Glasgow-headquartered Laings says it remains active in the acquisitions market as it looks to expand its UK-wide network of luxury watch and jewellery showrooms.
The company has just reported on its first full financial year following the acquisition of Laing and Parkhouse and seen like-for-like sales rise by 17.4% to £42.3 million.
Operating profit for the financial year, which ended May 31, 2019, rose by 22.4% to £4.1 million.
Laings has stores in Glasgow, Edinburgh, Southampton and Cardiff, but previously operated under the two names of Laings and Parkhouse.
Operating under one brand across the whole of the UK put the company in a much better place strategically, a statement accompanying the group’s financial results says.
Not only are there efficiencies for back office operations, the group can now speak with one voice across Great Britain with its marketing. It has also refurbished its showrooms in Glasgow, Southampton and Cardiff so that the customer experience is of the same quality wherever they shop.
“I am delighted with the first full set of annual accounts since the acquisition of Laing and Parkhouse. We have brought all businesses under one brand, consolidated and streamlined the watch and jewellery offering, whilst continuing to invest in both our after-sales and bespoke business,” says Laings CEO Joe Walsh.
“We have refurbished the Glasgow, Southampton and Cardiff stores and continue to invest in our people and infrastructure. The bulk of the integration is now complete and we plan to drive further growth through excellent customer service experience. Delivering such strong growth whilst going through a restructuring is testament to our team,” he adds.
Growth might have been even stronger were it not for shortages of key models from Rolex and Patek Philippe. “[There has been] strong growth from partner brands, such as Richemont, Swatch, LMVH and Breitling, with continued solidification of their Rolex and Patek Philippe business, despite the impact of supply restrictions on these sought after brands,” the company suggests.