Revenues at Smyths Toys top €1bn across Ireland and UK

business
Revenues At Smyths Toys Top €1Bn Across Ireland And Uk Revenues At Smyths Toys Top €1Bn Across Ireland And Uk
Combined revenues in the Republic, Northern Ireland and Britain last year totalled €1.19 billion. Photo: PA
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Gordon Deegan

Revenues at the Galway-headquartered Smyths Toys across its Ireland and UK operations passed the €1 billion mark for the first time last year.

In a record year for the business, combined revenues at units in the Republic, Northern Ireland and Britain last year totalled €1.19 billion.

New accounts for the firm’s Irish unit, Smyths Toys Ltd, show that its pre-tax profits last year increased by 39 per cent to €4.35 million.

This followed revenues increasing by 3.45 per cent from €210.3 million to €217.56 million.

The business operates 21 stores in the State, showing that the average revenue per store for the year was €10.3 million.

The €217.56 million revenues across the Republic is in addition to revenues of £838.7 million (€973.7 million) generated by its UK and Northern Ireland units last year.

The Ireland and UK revenues concern the operation of 21 stores in the Republic and 115 stores in England, Scotland, Wales and Northern Ireland.

European business

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However, the business also has a substantial store network in continental Europe with 67 in Germany, 17 in Austria and 11 in Switzerland and revenues across the entire group are estimated to exceed €1.6 billion for 2021.

The business has not filed 2021 accounts for its European operations as the company that oversees the business, Smyths Toys EU HQ Unlimited Co, is unlimited and is not required to file accounts.

However, accounts filed for the EU entity for 2020 and 2019 show that it recorded revenues of €475.35 million and €457.36 million in each of those years.

The group's best performing unit last year was its UK business where revenues at Smyths Toys UK Ltd last year increased by £167.9 million or 27 per cent from £620 million to £788 million.

The firm almost doubled its pre-tax profits last year from £9.5 million to £18.11 million on the back of bumper sales of its bestsellers: Lego, Barbie, Nerf Guns, Paw Patrol and My Little Pony toys.

The business is operated by the Smyth family from Co Mayo and three members sit on the board: Anthony Smyth, Liam Smyth and Patrick Smyth. Thomas Smyth resigned as a director on November 1st, 2021.

On the operation of the Irish business last year, the directors said Covid-19 restrictions resulted in store closures from January to May 2021.

“All stores reopened and performed strongly for the remainder of the year,” they said.

Further expansion

On the firm’s future developments, the directors said the company continues to review further appropriate sites to expand the business.

The company recorded post tax profits of €3.7 million after paying corporation tax of €655,000.

Numbers employed across the Irish business last year decreased from 617 to 546 as staff costs reduced from €14.36 million to €14.29 million.

The profits take account of non-cash depreciation costs of €1.25 million.

The company’s lease costs decreased from €5.2 million to €4.56 million.

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Shareholder funds at the end of December last totalled €14 million that included accumulated profits of €13.38 million.

The firm’s cash funds increased from €5.48 million to €6.09 million.

The directors said the principal risks and uncertainties facing the business are competitive price pressures, foreign currency fluctuations, together with Brexit and the Covid-19 pandemic.

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