Watches of Switzerland profits jump 76% to £133m

Watches of Switzerland Group has reported record revenues of £1.83bn, up 13% and a 76% increase in pre-tax profit to £133m for the year ended 3 May 2026.

The group said that statutory profit before tax hit the top end of its profit guidance and was supported by lower exceptional costs. Adjusted EBIT also increased to £155m from £150m, up 3%.

Growth was led by the US business, where revenue increased 18% to £927m and now accounts for more than half of the group’s revenue and profit. UK revenue also increased 5% to £901m. According to the group, the performance reflected strong execution despite tariff-driven pricing and margin changes in the US and continued pressure on UK consumers.

The group said the results were at the top end of its profit guidance, having continued to invest in its showroom estate, e-commerce capabilities and client proposition during the year. It also reported progress integrating Deutsch and Deutsch, while its certified pre-owned business and Roberto Coin brand continued to build momentum.

Looking ahead, Watches of Switzerland said trading during the first 10 weeks of FY27 had been “encouraging” and reiterated its guidance for revenue growth of between 5% and 10% at constant currency, alongside adjusted EBIT margin expansion of between 40 and 80 basis points.

Brian Duffy, chief executive of Watches of Switzerland, said: “FY26 was a year of strong execution against a complex operating backdrop. This was all achieved while navigating tariff-driven price and margin changes in the US and continued pressure on consumers in the UK.

“The Deutsch and Deutsch integration is progressing well, Certified Pre-Owned continues to gain traction, Roberto Coin is building momentum and our e-commerce investment is extending our reach with clients.”

Duffy added: “Our focus in FY27 is to build on this performance, continuing to elevate the client experience through our Xenia programme, drawing on the success of Rolex Old Bond Street, while maintaining cost and capital discipline and investing where we see the greatest long-term returns. We have made an encouraging start to the year which underpins our confidence in delivering another year of strong revenue growth.”