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Watches of Switzerland reports strong H1 performance

Tom Shearsmith
14 December 2022

Watches of Switzerland Group has revealed that revenue reached £765 million in H1, representing a growth of 23% at constant currency.

The luxury watch company saw "continued strong demand" for luxury watches and jewellery, with growth driven by increases in average selling price and volume. It also highlighted "excellent progress" with its showroom expansion and refurbishment programme.

For the H1 period ending 30 October, Watches of Switzerland Group also reported:

  • Strong UK performance driven by domestic clientele, with revenue reaching £454 million
  • Continued strong momentum in the US, with revenue reaching £311 million
  • Adjusted EBIT rose 29% to £87 million
  • Expansionary capital expenditure of £27 million
  • Revenue growth excluding acquisitions up 44% at constant currency
  • 20 new showrooms opened and seven showrooms refurbished

Brian Duffy, Chief Executive Officer, said: "I am pleased with our strong performance in the first half of the financial year which reflects our leadership position and the strength of our longstanding brand partnerships as we continue to take market share.

"Our proven business model, international scale, bold marketing and dedication to client service truly sets us apart, and our client registration lists continue to extend as we continue to attract new clients as well as retain a loyal base of existing ones.

"We continue to expand our retail network, opening a total of 20 showrooms across the UK, US and Europe in the first half of FY23, and to invest in elevating the luxury experience for our clients through showroom refurbishments.

"Trading in the Holiday period so far has been in line with our expectations and our guidance for FY23 remains unchanged. We look ahead with confidence as we continue to deliver on our Long Range Plan objectives of maintaining our leadership position in the UK, becoming the clear leader in the US, and capitalising on the growth potential in Europe."

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