Profits have fallen by 40% at Leicester-based luxury goods retailer Watches of Switzerland after a year of significant capital expenditure at the firm.
The company’s surplus for the year to April 28 fell to £92m, on the back of a small rise in revenues of 2% to £1.53bn.
Watches of Switzerland says demand for its key brands continues to outstrip supply.
Brian Duffy, chief executive officer, said: “I am proud of the performance that our team delivered this year in what was undoubtedly a more challenging market. We cemented our position as a leading international luxury watch and jewellery retailer and delivered further market share gains in both the UK and US, driven by our proven, differentiated business model. In particular, our US business went from strength to strength, growing 11% and will soon represent half of group sales.”
Nottingham Building Society has revealed that Robin Ashton has been appointed chair of the board with effect from July 1.
He succeeds Andrew Neden, who is stepping down and retiring after ten years on the board, having served as chair since April 2020.
Ashton joined the board of directors in December 2023.
He said: “On behalf of the board, I would like to thank Andrew Neden for his significant contribution to the Society since 2014, and in particular for his commitment and exemplary leadership as Chair over the past four years.
“Nottingham Building Society has a rich heritage and loyal customer base, and I see great potential for growth as we continue our transformation journey to serve better the needs of today’s borrowers and savers. I am looking forward to working with CEO Sue Hayes and the team to help deliver our vision of increasing home ownership and continuing to provide an attractive savings proposition for our members.”
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