Smyths Toys declares €44.39m dividends for 2020
THE Smyths Toys retail empire recorded sales of almost €1bn across Ireland and the UK in 2019.
New accounts filed by the Galway-headquartered Smyths Toys Unlimited showed stores in the Republic recorded revenues of €220m in 2019.
This follows separate accounts for the company’s Northern Ireland and UK entities earlier this week confirming combined revenues of €737m for 2019.
The revenues for the three companies total a record
Prior to Covid the firm was performing strongly
22pc to €4.4m in 2019.
The drop in profit followed revenues declining by 3pc to €220m from €226.9m.
The company operates 21 stores in the Republic, showing average store revenues of €10.47m – or just over €200,000 per week for 2019.
The Irish operation’s workforce increased by 17 to 641 in 2019 as staff costs increased marginally from €14.3m to €14.4m. The company’s opening lease costs totalled €6.8m and non-cash depreciation costs came to €1.6m.
On the impact of Covid-19, the directors said that up to March 2020 the company had been performing strongly.
The directors said the company operated at a reduced capacity to June 2020 before reopening.
The company’s bricks-andmortar stores are closed once more in Level 5 restrictions but the business continues to sell online.
On the group’s future developments, the directors said the company continues to review further appropriate sites to expand the business.
It is led by the four Smyth brothers – Anthony, Liam, Patrick and Thomas – and pay to directors is paid by another Smyths Toys entity.
The firm’s accumulated profits in 2019 decreased to €17m after the dividend payout.