High-end jewellery retailer Asprey Holding has posted another year of losses despite a bumper year of sales.
While turnover rose 62.5% to £36m for the year ending March 2017, compared to £22m for the same period in 2016, the jeweller suffered an operating loss of £6.2m.
Overall losses totalled £19m for 2017, compared with £14m the year before.
Asprey Holdings reported that its operating costs increased by 25% due to “intercompany foreign exchange revaluations”. Operating costs excluding the foreign exchange revaluations on the intercompany accounts and the depreciation increased by 8%, it added.
After the loss-making year the company confirmed it did not pay any dividends.
The Times has reported that the jeweller, which has supplied jewellery to the Royal Family since Queen Victoria’s rein, has not recorded a profit since 2011.
While the last six years of business have been subject to financial strain, the company is optimistic that its sales performance places the brand in a good position to drive the high-end jeweller going forward.
The company’s report stated: “The Asprey brand is in a strong position and the company will continue its strategy to improve the company and group results without impacting the image and potential of the brand.”
Following the finical report’s release, the company stated:””Asprey continues to invest in its product offering, supply chain and retail store network, with a particular focus in Asia. Most recently new stores were launched at the Takashimaya luxury department store in Osaka and a flagship in partnership with Sun Motoyama on Namikidori in the heart of Ginza in Tokyo. Asprey expects to continue to invest heavily in Asian expansion.”