- Watches of Switzerland has reported an annual statutory operating profit of £81.9 million – a 69.5% increase on the previous financial year.

Luxury watch sales increased by 16% during the period, representing 87.1% of the group’s revenue.

Debt has also been reduced to £43.9 million as of 2 May 2021, down from £129.7 million in April 2020.

The group also experienced growth in the US market with revenue up 38.5% compared to the previous financial year.

The UK market also grew, albeit moderately, with revenue up 3.6% to £606.5 million.

Brian Duffy, chief executive officer, said: "I am delighted to report a year of strong growth. Our performance is testament to the resilience and hard work of our colleagues, good support from our brand partners and our proven model, including our leading online platform and bold, impactful marketing approach.

“The luxury watch market remains predominantly supply-driven with demand exceeding product availability for key brands and models.”

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