Abbeycrest shines overseas but UK market fails to sparkle

JEWELLERY maker Abbeycrest said its overseas business had performed well despite its UK market declining further.

The Leeds-based jeweller reported an operating loss of £1.1m in the year to February 29. The figure was down from a £2.4m profit the previous year but included exceptional costs of £2.8m connected to the group’s restructuring programme.

Abbeycrest’s non-UK sales increased by 43% year on year. These now represent 26% of group sales.

The group’s UK distribution business, G&A, has been at the centre of Abbeycrest’s restructuring programme as it is its only non-profitable subsidiary.

Chairman Michael Lever said Abbeycrest was on target to achieve its “key objectives” regarding G&A.

Mr Lever said predicting the group’s outcome for the coming year was difficult given the current economic climate.

Abbeycrest also reported positive performances from its main manufacturing division, Abbeycrest Thailand, and its wedding ring business, Brown & Newirth.

Mr Lever added that despite problems competing in the Uk market, Abbeycrest had seen growth in its overseas markets.