Jeweller demonstrates value of high street presence
Beaverbrooks the Jewellers bucked the trend of poorly performing high street retailers by racking up five consecutive years of growth in this, its centenary year.
The Lythan St Annes-based group achieved a 2.9% increase in revenues which hit £127.4m, compared with £123.8m the previous year.
However, the operating profit of £12.4m dropped from £13.6m a year ago, and the gross profit margin fell from 17.3% in 2018 to 16.4%, due to the development of a subsidiary company, increased investment in employees, and new stock lines in preparation for the 100th anniversary.
For the first time, results include the subsidiary company Lime Events Group Limited, a start-up company that produced its first event in the period ‘Live Well London 2019’.
The show was a commercial success and extremely well received by exhibitors, guests and visiting media. In line with expectations the company was loss making in the first period.
As part of its mission to ‘enrich lives,’ Beaverbrooks donates 20% of retained profits to charity and has this year donated £1.265m. Since the year 2000, the company has donated in excess of £14m to more than 750 charities.
Beaverbrooks was awarded the Diamond Award from the HM Government & Institute for Fundraising for its payroll giving, the eighth consecutive year of recognition for their commitment to payroll giving. The group said 46% of its people were involved in workplace giving at the year end. The national average is seven per cent.
During the period Beaverbrooks employees gave £55,712 (2018: £42,765) through payroll giving. The net donation is 100% matched by the company resulting in total donations of £97,449 (2017: £74,755).
Beaverbrooks chairman, Mark Adlestone, who was appointed High Sheriff of Greater Manchester in May, said: “We’ve just had the five most profitable years in our history.
“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 celebrate our centenary in 2019, we are excited by what the future holds.”
Managing director Anna Blackburn said: “These results demonstrate that the combination of a sound strategy and continued investment in people, product and our presence on the high street, can deliver sustained success.
“The jewellery market is highly competitive, but we firmly believe that the experience of coming into a high street store adds value to our customers. We have continued to invest in our people to ensure our customers have the best shopping experience at Beaverbrooks.”
Family-owned Beaverbrooks was established in 1919 and today operates 71 stores across the UK.
