Rhone Products (UK) Ltd reported revenues rising by over 14% from £124.3 million to £142.26 million in the year to January 31 2017. Operating profit rose slightly from £7.9 million to £8.2 million.
The company is the exclusive importer and distributor for Patek Philippe watches in the UK, and the de facto subsidiary for the Swiss watchmaker.
Mark Hearn, managing director of Rhone Products, wrote in a note accompanying the financial report that: “The results for the year and the financial position at the year end were considered satisfactory by the directors, who were pleased with the continued progress despite operating in a continually challenging economic environment.”
Mr Hearn’s assessment for the year ahead, in his report filed in the first week of May, was that “the local economic conditions forecast for 2017, and the forthcoming planned promotional activity, should maintain demand moving forward.”
No mention was made of the last year’s weakened pound contributing to rising sales, but the financial report does say that the exchange rate has caused purchasing costs to rise, which has put pressure on achieving acceptable margins.
2016 Vital Statistics
- Turnover: £142.6 million (+14%)
- Operating Profit: £8.2 million (+3.8%)
- Employees: 72