The Company of Master Jewellers (CMJ) has reported another promising year, with sales through the Group rising to over £150 million and gross profit up 12% to £2.29 million.
Speaking to the CMJ membership at the Group’s AGM in Birmingham on Sunday August 9, CMJ finance director Andrew Hirshman reported that CMJ group sales rose from £113m in 2013/14 to just shy of £153m in 2014/15, representing a rise of 35%.
CMJ’s gross profit has risen to £2.29m up by 12% from £2.04m last year, with expenditure and investment rising by 15.7% to £1.92m.
“We have managed to ensure that the CMJ is in its strongest financial position in its 35 year history and well positioned to take advantage of potential future growth opportunities. We are, without doubt, the strongest cooperative jewellery buying-group in the country and remain focused and motivated on ensuring that this is never challenged,” said Hirshman.
The Bridal jewellery segment, which includes both diamond and wedding ring suppliers, has contributed £12.8m this year to core CMJ sales, up from £10.7m in the previous year and £11.9m the year before that. This represents a rise of just under 20%, reversing last years fall of 10%.
“This does indeed demonstrate that we have begun to refocus back onto this critical side of our business. Brown & Newirth, Domino, Corona and Bass Premier have in particular have shown good growth this year.” Hirshman reported.
Watch sales have also continued their rise within the CMJ, with sales through the group up from £9.7m to £12m.
Total number of members at the end of 2015 stood at 155 up from 144 at the same time last year, representing steady manageable growth.
Breaking down some of the figures, HIrshman added that “59% of CMJ members’ spend within the CMJ was ahead of spend year-on-year”
He continues: “This is up from 57% last year and 52% two years ago. This is a very encouraging trend which highlights that the UK economy has without doubt, started to move out of recession and into growth. It also shows that our members are feeling more bullish about their businesses and their future.”
“During the growth of every successful business there comes a point where courage is required to invest for the future and not anticipate immediate return on that investment, to speculate to accumulate, is the well-used phrase,” said Willie Hamilton, at the Group’s AGM.
“CMJ will continue to speculate to accumulate in 2015 but still remain focused on the core requirements of providing professional, ethical, collective support that can enable our membership to maximise their business potential, independently and collectively,” Hamilton added.