Watches of Switzerland sees income surge 181% in FY outcomes

Watches of Switzerland has reported a 181% rise in income earlier than tax to £20.1m, in its first set of outcomes after the corporate was floated on the London Inventory Trade.

For the yr ending 28 April 2019, the group additionally revealed its revenues surged by 22.5% to £773.5m throughout the interval, and like-for-like gross sales within the UK jumped by 10%. It’s luxurious watch income elevated by 28.three% to £631.4m, and luxurious jewelry like-for-like gross sales had been up three%.

Moreover, the retailer delivered seven new showrooms throughout the interval together with two flagship showrooms and the refurbishment of 11 others.

The success of the latest inventory floatation, which values the corporate at round £650m, noticed workers from the Watches of Switzerland Group at shops throughout the UK and US obtain a £1,000 bonus as a thanks.

The Watches of Switzerland Group CEO, Brian Duffy, stated: “I’m delighted that the group’s five-year transformation has culminated in a profitable IPO on the London Inventory Trade in June this yr and I want to thank all our colleagues for his or her large contribution to that achievement. FY19 has been a incredible yr for The Watches of Switzerland Group.

“We have now continued our trajectory of robust, worthwhile development in our core markets of the UK and the US with a rise in gross sales of 23% throughout the yr.”

He added: “Present buying and selling stays encouraging and we’re assured of assembly the board’s expectations for the monetary yr ending April 2020. We’re properly positioned to ship on our technique and look ahead to attaining continued development within the yr forward.”