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Swatch Group UK profits double ahead of covid pandemic

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Swatch Group UK Ltd sales rose by over 12.7% in 2019 and operating profit almost doubled (+90%), strengthening the company’s balance sheet ahead of the challenge of 2020.

Turnover increased to £180.5 million, three times higher than the £60 million generated as recently as 2014, although a structural change in 2018 saw stock of all watch brands processed through the London-based operation (some brands were previously handled directly from Switzerland).

This caused sales to rise from £85 million in 2017 to £160 million the following year.

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Accounts published at Companies House today for the year ending December 31, 2019, provide little guidance into Swatch Group’s response or expectations relating to covid in 2020.

“The directors believe the company is well placed to manage its business risks successfully despite the current uncertain economic outlook, in particular with the ongoing global covid-19 pandemic,” a director’s statement says.

“We are closely monitoring the current and potential impacts of covid-19 on our commercial operations and global supply chain,” the statement adds.

Swatch Group UK Ltd is now performing the role of a wholly owned distributor; buying and selling its own inventory and operating as a self-sustaining entity.

Its balance sheet was significantly strengthened through 2019 and ended the year with net assets valued at £40 million, up from £35 million in 2018.

 

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