Boots’ Irish revenue nears €300m mark for first time

The Irish arm of Boots last year delivered a “strong performance” as revenues approached the €300m mark for the first time.

New accounts from Boots Retail (Ireland) Ltd show that in spite of the revenue increase, the firm last year recorded a slight drop in pre-tax profits of €20m - down from the €20.43m pre-tax profit in fiscal 2013.

The new figures show that last March 31, the company increased revenues by 4.7% from €285m to €298.35m.

The report stated that the company’s store portfolio was further strengthened during the year through four store openings, of which two were relocations, with a further three stores having opened since year end.

The additional three new stores brought the number of Boots stores in Ireland to 77. Workers at Boots earlier this year voted in favour of a 4% wage increase at the firm, secured by the Mandate union.

The first Boots store opened in Ireland in 1996 and the company is now led by chief executive Richard Bradley, who took up his post in October 2013.

The accounts show that the company’s operating profits last year declined from €20.57m to €19.95m. The firm’s performance was helped last year by net interest payments received of €40,000 that followed interest payments paid out of €143,000 in the prior year.

The profit last year takes account of non-cash depreciation costs of €5.6m and amortisation costs of €4m.

The firm’s spend on operating leases for land and buildings last year increased from €21.5m to €23m.

Numbers employed last year increased marginally from 1,427 to 1,528, with staff costs increasing from €52.69m to €55.15m. Cost of sales last year increased from €144.6m to €148.1m.