Turnover for the 2017 financial year that ended in December dipped by 5.1% for Citizen Watch UK Limited to £25.22 million.
Operating profit rose from £395,247 in 2016 to £955,000 last year.
The financial results do not include sales for Bulova, Frederique Constant or Alpina, which all came under the control of Citizen Watch UK last year, but will feed through into the figures for 2018.
Company secretary Brian Gillingham, in a briefing accompanying the 2017 accounts, said: “In a challenging market, the directors are pleased to report a turnover in 2017 of £25,219,053. Whilst turnover was down on 2016, the continued focus on our proprietary Eco-Drive watches through advertising and trade marketing programmes resulted in an increase in profitability and market share.”
Mark Robinson, group managing director, adds: “We are extremely happy with the results for 2017 against the back drop of a challenging market. We will continue to invest heavily in the market particularly now with our multi brand approach.”
Gross margin improved from 31.32% in 2016 to 35.11% last year.
