Pre-tax profits at the Irish unit of health and wellness retailer Holland & Barrett increased by 13% to €4.22m in 2023.
Accounts filed by Holland & Barrett Ltd with the Companies Office show that the company's profits increased as revenues rose by 13% from €49.8m to €56.29m in the 12 months to the end of September 2023.
The improved performance by the company came amidst Holland & Barrett investing €7m here over 2024 and 2023 including refitting all its Irish stores and new store openings in Cork, Tullamore, and Dublin Jervis Street after customer volumes have grown year on year over the last four years.
By May of last year the company operated 66 stores across the Republic as part of its continuing expansion here.
The expansion included the brand’s first kiosk store designed to support customers on the go at the Jervis Street shopping centre in Dublin.
The kiosk offers cashless purchases on a range of wellness solutions, with the new format curated to showcase the top 1,000 products.
On the 2023 performance, the directors state that "both the level of business and the year-end financial position are in line with expectation".
The directors state that the company that "the management of the business continue to monitor closely the cost base and the movement of the Sterling exchange rate compared to the Euro.
In the year under review, the company opened two new stores and closed one.
A note attached to the accounts states that the Group meets its day-to-day working capital requirements through its operational performance.
It states: "However, throughout the period to 30 September 2025, the Group is undertaking significant investment to transform the business to achieve the strategy. This investment has been funded by the Group’s ultimate owner, LetterOne Investment Holdings SA.
The Irish unit recorded post tax profits of €3.54m in 2023 after incurring a corporation tax charge of €677,000.
A breakdown of revenues shows that €51.09m was generated by Irish stores with €5.19m recorded by franchise and wholesale income which is generated from 12 countries across Europe and Asia.
The profit takes account of non-cash depreciation costs of €1.3m and foreign exchange losses of €546,000.
Numbers employed decreased from 404 to 391 as staff costs increased fm €9.9m to €10.42m.
At the end of September 2023, the company has accumulated profits to €69.2m. The company’s cash funds increased from €882,000 to €2.68m.
Holland & Barrett operates in 19 countries and in 2023, Holland & Barrett International recorded a pre-tax loss of £63.5m as revenues increased by 11% to £806m.
Reporting by Gordon Deegan
