Covid causes Irish arm of WHSmith to lose €11.5m in revenue

Revenues dropped last year to €5.49 million, whereas in 2019 revenues amounted to €33.29 million

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19 April 2022 | 0

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Due to the impact of Covid-19 on international business, the Irish arm of WHSmith suffered a €11.5 million, or 68%, hit to revenues last year.

With a large portion of WHSmith’s Irish business situated at Dublin Airport, directors said in notes with the company’s accounts that Covid-19 had affected trade throughout the year.

New accounts filed by WHSmith Ireland Ltd showed pretax losses of €3.38 million in the 12 months to the end of last August – an increase  of 43% on the pretax losses of €2.36 million during the prior year.

Revenues declined from €17 million last year to €5.49 million. This compared with revenues of €33.29 million in 2019. The Irish Times reports that numbers employed in the business more than halved from 133 to 56.

“Management focused on initiatives within its control that have supported the group in the immediate term and put the group in a good position to emerge operationally stronger as our markets continue to recover,” the directors said.

The accounts also show the business received €767,387 in government Covid-19 wage subsidy scheme payments last year, following €325,389 in Covid-19 wage supports in 2020.

 

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