Revenue and profit are on the rise at Leicester-based Watches of Switzerland Group, according to half year results for the 26 weeks to 30 October 2022.
Group revenue stood at £765 million, growing from £586 million in the same period of the year prior, as the business saw continued strong demand for luxury watches and jewellery, with growth driven by increases in average selling price and volume.
Statutory profit before tax in the firm’s first half meanwhile jumped to £83m, up from £65m.
Brian Duffy, Chief Executive Officer, said: “I am pleased with our strong performance in the first half of the financial year which reflects our leadership position and the strength of our longstanding brand partnerships as we continue to take market share.
“Our proven business model, international scale, bold marketing and dedication to client service truly sets us apart, and our client registration lists continue to extend as we continue to attract new clients as well as retain a loyal base of existing ones.
“We continue to expand our retail network, opening a total of 20 showrooms across the UK, US and Europe in the first half of FY23, and to invest in elevating the luxury experience for our clients through showroom refurbishments. We have an exciting and growing pipeline of new projects, and I am delighted to announce our third Watches of Switzerland multi-brand showroom in Manhattan at One Vanderbilt anchored by OMEGA and Cartier due to open in 2023.
“Trading in the Holiday period so far has been in line with our expectations and our guidance for FY23 remains unchanged. We look ahead with confidence as we continue to deliver on our Long Range Plan objectives of maintaining our leadership position in the UK, becoming the clear leader in the US, and capitalising on the growth potential in Europe.”
