Profits tick up at Watches of Switzerland

Leicester-based Watches of Switzerland has seen revenue and profits rise for its first half.

The firm saw turnover rise by 23% to £765m, while the company posted a surplus of £83m – up from £65m last year.

Watches of Switzerland says there is a “continued strong demand” for luxury timepieces and jewellery, with the growth put down to price rises.

The company said trading for its full year is in line with expectations after it opened 20 new showrooms in the UK during the period.

Brian Duffy, CEO, added: “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.”