Welsh jewellery brand Clogau has maintained its retail momentum despite challenges on the British high street.
In the latest accounts filed with Companies House, Clogau says a diminishing high street retail market has caused the firm’s turnover to fall slightly, however the directors consider the financial performance to be “strong” against this backdrop.
For the year ended 30 September 2018, the Welsh jewellery brand recorded a turnover of £14.2m, down slightly from £14.3m in the year prior.
Operating profit slipped slightly from £2.3m in 2017 to £2.1m in 2018, while net profit fell from £1.8m to £1.7m over the same period.
In a review of the business contained within the report, Clogau’s directors said the group continued to expand its own high street retail footprint and invest in business development in the Far East, through wholly owned subsidiaries in Hong Kong and Shanghai.
The group also increased the scale and complexity of its marketing operation during the financial year, with an emphasis on TV campaigns and social media.
Company director William Roberts says of the results: “A diminishing high street retail market has caused the group’s turnover to fall slightly however the directors consider that taking this in to account the financial performance and profitability of the group was strong against this backdrop.”
Despite challenges on the high street Clogau has been bucking the trend by opening new doors at a time when many other businesses have been reducing store numbers.
As Clogau celebrates 30 years in business in 2019, the company plans to open three more boutiques before the year ends.