Jeweller announces profits of £13.7m for last 12 months

Lancashire based jewellers Beaverbrooks has announced profits of £13.7m over the last 12 months.

The 100-year-old firm, which has its headquarters in Lytham St Annes, said operating profit before discretionary payments increased to £13.7m during the 53 weeks ended 3 March 2018.

The company’s annual report shows a £1.4m operating profit, an increase from £12.3m to £13.7m.

Annual turnover also increased by 6.2% from £119.2m to £126.5m – compared to prior year 52 weeks.

Despite competitive trading conditions during this 53-week period, profit margins were maintained with gross profit of £21.9m.

The family owned company say the success is due to remaining focused on quality diamonds, watches and jewellery, and excellent customer service.

Beaverbrooks also continued with its programme of investment during the period.

This included the continuing refurbishment of key retail stores and development of its website.

The company also continued to invest significantly in its people with specific product training and further performance linked bonus structures being implemented.

As part of its mission to ‘enrich lives,’ the company donates 20% of retained profits to charity and has this year donated £1.111m to charity.

Since the year 2000, Beaverbrooks has donated in excess of £12m to over 700 charities.

Beaverbrooks is the UK’s top jewellery retailer and second biggest supporter of Payroll Giving on the high street.

Thirty nine per cent of its employees were involved in Workplace Giving at the year-end; the national average is seven per cent.

This has now increased to 45%, for which it won the first ever ‘Diamond Quality Award’ in 2018 from H M Government for Payroll Giving.

Chairman Mark Adlestone said: “We’ve just had the four most profitable years in our history which we’re delighted with.

“However, success at Beaverbrooks is not only measured in financial terms.

“A strong commitment to the learning and development of all our people, an open and honest company culture and commitment to the wider community in which we work, are all borne out in the many accolades awarded to the company during this period.

“As we approach our centenary in 2019, I’m excited for the future of Beaverbrooks.”

Beaverbrooks has featured in The Sunday Times Best Companies to Work for list for 15 consecutive years, and has been recognised as the most consistently extraordinary three-star accredited employer in the UK.