Watches of Switzerland Group reports strong growth in full year profits
Watches of Switzerland Group has seen its pre-tax profits jump by 181% to £20.1 million in the year to 28 April.
Revenue climbed by 22.5% to £773.5 million as like-for-like sales rose by 10% in the UK.
Watches of Switzerland chief executive Brian Duffy said the year had been fantastic for the group. He added: “We have continued our trajectory of strong, profitable growth in our core markets of the UK and the US with an increase in sales of 23% during the year. Current trading remains encouraging and we are confident of meeting the board’s expectations for the financial year ending April 2020.”
The company had particularly strong sales in the luxury watch category where they increased by 28.3% to £631.4 million to account for 82% of revenue.
Watches of Switzerland Group made its debut on the London Stock Exchange last month. Its retail brands include Goldsmiths, Mappin & Webb, Watches of Switzerland and Mayors.
The company said trading in the first 11 weeks of the new financial year had been encouraging.
Duffy said: “We are the UK’s leading luxury watch retailer, hold a growing position in the US market, and operate in a highly attractive market in which demand for luxury watches generally outstrips supply. We are well positioned to deliver on our strategy and look forward to achieving continued growth in the year ahead.”
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