Boots Ireland profits up 12% to €17.8m

The expanding Irish arm of UK pharmaceutical retail giant Boots last year increased its pre-tax profits by 12% to €17.8m.

Returns just lodged with the Companies Registration Office show that Boots Retail (Ireland) Ltd increased the size of its business by 3% from €267.2m to €275.7m in the 12 months to the end of March 31 last year.

At year end, Boots Ireland operated 71 stores across the country. The directors state that “13 new stores were added during the year reflecting our strategy to significantly expand our presence”. The first Boots outlet in Ireland opened in 1996.

The company’s operating profit increased by 11% from €16m to €17.8m during the year. The figures show the company paid a dividend of €14.6m last year, compared to €11m in fiscal 2011.

The company — whose parent is Alliance Boots — increased the numbers it employed last year from 1,371 to 1,424 with staff costs increasing from €49m to €51m.

At the end of last year, the company had accumulated profits totalling €12.9m that contributed to shareholder funds totalling €115.9m. The company’s cash at the end of January last year totalled €2.7m.

The figures show the company recorded the pre-tax profit after taking accounting of non-cash depreciation and amortisation costs totalling €8.7m. The tax bill was €2.1m.

Last year, the company continued to reduce its cost. Sales decreased from €133m to €129.4m but the company’s gross profit increased from €134m to €146m.

The figures show the company’s combined selling, distribution and administrative expenses increased from €118.1m to €128.4m.