Sales of best-selling books by Irish authors, Paul Murray, Colm Tóibín and Marian Keyes and rising Dublin airport passenger numbers helped pre-tax profits at the Irish arm of book-seller, WH Smith last year increase by 40% to €6.62 million.
New accounts filed by WH Smith Ireland Ltd show that profits surged as revenues increased by 14% from €53.68 million to a record €61.26 million in the 12 months to the end of August last.
The company – which operates the bulk of its Irish business out of Dublin Airport – benefited from passenger numbers at Dublin airport last year increasing to 33.3m.
A spokesman for Dublin Airport operator, daa said today: “There are a total of 10 WH Smith outlets at Dublin Airport – six full units and four kiosks.”
The WHS Group also operate two InMotion electronics stores at Dublin Airport.
He said: “The contract for the outlets that WH Smith operate is due to finish at the end of 2025 and will go to tender later this year.”
WH Smith also operates two outlets each at Shannon and Cork airports.
The pre-tax profits of €6.62 million at WH Smith Ireland follow pre-tax profits of €4.72 million for the 2023 financial year.
Globally, WH Smith’s ‘travel’ retail shops selling newspapers, books, magazines and stationery made up the large bulk of revenues accounting for 76% or £1.46 billion of a total of £1.9 billion in revenues in the year under review.
Last month, WH Smith sold its 480 strong high street store division to the owner of Hobbycraft in a £76 million deal with the stores to be rebranded to TGJones as WH Smith concentrates on its lucrative travel business.
The accounts disclose that WH Smith Ireland on July 2nd 2024 paid out an initial €5.84 million and a deferred €318,248 to Newsrail Resources Ltd for retail stores at three locations here.
The retailer’s financial performance last year easily topped pre-Covid 19 revenues of €33.2 million in the 12 months to the end of August 2019.
The company last year recorded a gross profit of €40.52 million and distribution costs of €25.7 million in addition to administrative expenses of €8.188m which reduced the firm’s profits of an operating profit of €6.62 million.
The profit also takes account of non-cash depreciation costs of €1.49 million.
The firm recorded post tax profits of €5.78 million after incurring corporation a tax charge of €844,665.
Numbers employed by the company increased from 175 to 193 as staff costs rose from €4.5 million to €5.16 million.
At the end of last August, the firm had accumulated profits of €15.2 million. The firm’s cash funds increased from €1.24 million to €1.37 million.
Reporting by Gordon Deegan
