The FF Group, owner of luxury jewellery, watch & accessory brands Links of London and Folli Follie, has announced that it has continued its positive performance in posting strong results for the first half year of 2016 despite an adverse global environment.
Consolidated revenues for the group reached £563m vs £513m in the equivalent first half period of 2015, an increase of 10%. Improved performance in all the Group’s business segments helped operating profits increase by 16% to £113m compared to £98m in the first half of 2015. Group EBITDA reached £128m, increasing by 16%. Net profits after tax and minority rights were £84m.
All three segments of the FF Group showed strong operating performance, specifically:
- Revenues from jewellery, watches and accessories increased by 10% to £416m. EBITDA for the segment reached £117m vs £101m in the equivalent period last year, an increase of 15%.
- Revenues from department stores increased by 6% to £71 m. EBITDA is at £7m compared to £5m in first half 2015.
- Revenues from retail/wholesale of footwear and apparel increased by 11% to £75m. EBITDA for the segment is at £5m compared to £4m last year equivalent.
Mr George Koutsolioutsos, CEO of the Folli Follie Group, stated: “2016 is evolving positively for our group. Despite the continuing challenges in the external environment (Brexit, terrorist attacks etc.) the business units are still growing successfully, demonstrating remarkable resilience.
“In this context, the group is implementing its strategic plan and digital transformation in order to meet the current needs of global retail as well as of the new consumer, who is informed and is wavering between physical and online store purchasing.
“Additionally, the group continues to expand its presence into new countries, whilst strengthening its brand portfolio. As we have previously communicated, an adjustment to our operating model is ongoing so that it remains simple and functional in order to achieve both our short and medium-term goals. Our primary target is to safely navigate the group, to the benefit of our shareholders and our employees.”