Jewellery and watch retailer CW Sellors has witnessed a more-than 200% year-on-year increase in full-year profits after tax for the year ending April 30 2021.
Despite the difficulties of the pandemic the jeweller’s turnover for that same 12-month period rose from £15.3 million in 2020 to £20.7 million in 2021 – an increase of more than 25%.
This resulted in a full-year profit after taxes of more than £1.7 million in the year ending 30 April 2021.
By comparison, CW Sellors profit was under £550,000 in the year ending 30 April 2020, nearly 11 months of which was before the UK’s first national lockdown.
In a company statement as part of the report filed with Companies House, the business stated that its focus on customer service and close work with brands were partly the cause of its increased turnover.
“Growth was particularly strong online,” it read, “showing the benefit of long-term development of […] web platforms and new brand partnerships as the long established shift from the high street to online accelerated during the pandemic.”
The report also stated that the relatively small increase in expenses (perhaps as a result of store closures) by comparison to growing revenues was a significant factor in the more than tripled yearly profits.
CW Sellors said it “responded decisively to the threat of the pandemic and has developed a flexible and robust business model” which has allowed the business to thrive both in and out of lockdown.