WH Smith Irish arm profits lift to €2.45m

WH Smith Irish arm profits lift to €2.45m

By Gordon Deegan

The Irish arm of W H Smith more than doubled pre-tax profits to €2.45m last year as it tapped record numbers of passengers going through Dublin Airport

New accounts show that the company booked a 120% increase in pre-tax profits as sales rose 7% to €28.8m in the 12 months to the end of August.

It has a number of outlets at Dublin Airport, as well as at Shannon Airport where it opened its first two outlets almost 10 years ago. Its rental payments increased marginally to €6.17m in the year.

Staff numbers rose from 150 to 163, and staff costs increased from €2.8m to €3m. The new accounts disclose the company paid a dividend of €2.5m to its British parent, in October 2016.

The profit last year takes account of non-cash depreciation costs of €511,717. Its cash pile increased from €3.3m to €3.5m.

The firm increased its gross profit from €12.73m to €15.7m after the firm’s cost of sales declined from €14.13m to €13m.

After incurring a tax charge of €301,314, the firm booked a post-tax profit of €2.14m.

The company’s distribution costs ran out at €12m and it paid €1.184m in administrative expenses.

The strong performance by WH Smith offers further confirmation that UK booksellers are benefiting from expanding into Ireland.

Earlier this year, Waterstones Ireland reported that last year it increased its pre-tax profits by over 31% to €2.48m.

The increase in profits at Waterstones Booksellers Ireland Ltd came in spite of revenues sliding by 5% to €13.47m in the 12 months to the end of April 2017.

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