Patek Philippe’s UK business racked up another year of record sales and profits in the 12 months to the end of January 2023.
Turnover rose by 13.3% from £187 million to £211.7 million.
Margin was squeezed, with operating profit rising by just 2% from £29.9 million to £30.5 million.
The results for the year and the position and the end of the year were described as “satisfactory” by the directors who reflected that growth came at a time of “a continually challenging economic environment”.
Patek Philippe is in the process of reducing its number of doors worldwide by around 30%.
In the UK, the list of authorised retailers on the Patek Philippe website has been trimmed from 40 to 35, but it is not thought the country’s allocation of watches has been reduced.
Patek Philippe publishes accounts for its entire UK business and also separately for Patek Philippe Salon, which runs its boutique on London’s Bond Street.
Sales at that London store rose by 9.4%, more slowly than the wholesale business, which was up by 15.5%, and perhaps an early sign that the tourist tax has hit the capital more than other regions of the UK in 2022.
Operating profit fell by 3%, year-on-year for Patek Philippe Salon.
As WatchPro reported in August, the company is currently refurbishing and extending its Bond Street boutique into a neighbouring unit.
Patek Philippe UK results in graphs