Profits of Smyths Toys rise to €5.3m in Republic

Profits of Smyths Toys rise to €5.3m in Republic

New accounts for Smyths Toys Ltd show pre-tax profits rose to €5.3m, as revenues climbed to €266.6m.

The Smyth family opened their first toy store in Galway more than 30 years ago and now has stores across the whole of Ireland, in Britain, and also in the Netherlands, Germany, Austria and Switzerland.

Total group revenues across the group rose to €1.38bn last year, as revenues soared with the lifting of the pandemic restrictions.

Smyths Toys Ltd paid out dividends of €12m in the year and said trading was good, “particularly given the current economic climate and the competitive marketplace”.

The business is currently heading into its busiest time of the year in the run-up to Christmas.

Staff numbers in Ireland increased to 703 people from 546 in the previous year, as staff costs increased to €17.4m from almost €14.3m.

The Smyths Toys Ltd accounts show it had operating lease costs of €3.3m and held accumulated profits of €5.9m.

Smyths Toys UK Ltd, which has stores in England, Scotland, and Wales, posted an increase of 8% profits to almost £19.5 (€22.5m), where it employs 3,305 people at 113 outlets.

Revenues across Europe increased sharply last year after it bought PicWic Toys in France, where it now has 41 stores. It also has three shops in the Netherlands.

The firm’s German business has also opened three new stores in the year and now has 70 outlets. It also has 17 outlets in Austria and 11 shops in Switzerland.

The business is operated by the Smyth family, from Co Mayo.

Family member and one of the directors of the business, Liam Smyth died in July at the age of 60.

Would you like a lunchtime summary of content highlights on the Irish Examiner website? Delivered straight to your inbox at 1pm each day.