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Smyths Toys UK operation reports record €737m revenues in 2019

New accounts filed by Smyths Toys UK show that the toy retailer saw revenues at operations in Britain and Northern Ireland increase to a record €737 million in 2019.

The Irish Times reported that sales at the company increased 7% from £581 million to £622.6 million in 2019, while sales at the Northern Ireland arm totalled £45.19 million resulting in combined revenues of £667 million (€737m).

The company operates 104 stores in England, Scotland and Wales and an additional seven in the North, where pretax profits for 2019 totalled £904,000.

The accounts confirm that the British company declared a dividend of £31 million in February 2020, with this following a dividend of £9 million in 2019.

Pretax profits declined by 14% to £12.48 million in 2019 as the retailer continued to expand further in Britain. The company spent £19 million on the purchase of property in 2019, following a spend of £14 million in 2018.

On the impact of COVID-19, the directors say that up to March 2020 the company had been performing strongly.

Based on company forecasts and a range of different scenarios, the directors stated that they are satisfied that with the current levels of reserves, utilising available government supports and tight cost-control measures for the period of the pandemic, the company can sustain its operations in the current volatile environment.

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