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First half revenue rises at Watches of Switzerland
Revenue has risen at Leicester-based Watches of Switzerland Group during the first half its financial year.
In the 26 weeks to 27 October 2024 (H1 FY25) group revenue rose to £785m, from £761m in the same period last year.
Profit before tax, however, was down at £41m, from £67m last year.Brian Duffy, Chief Executive Officer, said: “We are pleased to report H1 FY25 revenue growth of +4% in constant currency reflecting an encouraging improvement in trading in Q2, driven by growing demand in the UK and US, and consistent growth in client registration lists, along with the acquisition of Roberto Coin in the period.
“As previously outlined, in Q1 we increased showroom stock levels of key brands to enhance displays and client experience, particularly in the US. With the stock rebuild complete, in Q2 we drove significantly improved US revenue of +24% (constant currency) and revenue in the UK market turned positive.
“Price increases from brands in the half have been modest, and this has also positively influenced consumer sentiment. Consequently, overall Group revenue increased +11% in Q2, in constant currency.
“Our newly acquired Roberto Coin business in North America has traded strongly since acquisition and is now making a good contribution to our Group. Integration is progressing well, and growth plans are underway.
“We are also encouraged by the performance of the Rolex Certified Pre-Owned programme and the sustained growth in our overall pre-owned business. Additionally, we acquired Hodinkee, a leading global digital platform for luxury watch enthusiasts, further strengthening our online sector leadership. Integration is progressing in line with our expectations.
“Q3 trading has started encouragingly, and we have continued with our showroom transformation programme. Looking ahead, key showroom openings in H2 include the flagship Rolex boutique in Old Bond Street, London; Audemars Piguet Town House, Manchester; Rolex introduction in Plano, Texas, and a reintroduction in Jacksonville, Florida; and the conversion of Mayors Lenox, Atlanta, to a Rolex mono-brand boutique.
“Our trading momentum through November, visibility of intake and second half opening of large showroom investments support our full year guidance, which is unchanged.
“This year marks the centenary of Watches of Switzerland, celebrated with a number of exclusive products, and we extend our gratitude to our colleagues for their unwavering dedication and exceptional client service throughout the year.”
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Landmark agreement between the UK, Qatar and Rolls-Royce to support clean energy transition
“We welcome the creation of highly skilled jobs in both Qatar and the UK, and look forward to welcoming a diverse range of businesses to Doha as part of the Rolls-Royce partnership.”
Tufan Erginbilgic, CEO, Rolls-Royce, said: “In the last two years we have made significant progress in the transformation of Rolls-Royce. This announcement is further evidence of our progress to create a highly competitive and fast-growing company.“Enabling the energy transition through lower carbon technologies is a key part of our strategy. We are delighted to welcome Qatar as a strategic partner, who will support the growth of these technologies. They share our ambition to make an impact on the challenge of climate change.”
Frasers Group makes profit warning following Budget
The Shirebrook-based business noted that while its first half marked another period of progress “both ahead of and after the recent Budget, consumer confidence has weakened and recent trading conditions have been tougher.”
Frasers Group added: “Given this current uncertainty, FY25 APBT is now expected to be in the range £550m to £600m. Further out, we expect to incur at least £50m of incremental costs going into FY26 as a result of the recent Budget, but we are working hard to mitigate these in order to maintain our profitable growth ambitions.”
In unaudited results for the 26 weeks ended 27 October 2024 (FY25 H1), the firm saw group revenue of £2.54bn, dipping from £2.77bn in the same period of last year.
An adjusted profit before tax of £299.2m, meanwhile, was down on £303.8m last year.
Michael Murray, Chief Executive of Frasers Group, said: “The first half of this year has been another period of progress for the Group, delivering on our objectives as the Elevation Strategy continues to take the business to the next level.
“Sports Direct UK delivered further sales growth, and our Property and Financial Services divisions are seeing encouraging progress.
“We continue to operate with discipline to ensure our business is as resilient as possible – proactively right-sizing recent acquisitions to set them up for profitable long-term growth and driving further automation benefits to exceed our stock reduction targets for the period.
“We have also made significant strides in international expansion, developing new partnerships across Australia and Africa, and unlocking opportunities as we move further towards our goal of becoming a leading global sports retailer.
“We are set to deliver another year of profitable growth but, given recent weaker consumer confidence leading up to and following the Budget, FY25 APBT is now expected to be in the range of £550m to £600m.”
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Visitor economy bounces back in Mansfield
New figures show that tourism is continuing to bounce back in Mansfield after being hit by the Covid pandemic.
- The visitor economy was worth £130.76m, up from £124.75m in 2022 and making good progress back to the 2018 high of £147.23m.
- The figures show there were 2.82m visitors to the district, up 4.2% on the 2022 figure of 2.71m in 2022 but still below the pre-pandemic figure of 3.22m in 2019.
- The sector supported the full-time equivalent (FTE) of 1,540 jobs, compared with an FTE of 1,379 in 2022 and 1,254 in 2021.
- Most people visited Mansfield to go shopping, which accounted for 42% of expenditure, followed by food and drink at 29.3%.
- Day visitors made up 81% of the total value of the visitor economy, up from 80% in 2022.
- The number of visitor days also increased with 3.09 days recorded in 2023 compared with 2.97 days in 2022 and 2.66 days in 2021. However, they remain below the pre-pandemic levels in 2019 of 3.51 days.
- Spring and early summer were the most popular times of year to visit the district in 2023 with 300,000 visits in May and 291,000 in June.
New initiatives revealed to revitalise Northampton town centre
- H&M Expansion: A loan of up to £2 million will support the development of a larger, more modern H&M store following its decision to move from Abington Street. As a key high street brand, H&M’s expansion is expected to draw more shoppers to the town.
- Flexible Workspaces: In partnership with workspace provider Wizu, a £1 million loan will facilitate the creation of flexible workspaces within the centre. This initiative aims to support remote working and attract new micro-businesses to Northampton.
- Leisure Parking: To accommodate a new leisure operator in the former Sainsbury’s unit, 180 two-hour free parking spaces will be provided, making it easier for visitors to enjoy the new facilities.
- Micro Shops: An investment of £375,000 will convert several units into micro shops on the centre’s first floor. This project will support new business startups, with a profit-sharing arrangement to benefit the taxpayer.
- Belgrave House Redevelopment: Restrictions on the use and sub-letting of Belgrave House will be removed, allowing WNC to make productive use of the building in line with the Greyfriars masterplan.
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APSS named finalists in Lincolnshire Construction and Property Awards 2025
“Our team takes immense pride in creating designs that not only look stunning but also enhance functionality and user experience,” said Laurence Barrass, Managing Director of APSS. “Being named finalists in this category is a testament to the creativity and hard work of our talented designers.”
Spotlight on Development Excellence
The second nomination, Development Project of the Year (under £5m), celebrates the standout project of LEW Electrical Distributors’ new headquarters in Gainsborough. It showcases APSS’s expertise in project management and execution. The project, completed earlier this year, exemplifies APSS’s ability to transform spaces while meeting the highest standards of sustainability and efficiency.
Stuart Marsland, Sales Director for APSS, said: “This project truly reflects our ethos of combining visionary design with practical implementation. Being recognised in this category is a huge honour and validates the efforts of everyone involved.”
Innovation and Collaboration at the Core
At the heart of APSS’s success lies a dedication to fostering strong partnerships with clients and stakeholders. The company’s collaborative approach ensures that every project is tailored to the client’s unique requirements, resulting in spaces that are not only visually striking but also highly functional and future-ready.
Over the past year, APSS has placed a particular emphasis on sustainable design and development, incorporating eco-friendly materials and practices into its projects.
Laurence added: “We are thrilled to be finalists in these awards. It’s a reflection of the hard work, creativity, and passion that drives our entire team. At APSS, we strive to deliver excellence in everything we do, and these nominations highlight the impact we’re making in the Lincolnshire construction and property sector. Regardless of the outcome, we are incredibly proud to be recognised alongside some of the Lincolnshire’s best.” Car repair duo secure growth funding
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Light Science Technologies “confident” as revenue grows and losses shrink
Derbyshire-based Light Science Technologies Holdings, comprising three divisions: Controlled Environment Agriculture (CEA); Contract Electronics Manufacturing (CEM); and Passive Fire Protection (PFP), has hailed record group revenues in a new trading update for the 12 months ended 30 November 2024.
Group revenue increased by approximately 29% to £12m for the period, up from £9.3m in the year prior, underpinned by strong trading across all divisions. Losses for the period reduced substantially to £0.2m, from £1.1m.
Light Science Technologies noted that “importantly, the business was net profitable during H2 2024, and management is expecting to sustain this momentum in FY 2025.”
Revenues from the CEM division grew by approximately 5% to £9.5m with continued strong traction from sports entertainment.
The CEA division generated revenues of £0.8m – up approximately 250% year-on-year – highlighting increased traction and the benefits of the firm’s Tomtech acquisition, which is helping drive increased cross selling opportunities.
The PFP division contributed £1.8m in sales, establishing an entirely new revenue stream for the group.
Simon Deacon, CEO of Light Science Technologies Holdings, said: “Our key focus is on continuing the profitability we have seen in H2 with increasing levels of margin contributions from PFP and CEA; and by realising further efficiency gains across the Group.
“We are an innovative business, and management has worked hard to stabilise and scale operations within growth markets. We believe that we are positioned to generate increasing levels of recurring revenue and cash and have a portfolio of well-balanced sustainable businesses that are positioned to benefit from broader market trends as we focus on long-term profitable trading.
“We have a number of exciting opportunities across all three divisions and are confident that the business will provide strong and growing returns.”


