Beaverbrooks reports ‘record’ turnover of £225m

National family-owned jewellery, diamond and watch retailer, Beaverbrooks, has announced “record” turnover of £225m in its latest accounts (March 2022 to February 2023), an increase of 11.4% on the previous year. Its operating profit also amounted to £25.7m. Beaverbrooks said that despite the effects of the cost-of-living crisis and uncertain economic times continuing to impact UK businesses, the 104-year-old retailer has been able “to continue to invest in its people and estate across its last financial year and into this one”. Strong performance against a difficult backdrop has also continued into this year as turnover at the halfway point of its current financial year (March 2023 to August 2023) is also up 3.1% at over £107.2m. As future proofing the business and protecting jobs continues to take precedence for the retailer, gross profit margin reduced to 17.1% from 21.6% as it prioritised investment in its estate, people and charity across the financial year. Beaverbrooks stated that putting profit back into the retailer’s estate was a “key priority” in its last financial year, with £14.5m invested into enhancing its infrastructure. This included the refitting and expansion of a number of stores, as well as the unveiling of four new dedicated luxury Swiss watch boutiques in the key locations of Cambridge, Norwich, Glasgow and the West Midlands. Additionally, investment in stores and infrastructure has continued to be a priority with over £7m being spent on estate expansion this year to date, taking the total number of stores and watch boutiques to 85. This has included four store refits and dedicated luxury watch boutique openings in York, Leeds, Derby and Reading, which have provided shoppers with an opportunity to consult with experts when making purchases of diamonds and luxury watches. To support business performance, investment has been made in the training and development of teams across the UK, in addition to growing the number of colleagues by 10% to 1,165 employees. Meanwhile, Beaverbrooks has continued to prioritise support for charities in the UK and internationally, donating £2.57m to registered charities and community groups during its financial year. The retailer also supports 46% of the team who donate through Payroll Giving with 100% match funded donations to support their favourite charities. In addition, the business made over £250,000 available for colleagues to donate a share to make a positive difference to local causes close to their communities’ hearts. Anna Blackburn, the managing director of Beaverbrooks, said: “We are delighted to share another year of strong financial results and are so proud of our people who have worked hard to achieve such amazing success. Without their commitment to providing exceptional levels of customer service, we would not have been able to make the same level of investment into our people and estate that we did last year. “We also want to thank our customers for their continued loyalty through these difficult times and continue to be committed to providing the best value, choice, quality and expertise when they are making special purchases for their engagements, weddings and gifting needs.” Mark Adlestone OBE DL, chairman of Beaverbrooks, added: “As a family-owned business, enriching lives and making positive changes to the world is in our DNA, and this is reflected in every decision we make as a company. By staying true to our values, we have been able to deliver financial success and invest in our people and our infrastructure. We are able to protect jobs during uncertain times and ensure we are paying our people fairly as well as paying bonuses to colleagues who are performing to a high standard. "It has also meant we have been able to donate over £2.57m to charities at a time when it is needed most. I am extremely proud to see that the fantastic work of our teams across the UK has led us to another strong year of financial success and I am confident our teamwork will help us continue to grow as a business.”