Watches of Switzerland clocks up record profits

Watches of Switzerland clocked up record sales and profits during what it hailed as a ‘tremendous year’, writes James Duncan. 

Britain’s biggest seller of Rolex watches said revenues rose 40 per cent to £1.2billion in the 12 months to May 1. 

Profits were up 98 per cent to £126million. The company benefited from booming demand for luxury watches including the Omega Seamaster worn by Daniel Craig when he played James Bond. 

The group brushed aside consumer spending fears amid the cost-of-living crisis, saying that the ‘strength of the luxury watch category, with unique supply demand dynamics , together with the success of our model will continue to support sustainable strong sales growth’. 

Shares climbed 1.5 per cent, or 11.5p, to 800p in trading yesterday. 

In the UK, where Watches of Switzerland’s brands include Mappin & Webb and Goldsmiths, revenues rose 36 per cent to £810m. 

The company is the UK’s largest retailer for Rolex, Omega, Cartier, TAG Heuer and Breitling watches.