Sales of best-selling books by Irish authors Joseph O'Connor, Sally Rooney and Claire Keegan and record Dublin airport passenger numbers helped pre-tax profits at the Irish arm of book-seller WH Smith last year increase by 13% to €7.47m.
New accounts filed by WH Smith Ireland Ltd show that pre-tax profits surged as revenues increased by 15% from €61.26m to €70.61m 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 by 5% to a record 36.43m.
In the year under review at Dublin Airport, WH Smith operated a total of 10 WH Smith outlets there - six full units and four kiosks.
The WHS Group also operates two InMotion electronics stores at Dublin Airport.
WH Smith also operates two outlets each at Shannon and Cork airports.
Revenues were boosted by the Irish arm of WH Smith enjoyed the full 12 month impact of its July 2nd 2024 purchase of Newsrail Resources Ltd.
In July 2024, WH Smith Ireland paid out an initial €5.84m for Newsrail Resources Ltd and a deferred €318,248 for retail stores at three locations here.
The pre-tax profits of €7.47m at WH Smith Ireland follow pre-tax profits of €6.62m for the 2024 financial year.
According to the directors on the firm's going concern and future developments, they state that "a significant lease expires in June 2026 and is critical to its continued operation"
They state that at the date of signing of the financial statements on February 23, a formal lease in respect of future periods has not been signed "however, the company has been informed that they have been successful in its tender and anticipate signing these leases before June 2026".
Globally, WH Smith last year recorded revenues of £1.55 billion.
The Irish unit last year recorded a gross profit of €46.74m and distribution costs of €31.9m in addition to administrative expenses of €7.36m reduced the firm's profits of an operating profit of €7.47m.
The profit also takes account of non-cash depreciation costs of €2.26m and non-cash amortisation of intangible assets of €327,481.
The firm recorded post tax profits of €6.34m after incurring corporation a tax charge of €1.13m.
Numbers employed by the company increased from 193 to 221 as staff costs rose from €5.16m to €6.14m.
The firm did not recommend the payment of a dividend.
At the end of last August, the firm had accumulated profits of €21.54m. The firm's cash funds decreased from €1.37m to €1.2m.
Reporting by Gordon Deegan
