Beaverbrooks the Jewellers is proving that it is possible to grow even during uncertain times on the British high street, with the company posting its fifth consecutive year of sales growth,
During the year ending March 2019, the family-run multiple recorded a 2.9% lift in turnover from £126.5m to £127.4m.
Operating profit for the year remained steady at £12.4m before discretionary payments.
During the same period, gross profit margins reduced moderately to 16.4% (2018: 17.3%) as a result of subsidiary results, significant investment in our people’s salaries, training, and new stock lines in preparation for the 100-year birthday celebrations in 2019.
Beaverbrooks chairman, Mark Adlestone, comments: “We’ve just had the five most profitable years in our history. However, success at Beaverbrooks is not only measured in financial terms. A strong commitment to the learning and development of all our people, an open and honest company culture and commitment to the wider community in which we work, are all borne out in the many accolades awarded to the company during this period. As we celebrate our centenary in 2019, we are excited by what the future holds.”
“These results demonstrate that the combination of a sound strategy and continued investment in people, product and our presence on the high street, can deliver sustained success,” adds the retailer’s managing director, Anna Blackburn. “The jewellery market is highly competitive, but we firmly believe that the experience of coming into a high street store adds value to our customers. We have continued to invest in our people to ensure our customers have the best shopping experience at Beaverbrooks.”
As part of its mission to ‘enrich lives,’ Beaverbrooks donates 20% of retained profits to charity and has this year donated £1.265m. Since the year 2000, the company has donated in excess of £14m to over 750 charities.
Beaverbrooks was awarded the Diamond Award from the HM Government & Institute for Fundraising for its Payroll Giving, the 8th consecutive year of recognition for their commitment to payroll giving. 46% of its people were involved in Workplace Giving at the year-end; the national average is 7%.
During the period Beaverbrooks employees gave £55,712 (2018: £42,765) through Payroll Giving. The net donation is 100% matched by the company resulting in total donations of £97,449 (2017: £74,755).