Watches of Switzerland profits grow

Watches of Switzerland has posted strong profits and revenues.

Revenues hit £934.3m thanks to the strong demand in Europe and in the UK.

The group is expanding in Europe and has bought six boutiques, which will open in 2023.

“I am pleased to report continued strong momentum for our Group following a successful Christmas trading period,” said Brian Duffy, the chief executive.

“We have delivered impressive growth in both luxury watches and luxury jewellery in both the UK and US markets demonstrating the value of our portfolio of world leading partner brands.”

“Strong trading to date, revised pricing by certain brands and visibility of supply for calendar 2022 all support our expectation to perform towards the top end of our full year guidance.”