The Company of Master Jewellers (CMJ) has announced its annual financial results at the Group AGM today (Sunday August 7) reporting that Group sales have risen by 9.1% from £152.7m to £166.6m, a new record level for the jewellery buying group.
Speaking at the CMJ’s AGM, financial director Andrew Hirshman reported that the CMJ’s gross profit also rose from £2.29m to £2.44m, a respectable rise of 6.6%, while the CMJ’s expenditure base has risen by 24.5% from £1.92m to £2.39mfor the period April 2015 to March 2016.
Speaking at the AGM, Hirshman said the following:
“Whilst economically the overall UK picture may have been strong, the independent jewellery trade still faces its own challenges. We are now, having voted ourselves out of the European Union, in the middle of probably the most uncertain and interesting political and economic landscape that we have experienced for many years.We are at a pivotal and crucial moment in our development and growth. The structure of our company is changing and developing, which is why I have called this ‘The Year of Transition’. A transition that will take place over time, which we predict will go a long way to protecting our future together.
“It won’t be easy and undoubtedly there will be further challenges, but the one thing we can guarantee is that it will not happen and flourish overnight. What we can promise, is dedication, focus and clear strategic decisions and thinking from us all in order to reach our full potential. The CMJ is no longer simply a buying group.
“We have still managed to strengthen our balance sheet and increase the net worth of our company to £2.83m, a modest rise of 1.4%. We have invested in purchasing two new companies, namely Design Unique and HBS IT Consultancy, which were both completed by the 31st March 2016, the end of our financial year.
“We are still in our strongest financial situation and very well positioned to develop and grow the new parts of our business, which have already been announced prior to today and to continue to look for new opportunities that we are confident will come our way.
“The CMJ is growing and evolving, of that there is no doubt. There is an ancient Chinese proverb that goes: When the wind of change blows, some people build walls and others build windmills. I would like to ensure is that we are as well-placed as we can be to build our windmill that will take full advantage of this change for our mutual benefits for years to come. We are at a pivotal and exciting stage in our lifecycle, with new projects and divisions now in their infancy.”