Retail jeweller Laings has announced a 62% increase in turnover, up to £60m, in its results for the year ended 31 May 2022.
The company’s pre-tax profit was £5.4m up from £2.8m in 2021. Its gross margin also rose to 34% from 32.8%.
The results were supported by “healthy growth” in its online sales and strategic moves such as the introduction of the first mono-brand showroom with OMEGA in Cardiff.
Laings also invested £10m in its physical presence including showroom expansions in Cardiff and Southampton. It is also establishing a new workshop and head office in Glasgow.
CEO Joe Walsh, said: “With no mandatory lockdowns in the last year of trading, we have seen a strong recovery in demand for luxury jewellery and watches. Along with our highly skilled workforce, our retail stores are the cornerstone of our business.
“They are where our clients can immerse themselves in the history and traditional expertise of our business, and that of our prestigious partners. It is vital that we continue to invest for the future, making our physical assets as enticing and engaging as possible. Our online experience has also dramatically improved, helping people to make purchases more easily, when they cannot come to see us in store.”
Walsh added: “This is a very exciting time for us as a brand and these investments demonstrate our commitment to bringing our clients a luxury retail experience every time they visit. Our turnover growth reinforces the decisions we have made to drive the business forward during a highly challenging few years in the retail industry.
“We could not have achieved our successes to date, nor plan for future successes, without the skill, expertise and dedication of our colleagues, who remain at the forefront of our plans to grow the business further. We look forward to bringing our current enhancements to fruition and to further securing our role as an industry leading, luxury destination across our UK store estate.”
Started in 1840, Laings is now in the hands of the sixth generation of the Laing family and is one of the largest independent jewellery businesses in the UK.