Upscale jeweller Theo Fennell pledged further international expansion, plans for a new Bond Street store and product extensions as it announced a profits increase for the last financial year.

Profit before tax and pre-exceptional items was up 16 per cent to£1.9 million in the year to March 31, compared with£1.63 million the previous year. Sales rose 10.6 per cent to£28.06 million, up from£25.36 million.

Theo Fennell intends to open a standalone store on Bond Street and a branded concession in the new fine jewellery and watch hall in Brown Thomas, Dublin, ahead of Christmas trading.

Discussions are also “well under way” for entry into the Japanese market and mainland China in the first half of next year. Theo Fennell recently opened in Kazakhstan, Bahrain and Russia.

The retailer has also acquired the rights to the Scent fragrance and plans to launch two more fragrances next year.

In December, the company appointed Pamela Harper as chief executive and agreed a new contract with founder Theo Fennell, alloing him to take up a design consultancy and ambassadorial role.

Theo Fennell chairman Richard Northcott said: “While current trading in the UK is uncertain, we believe that an accelerated investment programme is the best way to strengthen the brand’s position for the medium and longer term.”

Freddie George, analyst at house broker Seymour Pierce, said: “Theo Fennell is a unique brand with real international appeal. The company is now well-placed to accelerate the development of the brand.”