Strong sales across retail and pharmacy business see revenue at Boots' Irish arm top €580m
Strong sales performances across both retail and pharmacy segments saw revenue at the Irish arm of Boots rise by almost 10% in 2024.
Newly filed accounts by Boots Retail (Ireland) Ltd show the company's revenue rose to more than €580m in the 12 months to August 2024, underpinned by strong sales across its business operations, which helped partially offset a rise in administrative and distribution costs.
The company, which now operates 95 stores across the Republic following the opening of a new outlet last year, saw its operating profit rise by more than 3% in the year, increasing to almost €40m.
Revenues from the retailer's pharmacy business, which accounts for 12.6% of its total sales, rose by more than 10% in the 12 months, largely helped by volume growth deriving from Government schemes and service growth due to the rise in demand for vaccine services.
Meanwhile, its retail business, which comprises the remaining 87.4% of the company's total sales, rose my 9.6% in the same period, underpinned by strong growth in online sales.
The firm recorded an after-tax profit of €31.4m, up by more than 5% annually, after incurring a corporation tax charge of €6.3m.
The average number of full-time employees working across Boots' Irish division rose slightly to 1,668, up from 1,630 in the previous 12 months, with total staff costs in the period rising by 7% to €77.2m.
Remuneration paid to directors last year rose marginally to €1.05m, with the highest paid director receiving €491,000, made up of €352,000 in pay, €103,000 under long-term incentive schemes and €36,000 in pension contributions.
Noting the series of risks facing the business, the report cited global cost pressures which have been exacerbated by the ongoing conflict between Russia and Ukraine, leading to "high inflation rates in the Republic of Ireland and globally."
The director's added that the impact of Brexit on the business had stablilised, although management "continues to monitor any further developments."
Shareholders' equity in the 12 months increased by 1.2% following a decrease in 2023, rising to €134.5m as a result of higher after-tax profit which was partially offset by the dividend paid in the year of almost €30m.
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