Watches of Switzerland Group has announced revenues of £773.5 million, up 22.5%, in its debut results on the London stock market.
The company, run by Scottish chief executive officer Brian Duffy, has continued its strong growth in the UK, up 10%, and US luxury watch market, up 7%, while investing in seven new showrooms, 11 refurbished, another and two relocated showrooms. The growing multi-channel offering and e-commerce saw an 18% increase in revenue.
Luxury watch revenue was up 28.3% to £631.4 million, which was 82% of total revenue, while luxury jewellery sales were up 3%. Adjusted operating profit was up 33.2% to £51.8 million, while operating profit increased 21.6% to £45.5 million, and profit before tax was up 181% to £20.1 million.
Duffy said: “I am delighted that the Group's five-year transformation has culminated in a successful IPO on the London Stock Exchange in June this year and I would like to thank all our colleagues for their huge contribution to that achievement.
"FY19 has been a fantastic year for The Watches of Switzerland Group. We have continued our trajectory of strong, profitable growth in our core markets of the UK and the US with an increase in sales of 23% during the year. Current trading remains encouraging and we are confident of meeting the Board's expectations for the financial year ending April 2020.
"We are the UK's leading luxury watch retailer, hold a growing position in the US market, and operate in a highly attractive market in which demand for luxury watches generally outstrips supply. We are well positioned to deliver on our strategy and look forward to achieving continued growth in the year ahead."
