Watches of Switzerland sees profits surge 181% in FY results

Watches of Switzerland has reported a 181% rise in profits before tax to £20.1m, in its first set of results after the company was floated on the London Stock Exchange.

For the year ending 28 April 2019, the group also revealed its revenues surged by 22.5% to £773.5m during the period, and like-for-like sales in the UK jumped by 10%. It’s luxury watch revenue increased by 28.3% to £631.4m, and luxury jewellery like-for-like sales were up 3%.

Additionally, the retailer delivered seven new showrooms during the period including two flagship showrooms and the refurbishment of 11 others.

The success of the recent stock floatation, which values the company at around £650m, saw staff from the Watches of Switzerland Group at stores across the UK and US receive a £1,000 bonus as a thank you.

The Watches of Switzerland Group CEO, Brian Duffy, said: “I am delighted that the group’s five-year transformation has culminated in a successful IPO on the London Stock Exchange in June this year and I would like to thank all our colleagues for their huge contribution to that achievement. FY19 has been a fantastic year for The Watches of Switzerland Group.

“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.”

He added: “Current trading remains encouraging and we are confident of meeting the board’s expectations for the financial year ending April 2020. We are well positioned to deliver on our strategy and look forward to achieving continued growth in the year ahead.”