Smyths Toys stores in Northern Ireland witnessed a hike in their pretax profits last year, due to an almost 3% rise in turnover, reaching £57.6 million (€68.8 million). This was partly attributed to a growth in customer visits to the stores. The profitability information was revealed in accounts submitted by Smyths Toys NI Ltd, which supervises the operations of seven toy stores in Northern Ireland.
Pretax profits were reported at a substantial £1.44 million, marking an uplift by 28%. Even though the total cost of sales soared by 3.4%, the overall growth in turnover, calculated at £1.5 million, ensured gross profit levels maintained nearly constant, at around £8.6 million, contrasting with the previous year’s figure of roughly £8.7 million. Operating profit also saw a slight increase from £1.1 million in 2022 to about £1.2 million.
Company directors, Anthony Smyth, Patrick Smyth, and Thomas Smyth responded positively to these results, stating their satisfaction considering the prevailing business environment and market competition.
Within the financial year, a £1 million dividend was declared and settled intercompany, showing a decrease in comparison to the £2 million dividend from 2022, and an increase from 2021 when no dividend was paid.
The company, which had an average workforce of 210 in 2023, demonstrated its ongoing efficiency, cost management, and operational effectiveness. The corporation’s net assets swelled from the previous £2.2 million to £2.3 million by the end of 2023.
Originating as a small offshoot of the Smyth’s family newsagents and toy shop in Claremorris, Mayo in the late ’80s, Smyths Toys now has a significant presence across several countries including Ireland, Britain, France, the Netherlands, Germany, Austria, and Switzerland, with headquarters located in Galway.
Recent accounts for Smyths Toys UK Ltd, indicate a last year’s increase in revenue by 3% totaling a record £938.7 million in 120 stores throughout England, Scotland, and Wales. The operating profit concurrently rose by 4% to £20.3 million. Unfortunately, the Smyth’s family lost one of its key members, Liam Smyth, in July 2023.