Watches of Switzerland profits soar in maiden results
Watches of Switzerland recorded surging profits bolstered by rising sales in what boss Brian Duffy described as a year of “strong, profitable growth”.
The luxury watch specialist’s pre-tax profit nearly trebled, up 181% to £20.1m in the year to April 28, driven by a 22.5% boost in group revenue to £773.5m.
Adjusted EBITDA for the group, which comprises Mappin & Webb, Goldsmiths, Watches of Switzerland and Mayors in the US, climbed 17.6% to £68.8m.
Watches of Switzerland’s full-year sales uplift was driven by its luxury watch division, which reported 28.3% uplift in revenue to £631.4m, representing 82% of group sales.
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