Jeweller Theo Fennell has posted a 9% sales rise for a six-month period but remains cautious ahead of the peak trading period.

The retailer also reported that volatile economic conditions mean that plans to link up with international partners are taking longer to formalise then hoped for.

Theo Fennell chairman Ruper Hambro said: “We are exploring opportunities in key international markets including the Middle East, Far East and USA where we will open a wholesale concession in Los Angeles towards the end of the year.

“The ongoing economic uncertainty continues to make discussions with new partners more protracted than we had expected but we hope to secure additional distribution outlets this financial year.”

He said the retailer has renewed its facilities with Clydesdale Bank until July 2012 on similar terms to existing agreements.

However Hambro noted: “Although we are encouraged by the continued growth in sales we remain cautious as we enter the key Christmas selling period due to the uncertain economic environment.”