Theo Fennell, the AIM-listed jeweller, has posted a 2 per cent rise in sales for December.

Theo Fennell chairman Richard Northcott said: “Following last year’s record Christmas, these results are a little more measured, but, against the present climate, impressive nonetheless.”

The retailer expects full-year profits to be in line with expectations. House broker Seymour Pierce, which forecast full-year pre-exceptional profits of£1.85 million, said: “Theo Fennell continues to develop as a luxury brand and the new chief executive is well-equipped to exploit this potential.”

Last month, Theo Fennell appointed Pamela Harper as chief executive. Northcott said: “We believe in the significant potential for the future growth of the business and look forward to continued expansion in the year ahead.”

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