Scottish jeweller and watch retailer Laings achieved a 5% rise in turnover to £63.3 million in the year to May but pre-tax profits fell to £3.7m from £5.45m.
The latest rise in turnover built on a 62.2% increase in the prior financial year to May 2022, a period in which sales recovered strongly with the absence of pandemic-related lockdowns and pre-tax profits nearly doubled to £5.45m from £2.8m.
Family-owned Laings, which has showrooms in Glasgow, Edinburgh, Cardiff and Southampton, said profits in the year to May were “in line with expectations, set against higher levels of investment”.
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Staff numbers increased to 210 in the year to May 2023, from 187.
Laings chief executive Joe Walsh highlighted the firm’s commitment to “a bricks and mortar presence” as a “luxury” jeweller.
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The company, which was established by the Laing family in 1840 and is now in the hands of the sixth generation, said the 12 months to May 2023 had been a “year of continued investment” in its “UK retail, digital and workshop spaces”.
Laings said its profit before tax of £3.7m would be “reinvested back into the business to support 2024 ambitions”.
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It added that “unlike many retailers, who have chosen or been forced to close physical stores in favour of an online offering”, it had remained focused on its physical presence, “creating local jobs in the process and bringing new talent into the business”.
As part of the development of the Rowan House building on Buchanan Street in Glasgow, Laings invested in the creation of a Rolex-accredited watch workshop, which opened in late spring.
Mr Walsh said: “This has been the first year since 2020 that we have not felt any direct effects financially from the pandemic. As a luxury jewellers, we continue to focus on the importance of a bricks and mortar presence for several reasons.
“Showrooms allow our clients to see and feel each individual piece, steeping themselves in the rich and traditional history and expertise of our business and that of our prestigious partners.”
He added: “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 improved this year with our e-commerce team rebuilding and relaunching our website, transferring our luxury showroom offering to the ease of screens. This has allowed clients to make purchases online more easily when they cannot come to see us in store.”
Laings said it would over the coming year progress the roll-out of its programme of investment across all four cities in which it is based.
It added: “Plans include the opening of the new multi-floored flagship showroom in Rowan House, a new TAG Heuer mono-brand showroom in Edinburgh and the expansion and development of [the] George Street showroom [in Edinburgh] into 2025.”
Mr Walsh said: “This continues to be a very exciting period of growth for Laings and we are excited about what lies ahead for the coming year. Our turnover has continued to increase, which is a positive reflection of the decision we made to focus our investment in our showroom estate and client offering across the UK.
“Clearly, we could not have continued to achieve such growth without the dedication of our colleagues who remain at the heart of the business. Their expertise drives us forward and we are excited to bring them into the next chapter with us.”
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