Watches of Switzerland profits soar in maiden results

Watches of Switzerland’s new Regent Street store

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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