Wednesday 17 July 2019 8:10 am

Rolex seller Watches of Switzerland posts soaring sales in maiden results

The UK’s biggest seller of Rolexes enjoyed a surge in appetite for luxury watches over the last 12 months, it revealed today in its first financial results since floating on the London Stock Exchange.

Watches of Switzerland, which begun life as a listed firm in the City less than two months ago, has reported a 22.5 per cent rise in group revenue to £773.5m during the year to 28 April 2019.

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Buoyed by a 28 per cent rise in sales for luxury watches to £631m, the firm posted double-digit rises in like-for-like revenue in both its core UK and US markets.

Operating profit climbed 21.6 per cent compared with the previous 12 months, hitting £45.5m, while pre-tax profit rose 181 per cent to £20.1m.

Boss Brian Duffy described the past 12 months as “a fantastic year” this morning, saying he was “delighted that the group’s five-year transformation has culminated in a successful IPO”.

He added: “We are the UK’s leading luxury watch retailer, hold a growing position in the US market, and operate in a highly attractive market in which demand for luxury watches generally outstrips supply. We are well positioned to deliver on our strategy and look forward to achieving continued growth in the year ahead.”

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The historic watchmaker, which is celebrating 100 years of partnership with Rolex, has been in bullish spirits over recent months after using an initial public offering (IPO) to pay down debt and broaden its footprint on both sides of the Atlantic.

The business, founded just over a century ago in Ludgate Hill, is targeting annual sales of £1bn.

Shares in the business soared by up to 17 per cent on the company’s first day of trading in last may, hitting 307p and beating its target price of 270p.

Yesterday the firm’s share price closed at 290p.