16th Aug 2022 09:22
(Alliance News) - Watches of Switzerland Group PLC on Tuesday reported a strong start to its new financial year despite macroeconomic difficulties.
The luxury watch maker said trading momentum had been "strong" in the 13 weeks to July 31, its first quarter, with demand for its products remaining "robust."
Revenue grew 32% to GBP391 million in the quarter from GBP297 million the previous year, with a particularly strong performance in the UK.
Luxury watches accounted for 87% of revenue and grew 32% year-on-year while luxury jewellery grew by 36% against the prior year.
Looking forward, the firm was confident in the continuing strength of the luxury watches category despite a more challenging trading environment anticipated in the second half of its financial year.
Watches of Switzerland reaffirmed its full-year guidance with revenue expected between GBP1.45 billion and GBP1.50 billion and adjusted earnings before interest, tax, depreciation and amortisation expected to stay flat or grow by 0.5% against the previous year.
In the financial year ended May 1, revenue totalled GBP1.24 billion and adjusted Ebitda stood at GBP162.2 million.
Shares in the FTSE 250 firm were up 3.8% at 917.20 pence on Tuesday morning in London.
By Heather Rydings; [email protected]
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