Watchfinder.co.uk Limited turnover has rocketed by 43% to £86.7 million in the financial year that ended March 31, 2017.
Operating profit rose even faster, by 66% to £5.53 million.
£86.7 million makes Watchfinder.co.uk the fourth largest watch retailer in the UK, behind only Aurum Holdings, Signet Jewelers and Beaverbrooks. The pre-owned watch specialist overtakes Fraser Hart for the first time.
Watchfinder may already be bigger than Beaverbrooks as well. Watchfinder told the Sunday Times in December that its current annualised turnover is £120 million in a report about Britain’s Fastest Growing Companies. Beaverbrooks turnover has been £119 million for the past two years.
“The directors are extremely pleased with the performance of the company during the year ended March 31 2017. We have exceeded our targets for the year,” said Watchfinder chief executive Stuart Hennell.
Strategic developments in the 2016-17 financial year are listed by Mr Hennell as:
- Continued to scale up the servicing department with additional manufacturer accreditations
- Secured authorisation to display manufacturer IP (intellectual property) on the website
- A significant restructuring of our marketing department with the appointment of a new head of marketing
- Pursued a UK-wide TV advertising campaign
- Launched a new fully responsive website
- Developed a key performance indicator inventory profile management system.
Watchfinder is predominately an online business, but has seven physical stores in the UK today. Mr Hennell said this network would have expanded faster if Brexit hadn’t created uncertainty in the financial year. A planned expansion into mainland Europe was also delayed.