MW Group turns the corner with profits increase

Jewellery retailer MW Group, owner of Mappin & Webb and Watches of Switzerland Group, has posted a profit turnaround.

The retailer notched up a£1.6 million operating profit compared with a loss of£5.9 million last year.

MW aims to dispose of its two central London pawnbroking shops - TM Sutton and Robertsons. The proceeds will be reinvested in its 18-store Mappin & Webb chain, and in 16-store strong Watches of Switzerland.

The venture capital-backed retailer, which appointed Nick Evans as chief executive during the year and reorganised its management, achieved turn-over of£75.2 million for the year ended March 27, up 7 per cent from£70.1 million. Like-for-like sales were up 4 per cent in the first 21 weeks of the financial year.