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Patek Phillipe trebles UK turnover inside a decade

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Patek Philippe’s turnover in the UK has risen by 8.4% to £176.4 million for the year financial year ending January 2020.

Operating profit also rose by over 8% to £23.7 million.

The financial result pre-dates the economic damage of covid in the UK, but the long term trend for Patek Philippe in the UK is striking, with sales almost trebling from £63.9 million in 2010-11.

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A director’s statement accompanying the financial results to January 31 mentions the impact of covid-19 this year as a “principal risk”, but states that the brand’s strength and reputation in the UK are expected to protect the business against this risk.

The cost of sourcing watches from Switzerland, with the rising strength of the Swiss franc this year, is also mentioned. The franc is up around 13% this year, which is likely to weigh on profits for the UK distribution operation of Patek Philippe in 2020-21 although the business has mitigated against the impact through the use of forward currency contracts.

A healthy balance sheet was crucial to weather the shut down of retail and distribution during the covid quarter, and Patek Philippe could draw on net assets worth £56 million in January, accounts filed with Companies House reveal.

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