Watchfinder losses hit £12.6m in FY24
Sales for the retailer dipped from £101m in 2023 to £93m during the period
Watchfinder has reported a pre-tax loss of £12.6m during the year ended on 31 March 2024.
Sales for the retailer dipped from £101m in 2023 to £93m during the period as the group admitted that a “difficult” economic environment impacted its trading.
According to accounts filed at Companies House, the company’s UK turnover fell from £87m to £79.4m and from £6.2m to £3.6m in Europe.
A statement from the board of directors said: “Despite a challenging trading year, we have maintained our position as the market leader for luxury pre-owned watch sales in the UK.
“For the coming year, the board of directors for the group will continue to elevate the brand positioning, enhance brand awareness and develop its presence further in key locations around the world and will look at continuing to expand the business in the UK through a combination of e-commerce and physical retail presence.”
The company was founded in 2002 and was acquired by Richemont in 2018.