British watchmaker Bremont has reported global sales of £14.03 million in 2016, a rise of 5% over the full calendar year of 2015. UK sales contributed almost two-thirds (£8.5 million) towards the global total.
The company changed its reporting period in 2015, making direct comparisons of operating profit and loss less clear. The operating loss for the nine months from April 2015 to December 2015 was -£1.13 million. For the full 12 months of 2016, this operating loss was -£347,173.
In an introduction to its 2016 accounts, published today at Companies House, Bremont Director Robin Harding described how turnover has continued to grow and the company increased its investment in marketing, infrastructure and manufacturing.
“The company has continued to invest in manufacturing and over £1.7 million has been invested in machinery at its parts manufacturing arm,” Mr Harding says, although this £1.7 million investment was also spoken about in the 2015 accounts.
Manufacturing of parts was relocated in early 2017 to Henley, close to the company’s assembly facility. This has improved productivity, Mr Harding says.
Bremont increased its marketing spend in 2016 with a full events calendar, CRM activities and press and PR support for both its own boutiques and partner retail locations, the financial report says.
In March 2016 Gareth Morris joined Bremont as group chief executive, an investment in the senior management team that has continued into 2017 as the company enters the next stage of development.
That next phase will see the building of a new headquarters for Bremont in Henley. Planning approval was granted in March for a 1800 square metre facility that is slated to open in 2019.
To support Bremont through this next phase, an additional £1.9 million in equity was raised from shareholders. The company retained cash and equivalents of almost £1 million at the end of the 2016 financial year.
“The directors and shareholders remain fully committed to the exciting plans that will further enhance Bremont’s unique position as a British watchmaker,” Mr Harding concludes.