year the number of employees at the company increased by 92 from 2,809 to 2,901 and personnel costs were reduced from £ 44.8million to £ 42.66million .
Expansion of operations
Smyths Toys operates 106 stores in Great Britain, seven in Northern Ireland and 21 in the Republic of Ireland, as well as a number of stores in Europe. The directors say that “it is envisaged that further expansion will take place in the UK market in the coming years”.
The Northern Ireland unit’s pre-tax profits fell 22 percent to £ 703,000 while income rose 3 percent to £ 45.19million to £ 46.47million.
UK operating profits include non-cash depreciation costs of £ 12.66 million.
The company’s rental costs fell from £ 30.3million to £ 27.9million. Last year the company recorded after-tax profits of £ 7.07million after paying a corporate tax of £ 2.43million. At the end of last December, shareholders’ funds stood at £ 20.28million.