Best-selling books by Irish writers, Paul Lynch, Paul Murray and Claire Keegan helped the Irish arm of retailer WH Smith to record sales last year of €53.68m.
New accounts show that WH Smith Ireland Ltd recorded pre-tax profits of €4.72m as revenues surged by 50% from €35.76m to €53.68m in the 12 months to the end of August last.
The pre-tax profits of €4.72m were 6% down on the pre-tax profits of €5.04m for the 2022 financial year though the 2022 profits were skewed by other operating income of €671,424.
The retailer also benefited from a 15% jump in passenger numbers to 31.9 million at Dublin airport during the 12 months of 2023.
Globally, WH Smith's "travel" retail shops selling newspapers, books, magazines and stationery made up the large bulk of revenues accounting for 74% or £1.3 billion of a total of £1.79 billion in revenues in the year under review.
At the Irish unit, the pre-tax profits of €4.72m last year and €5.04m in 2022 mark a dramatic turnaround in the company's fortunes post Covid-19 when during air travel restrictions during fiscal 2021 and 2020 decimated the UK headquartered retailer's business here resulted in pre-tax losses of €3.38m and €2.36m.
The business also benefited from strong sales performance in 2023 by Irish novelists, Booker prize winning, Paul Lynch, Paul Murray for his award-winning The Bee Sting and Claire Keegan's general catalogue.
The revenues of €53.68m at WH Smith Ireland last year are almost 10 times the revenues of €5.49m in the 12 months to the end of August 2021.
The retailer’s financial performance last year also easily topped pre-Covid 19 revenues of €33.2m in the 12 months to the end of August 2019.
The company last year recorded a gross profit of €30.4m and distribution costs of €25.13m in addition to administrative expenses of €538,599 reduced the firm's profits of an operating profit of €4.72m.
The profit also takes account of non-cash depreciation costs of €910,206.
The firm recorded post tax profits of €4.11m after incurring corporation a tax charge of €619,014.
Reporting by Gordon Deegan
