Expansion costs at the Irish arm of health food retailer, Holland & Barrett last year contributed to pre-tax profits decreasing by 7% to €5.48m.
The retailer increased the number of its Irish-based stores from 50 to 52 and this contributed to revenues – for the 12 months to the end of September - increasing by 10% to €33m.
According to the directors’ report section of the latest accounts, both the level of business and the year-end financial position, of the Irish subsidiary, “remain satisfactory”.
Holland & Barrett is Europe’s leading retailer of vitamins, minerals and herbal supplements and operates a total of 620 stores in Ireland and the UK.
The Irish firm’s earnings before interest tax, depreciation and amortisation (EBITDA) last year totalled €4.3m compared to €4.8m in 2015.
As part of the firm’s expansion here last year, the company opened a new warehousing facility in Dublin to cater for the expansion of the company, facilitating deliveries North and South.
Numbers employed by the Irish business increased from 236 to 277, with staff costs going up from €5.23m to €6.59m.
The Irish division’s accumulated profits increased from €27m to €31.86m, with its cash pile jumping from €793,000 to €1.88m.
The company recorded a post-tax profit of €4.76m following a corporation tax bill of €717,000.
Directors’ pay increased marginally from €112,000 to €119,000.
The business is a subsidiary of the UK-based Holland & Barrett Holdings, but is ultimately controlled by the US-based Carlyle Group.
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