The Irish arm of bookseller Waterstones, which owns Hodges Figgis in Dublin, recorded a pre-tax profit of €994,000 last year on the back of revenues totalling €12.8 million.
New figures just filed with the Companies Office show that Waterstones Booksellers Ireland Ltd posted an operating profit before exceptional items of €669,000 in the 12 months to the end of April 26 last, down from €1 million in 2013.
The figures show that the bookseller’s revenues declined by 7.8 per cent from €13.9 million in 2013 to €12.8 million last year, resulting in a pre-tax profit of €994,000. This compares to a pre-tax profit of €1.2 million in 2013.
The company’s cost of sales last year totalled €11.9 million.
The directors said the principal risks to the company were the seasonality of the business, with Christmas performance key to annual profitability. The directors recommended that no final dividend be declared.
The company is part of the Waterstones group which operates a chain of bookshops in the UK, Belgium and the Netherlands.
The British-based Waterstones group was acquired by A&NN Capital Fund Management Ltd, from HMV for £53 million on a debt and cash-free basis in 2011.