Richemont UK Limited recorded a 49.4% rise in sales of in the 12 months to March 31, 2017.
Turnover for the luxury watch and jewellery group surged from £73.31 million in the 2016 financial year to £109.53 this year.
Operating profit rose in line with turnover by 50% from £6.3 million last year to £9.4 million.
Richemont UK Limited provides very little commentary in its audited accounts filed with Companies House, and finance director Greig Catto could not be reached this morning.
A statement signed by Rupert Brooks, brand lead legal counsel for Richemont says: “The directors consider the position of the Company at the end of the year to be satisfactory”.
The UK operation is responsible for all directly-operated boutiques for brands including Jaeger-LeCoultre, IWC, Piaget and Vacheron Constantin as well as distribution to retailers of most Richemont Group brands.
Jewellery and watch giant Cartier Limited, which files its own company accounts, reported a 31% increase in sales in the year to March 31 with turnover of £137.4 million and operating profit of £15.35 million, almost five times higher than the £3.2 million earned in 2015-16.
The financial results of Montblanc (UK) Limited were also reported separately, although the business was converted to a wholly-owned subsidiary of Richemont UK Limited on March 31, 2017. Montblanc’s UK turnover in 2015-16 was £22.15 million. The company does not report how much of this turnover comes from watches.
The 50% hike in turnover for Richemont is comfortably the highest growth rate of the major watch groups operating in the UK this year.
Swatch Group’s turnover increased by 23% in the year ended December 31, 2016.
LVMH saw UK sales rise by 30% last year.
Rolex is yet to report its 2016-17 financial results. Patek Philippe sales rose 15% to £142 million in the 12 months to January 31, 2017.