City briefs: Watches of Switzerland; Journeo
Leicester-based high-end watch and jewellery retailer, Watches of Switzerland, has reported a strong third quarter to January 29.
Revenue was up by 17% to £407m during the period, with growth driven by luxury watches, where demand continues to exceed supply, according to the firm.
Brian Duffy, CEO, said: “I am pleased with our strong Q3 performance which is testament to our continued investment in leading showroom design, the strength of our brand partnerships, our scale, our dedication to omnichannel excellence, and our exceptional client service. I would like to thank all my colleagues for their ongoing dedication and hard work especially during the Holiday period. Demand remains strong and continues to exceed supply, with client registration lists growing. We exited the quarter with good momentum and are pleased to reiterate our full year guidance.
“Our expansion into Europe continued with the opening of our fifth mono-brand boutique, with OMEGA in Stockholm in the third quarter. Early trading remains positive, and we are excited to open our first mono-brand boutique in Dublin with TAG Heuer later this month.
“Looking ahead, we remain confident that our strategy will further enhance our leadership position as we continue to deliver on our Long Range Plan objectives.”
Journeo, the Ashby-based supplier of information systems, software and services to transport operators, has posted strong revenue growth for 2022.
Turnover increased from £15.6m in 2021 to £21.1m last year, with profit in line with expectations.
Russ Singleton, chief executive, said: “I am very pleased with our achievements in 2022 where the Group’s order intake, revenues and profits all increased strongly based on growing adoption of our own technology, software and IP. We have made good progress in our sustainability strategy, including reducing the environmental impact of our technologies such as introducing ultra-low power designs in our next generation display systems. We look forward to providing more detail in our 2022 Annual Report.
“Following the acquisition of Infotec, the enlarged group is in a stronger position with a healthy order book and a growing sales pipeline of future opportunities for 2023 and beyond based on Journeo IP.
“We continue to evaluate other acquisition opportunities and this potential, together with the on-going successful investment in research and development and organic growth, gives the Board confidence in being able to deliver increasing value to our shareholders.”
