According to accounts filed with the Companies Office, the company’s profits increased in line with a 13% rise in revenue, which grew from €49.8 million to €56.29 million in the 12 months leading up to September 2023.

The company’s improved performance came as Holland & Barrett invested €7 million in its Irish operations over 2023 and 2024. This investment included the refitting of all Irish stores and the opening of new locations in Cork, Tullamore, and Dublin’s Jervis Street, following four consecutive years of customer volume growth.

By May 2023, the company operated 66 stores across the Republic as part of its ongoing expansion. This included the launch of its first kiosk store at Dublin’s Jervis Street shopping centre, designed for customers on the go. The kiosk offers cashless purchases and features a curated selection of the top 1,000 wellness products.

Reflecting on the 2023 performance, the company’s directors stated that “both the level of business and the year-end financial position are in line with expectations.” They also noted that management continues to monitor costs and the exchange rate between sterling and the euro.

During the year, the company opened two new stores and closed one.

A note in the accounts indicates that the Group meets its day-to-day working capital needs through operational performance. However, significant investment is planned through September 30, 2025, as part of a broader transformation strategy. This investment is funded by the Group’s ultimate owner, LetterOne Investment Holdings SA.

The Irish unit reported post-tax profits of €3.54 million in 2023 after accounting for a corporation tax charge of €677,000.

A breakdown of revenues shows that Irish stores generated €51.09 million, while €5.19 million came from franchise and wholesale income across 12 countries in Europe and Asia.

The profit figures factor in non-cash depreciation costs of €1.3 million and foreign exchange losses of €546,000.

Despite a reduction in staff numbers from 404 to 391, staff costs increased from €9.9 million to €10.42 million.

As of September 2023, the company had accumulated profits of €69.2 million, with cash reserves rising from €882,000 to €2.68 million.

Holland & Barrett operates in 19 countries. In 2023, its international division reported a pre-tax loss of £63.5 million, despite an 11% increase in revenues to £806 million.