Citizen Watch UK Limited increased revenue by 2% in 2016 to end the year with turnover of £26.6 million (up from £26.1 million in 2015).
With a typical mark-up of x2.3, the value at retail of Citizen watches in the UK is likely to have been approximately £61 million.
In accounts filed this week, the group, which is responsible for distribution of all Citizen watches in the UK, saw gross profit fall slightly from £9.2 million in 2015 to £8.8 million in 2016.
A statement from the company secretary that accompanied the financial results said that the directors are pleased to report an increase in turnover, which was achieved through a combination of improvement in product selection and availability of key models, especially for the proprietary Eco-Drive higher value watch models.
The gross margin fall was limited despite “continuing challenging market conditions,” the report states.
It also notes that sales held up in part because of a significant investment in advertising and trade marketing support programmes.
