Wempe UK Limited says sales rose by 37% last year in its latest accounts filed at Companies House this week.
The business is the first of the big Bond Street jewellers to report full year trading figures for 2016, and confirms that sales for luxury Swiss watches soared in prime central London following the post-Brexit plunge in the pound.
Along with its high end jewellery, Wempe’s Bond Street Boutique offers premium models from Rolex, Patek Philippe, A Lange & Sohne, Audemars Piguet and Vacheron Constantin among a portfolio of 16 luxury Swiss watchmakers.
Wempe UK Limited operates from a single Bond Street boutique, which generated £16.2 million in sales in 2016, up from £11.8 million in 2015.
Reported profit increased from £132,123 to £823,738, despite what the company describes as a “difficult economic background of increased competition, exchange rate fluctuation and a slowdown in global activity”.
Administrative expenses for the company increased by 20%. “The main reason is due to an increase in rent following a rent review and an increase in marketing expenditure,” Wempe’s financial statement says.
Sales per employee, a key performance indicator set by Wempe, increased from £700,000 in 2015 to £961,000 in 2016.