Smyths Toys sees turnover decline but directors enjoy dividend

Turnover and profits declined at Smyth Toys stores in the Republic last year on the back of Covid-related shop closures. However, directors enjoyed a €10 million dividend that was paid out shortly before the coronavirus pandemic hit the Irish economy.

This comes on top of a £31 million (€36.1 million) dividend from the group’s UK stores.

Revenues at the Irish operation declined by €9.7 million in 2020 to €210.3 million as profits fell by €1.4 million to €2.6 million, according to accounts for Smyths Toys Ltd.

Directors said Galway-headquartered Smyths Toys Limited, which operates 21 stores locally, has been impacted by the Covid crisis but that all retail units were trading strongly since reopening.

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The company employed 617 people in the Republic last year with staff costs totalling €14.3 million. Smyths said it availed of the State’s Temporary Wage Subsidy scheme (TWSS) during 2020, but did not disclose how much it had received.

This is the first time Smyths Toys has revealed financial figures for the Irish business, having previously been an unlimited company. It changed its status to that of a limited company in January 2021.

The toy giant is owned by the low-key Smyth family from Mayo. The majority of the group's revenues derived from Britain, where it has had stores since the mid-2000s.

Combined revenues at the British and Northern Ireland units last year totalled £666.5 million (€780.6 million), down by £1.3 million from the £667.8 million recorded in 2019.

Smyths Toys operates 106 stores across Britain and seven in Northern Ireland. It employs more than 2,000 people at these outlets.