Watches of Switzerland hails ‘strong momentum’ as profits surge

Cartier display in Watches of Switzerland flagship store, London

Watches of Switzerland has clocked up a surge in profits and insisted it has built “strong momentum” as it bounces back from the coronavirus crisis. 

The watch specialist almost doubled statutory pre-tax profit from £64m last year to £126m in the 12 months to May 1. Statutory operating profit ballooned 74% to £142m, while adjusted EBITDA grew 54% to £162m.    

Group revenue climbed 37% on a reported currency basis to £1.24bn.

Top-line growth in Watches of Switzerland’s core UK business hit 34% to £810m, while its UK division grew at the quicker rate of 44% as sales reached £428m. 

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