Strong sales in Ireland boost profits at Boots by 12%

Network of 87 branches sees pre-tax profits of Irish arm of UK pharmacy rise to €24.1m

Bernadette Lavery, MD Boots Ireland

Bernadette Lavery, MD Boots Ireland

 

The Irish arm of pharmacist Boots last year delivered pre-tax profits of €24.1 million – a 12 per cent increase on the previous year – as revenues rose 2 per cent to €386.19 million in the 12 months to the end of August 31st last.

According to the directors’ report for Boots Retail (Ireland) Ltd, the company delivered a strong performance in the financial year as a result of strong pharmacy volumes partially offset by the impact of storms and snow.

The new accounts show the Irish company paid out a dividend of €98.7 million last year.

Bernadette Lavery, managing director of Boots Ireland, said: “Since our first store opening in 1996, we have grown our footprint in Ireland and we now employ over 2,000 colleagues.”

Last year, Boots Ireland opened one new store at Claremorris, Co Mayo, relocated one store at Wexford and had 87 stores in operation at the end of August last.

The business’s operating profit increased by 13 per cent to €23.7 million and the operating profit margin of 6.1 per cent was driven, according to the directors, by volume growth and improved margin through cost control.

Staff costs at the company last year totalled €65 million.

The company’s cost of sales increased from €171 million to €172.16 million as distribution costs went up from €165 million to €170.43 million. Administrative costs reduced from €21.2 million to €19.8 million.