Profits halved at Smyths Toys

Smyths Toys, the family-owned toy retailer, had sales of €184 million in the year to the end of March last.

While the company’s sales increased sharply from €113 million in the previous eight-month trading period, profits almost halved.

Pre-tax profits fell to €6.2 million last year from €11.7 million in the previous accounting period.

The main reason for the decrease in profits was administrative expenses, which increased from €20 million to more than ...