F Hinds, the family-run jewellery retailer, has seen profits for the year more than treble to £3.2m, up from £990,048 in 2009.
In documents filed at Companies House, the jeweller revealed turnover for the year ending March 28 was up 4.3% to £53m. The retailer said it had been helped “a little” by the reduction in VAT for most of the year but that the improvement in profits was down to rigorous cost controls being implemented.
Other factors behind F Hinds’ strong performance were an improvement in internet sales, after investment in the website, and the introduction of a new service in July 2009 to buy old and unwanted items of gold jewellery from members of the public.
The 108-store retailer opened one new branch in the period, in High Wycombe. Since year end it has opened a store in Hemel Hempstead and plans another in Newport, although it is not knownwhen this will open. F Hinds said it wanted to increase the number of branches further when “suitable opportunities” arise.
F Hinds said that it had benefited from publicity generated by websites advertising cash-for-gold services as it had raised awareness of rising gold prices but that many people preferred to deal with established jewellers, such as F Hinds, when cashing in their gold.