An increase in income from Covid-19 testing and vaccinations last year contributed to the Irish arm of Boots reporting record revenues of €433.37m.
That is according to new accounts filed by Boots Retail (Ireland) Ltd which show that pre-tax profits increased by 4.4% to €24.9m on the back of the record revenues.
The accounts show that revenues surged by €55.97m or 15% from €377.68m to €433.37m in the 12 months to the end of August last.
Revenues were boosted by a 105% year on year increase in online sales while the directors state that pharmacy sales increased by 21.1% and "strengthened primarily as a result of an increase in Covid-19 testing and vaccinations".
The directors also attribute the rise in pharmacy sales due to increased footfall in stores as a result of improved product offering.
Last year, Boots increased the number of its stores from 89 to 90.
The company last year paid out a dividend of €20.83m and this followed a dividend payout of €23.19m in fiscal 2020.
The firm's sales are made up of 86.6% retail and 13.4% in pharmacy.
Retail revenue increased by 15% "mainly due to gaining market share as a result of some competitors going out of business and improved product offering," the company said.
On the 2021 fiscal performance, the directors stated that the lifting of Covid-19 restrictions by the fourth quarter saw a recovery in footfall along with an associated upturn in retail sales and gross margin.
The directors stated that during the year and particularly in the first half of the year, Boots Ireland continued to experience certain negative impacts of Covid-19 as a result of further restrictions including an adverse impact on sales particularly in major high street and airport locations.
Numbers employed by the Boots Ireland operation last year increased from 1,657 to 1,706. Staff costs increased from €64.09m to €71.22m.
The firm last year did not avail of Government Covid-19 wage subsidy payments after receiving €3.4m in the prior year.
Directors' pay last year totalled €633,000 and the remuneration of the highest paid director totalled €256,000 including pension payments of €30,000.
The company last year recorded post tax profits of €21.79m after paying corporation tax of €3.1m.
At the end of August last, the company's shareholder funds totalled €124m. The company's accumulated profits totalled €21.79m.
The company’s cash funds decreased from €7.7m to €5.15m, today's figures show.
