Rolex Watch Company Limited has reported sales of £268 million in 2016, a 41% rise over 2015.
Operating profit for Rolex’s UK subsidiary rose by 13% to £22.5 million in 2016.
The Rolex Watch Company Limited accounts, published today at Companies House, give a rare glimpse into the finances of Rolex, which is owned by Hans Wilsdorf Foundation, a private family trust that never shares financial information.
Rolex Watch Company Limited has seen sales double in the UK over the past five years, while operating profits are up five-fold.
Rolex re-launched Tudor in the UK in 2014, helping turnover to rise to £190 million in 2015.
But the impact of Brexit on the value of sterling, which made luxury watches more than 25% less expensive in the UK compared to the eurozone, Asia and the United States, drove sales to record levels.
Rolex increased its prices by 10% in November last year, which narrowed the price difference with other markets.
In October 2016, the month before Rolex’s price rise, GfK reported that sales of watches priced at over £1000 had risen by 53% year-on-year.
Rolex is the last of the top 10 largest watch companies operating in the UK to report its 2016 financial results and is by far the greatest beneficiary of the post-Brexit bonanza.
Rolex and Tudor added turnover of £78 million in 2016 compared to 2015. In comparison, Patek Philippe added £18 million and the whole of Swatch Group added £15 million.
The top 10 watch companies in the UK amassed sales of £1.04 billion in 2016, up from £890 million in 2015.
Rolex Watch Company accounted for 26% of that £1bn, up from 21% in 2015.
Rolex does not comment on financial results.
