Phenna Group snaps up ACI Reports
Improved trading performance for Watches of Switzerland Group
Leicester-based Watches of Switzerland Group has reported an improved trading performance in its second quarter, with revenue of £379 million.
This is up from £374 million in the same period last year and comes as the firm says demand for luxury watches remains robust and continues to exceed supply.
It puts half year revenue, for the 26 weeks to 29 October 2023, at £761 million, decreasing slightly from £765 million last year.Brian Duffy, Chief Executive Officer, said: “I am pleased to report an improved Q2 trading performance, notwithstanding the difficult consumer environment. Our proven business model, the strength of our brand partnerships, international scale, bold marketing campaigns and dedication to exceptional client service, continues to drive the business forward.
“We sustained strong momentum in the US where we delivered +11% constant currency sales growth. We are also encouraged by the early response to the Rolex Certified Pre-Owned programme which launched in the UK in September, following the US launch in July, as clients react strongly to the authenticity and guarantee of quality that the Certified Pre-Owned seal represents.
“The UK performance was delivered despite the impact of several high turnover Goldsmiths and Mappin & Webb showrooms being closed for upgrade and trading from pop-up locations during the quarter. These will reopen pre-Christmas. The UK business exited the quarter strongly, returning to year-on-year growth in October.
“We have been focused on developing our network of luxury showrooms across the UK, US and Europe in the period, including the continued roll-out of the Goldsmiths Luxury showroom format, the Mappin & Webb contemporary concept, the refurbishment of the Rolex boutique in Millenia, Orlando and new mono-brand boutiques.
“I am delighted to announce that, in October 2023, we agreed to acquire 19 luxury watch showrooms, including five mono-brand boutiques from Ernest Jones in the UK. I would like to welcome our new colleagues in the luxury showrooms we have acquired from Ernest Jones.
“We believe these are great showrooms and highly complementary to our portfolio. During the balance of the fiscal year, we will be working on systems, merchandising, training and marketing in order to have the full beneficial impact from this acquisition in FY25.
“In the second half, our major showroom upgrades in the UK will reopen pre-Christmas along with the reopening of our US Rolex boutique at Millenia, Orlando. That, combined with our sequential sales improvement over the quarter means we reiterate our FY24 guidance.
“Our business is well planned and our teams full of enthusiasm for the upcoming holiday season.”
The news comes as Watches of Switzerland Group reveals its Long Range Plan, aiming to more than double sales and profits by FY28, to surpass the milestone of £3bn in revenue.Recruitment group makes £113m acquisition
Belper Town Ladies footballers score support from local science company
A Derbyshire first division ladies’ football club has scored valuable support from a neighbouring science company to help kickstart their season.
Belper Town Ladies Football Club has been going for more than 15 years and has been sponsored by local science company Lubrizol, whose UK technical centre is based a few miles down the road at Hazelwood.
From its beginnings as a group of women footballers meeting to train, the club has gone from strength to strength. It now boasts 55 players ranging in age from under-16s to women in their 40s, and has a first team playing in Derbyshire Ladies League Division 1, as well as a development squad.
This season Lubrizol has sponsored the club’s first and reserve teams with brand new kit, as well as sponsoring a match. The company has an advertising board at Belper Town Football Club too.
Ladies club chair Emma Varnam, who started playing for the club 15 years ago, said: “Lubrizol responded to one of our social posts asking for sponsors a few years ago. Both teams now are playing in exactly the same kit. It’s massive for us. People are struggling at the moment with money worries and we’re trying to make sure that football is always affordable.”
Rachel Ollier, who works at Lubrizol’s technology department, was one of the founder members of Belper Town Ladies back in 2008.
She said: “At my local leisure centre they were doing football training for ladies, as some alternative fitness. From that, there was a group of us who decided to start up a ladies football team.”
Rachel was part of the team for a few years before she had to withdraw through injury, but could not be more pleased that the club is doing so well with a strong performance in the past few seasons earning them a division one spot.
She said: “They’re winning a lot more games these days. There were times when we used to struggle to get 11 players for a team. To see it carried on and still successful is really nice.”
Now Emma would love to see more people come and support Belper Town Ladies in their 2023/24 campaign.
She said: “Come down and watch us! It’s a decent standard of football on a Sunday afternoon.”
Claire Hollingshurst, from Lubrizol’s charities and communities committee, said: “It’s with great pleasure that we are able to sponsor our local ladies football club in Belper. Encouraging physical activity and social exercise is very important to us at Lubrizol and this is a great club that is going from strength to strength. We’re very proud to support them.”
Nottingham expansion for IT support company
A company offering IT support to businesses has expanded into Nottingham, moving into offices at Bridgford Business Centre in the city.
3RS IT Solutions, which has a headquarters in Northamptonshire, is headed up by Stephen Souch, who has worked in the IT industry for 16 years.
Stephen founded his first business in the IT sector in 2013, building it up to a £1 million turnover company before establishing 3RS IT Solutions with his wife, marketing manager Leila.
3RS IT Solutions was officially incorporated in February and has grown to a team of eight with 158 clients on its books. This next phase of expansion will see the company grow its coverage of the East Midlands further, first with Nottingham, followed by Derby in 2024.
As part of the expansion, 3RS IT Solutions has hired sales executive Eliza Nowicka who will cover the Nottingham area. Eliza said: “I am hugely excited to be joining an ambitious family business at a time of huge expansion. Everyone has been so welcoming. It already feels like I’ve been working at 3RS IT Solutions for years. It feels like home.”
Home is a reason that Nottingham was identified as a site for expansion with Leila Souch originally coming from the area.
Leila said: “Nottingham is where I am from and I know the area well, as well as the colloquialisms! It was always our ambition to expand 3RS IT Solutions further geographically and it makes me hugely proud to be doing this in Nottingham and bringing jobs to the region too.”
BRUSH Group acquires European transformer windings specialist
27,537ft² unit sold in Newark
2,000 Lincolnshire jobs on the line as British Steel reveals intent to shut down blast furnaces
British Steel has revealed £1.25 billion decarbonisation proposals that unions say could see 2,000 jobs lost in Scunthorpe.
The company is planning to shut down blast furnaces at the manufacturing site, replacing them with greener and cheaper electric arc furnaces. The new furnaces could be operational by late 2025 and would replace the aging iron and steelmaking operations in Scunthorpe which the business says are responsible for the vast majority of its CO2 emissions. British Steel has started preliminary talks with trade unions about electrification, and has promised to support employees affected by the decarbonisation plans. It has agreed for its proposals to be reviewed by an external specialist on behalf of the trade unions. The company added that it is working with North Lincolnshire Council on a masterplan to attract new businesses and jobs to the Scunthorpe site, parts of which could become vacant if the proposals go ahead.£500,000 funding boost for affordable homes in Derby
Planning Inspectorate upholds appeal after Lincolnshire County Council’s refusal of oil drilling proposals
Union Jack Oil, an onshore hydrocarbon production, development and exploration company, has announced that the Planning Inspectorate has upheld an appeal against the refusal of planning permission by Lincolnshire County Council for a side-track drilling operation, associated testing and long-term oil production at the Biscathorpe-2 wellsite.
The Biscathorpe project is covered by onshore UK licence PEDL253. The PEDL253 joint venture partnership will review the decision notice and associated planning conditions before providing an update on plans for progressing operations.
As part of this, it is said the operator, Egdon Resources Limited, will look to engage with the local community to ensure activities have minimal impact on local amenity.
Union Jack holds a 45% economic interest in PEDL253.
David Bramhill, executive chairman of Union Jack, said: “I am delighted to report this highly positive news in respect of Biscathorpe, one of our highest ranked projects, in which Union Jack holds a material 45% economic interest.
“While drilling the Biscathorpe-2 well, there were hydrocarbon shows, elevated gas readings and sample fluorescence observed over the entire interval from the top of the Dinantian to the Total Depth of the well, with 68 metres being interpreted as oil-bearing.
“Independent Consultants Applied Petroleum Technology also conducted analyses, confirming a hydrocarbon column of 33-34 API gravity oil, comparable with the oil produced at the nearby Keddington oilfield where Union Jack holds a 55% economic interest.
“Re-processing of 264 square kilometres of 3D seismic, indicate a material and potentially commercially viable hydrocarbon resource remaining to be appraised.
“The operator has assessed, in accordance with the PRMS Standard, gross Mean Prospective Resources of approximately 6.5 million barrels of oil. Commercial screening has indicated break-even full cycle economics to be US$18.07per barrel of oil.
“Union Jack’s technical team believe that Biscathorpe remains one of the largest unappraised conventional onshore discoveries within the UK. I thank shareholders for their patience and remain confident that both investors and the company will be well rewarded in due course.”
