Leicester’s Watches of Switzerland Group has achieved another record year, with a jump in revenue and profit.
According to results for the 52 weeks to 30 April 2023, group revenue hit £1.54bn, up from £1.23bn in the year prior. Meanwhile the company’s operating profit grew to £179m from £142m.
Watches of Switzerland Group noted that although the second half of the year saw a more challenging trading environment, luxury watch demand remained strong and continues to exceed supply.
Brian Duffy, Chief Executive Officer, said: “Our record performance is testament to our unique combination of longstanding luxury brand partnerships, dedicated colleagues focused on delivering exceptional client service, and our well-invested network of showrooms, which are supported by leading multi-channel capabilities.
“Luxury watch demand remains strong and continues to outpace supply, with our client registration lists extending and average selling prices growing.
“We have been busy expanding our international network of showrooms, adding a total of 28 across the UK, US and Europe, whilst also upgrading a further 13 showrooms, including the rollout of our Goldsmiths Luxury format.
“Our Xenia Client Experience Programme, which we have now introduced across our business, elevates our client service proposition even further, taking inspiration from the world of luxury hospitality.
“We take great pride in doing what we can to care for our people, our communities and our planet, and are pleased to have achieved an MSCI ESG Rating of AAA in recognition of our ESG credentials.
“We start the new financial year with some great projects, with the opening of our Watches of Switzerland showroom at American Dream in New Jersey, upgrading and relocating our Mayors showroom in Dadeland Florida, the first opening of our new Mappin & Webb contemporary showroom design, and five mono-brand boutiques in the UK and Europe including our first showroom in Germany.
“We reiterate our guidance for FY24 which reflects our continued confidence in the strength of our organic growth strategy, whilst we continue to actively pursue additional inorganic growth opportunities to enhance that growth.
“We enter FY24 significantly ahead of where we expected to be when we presented our Long Range Plan in 2021, and we look forward to presenting our Long Range Plan update, which will outline our growth ambitions beyond FY26 to FY28, in Autumn this year.”
