Luxury jewellery and watch retailer David M Robinson (DMR) has announced a 58% increase in turnover in a financial report for the year ending 31 March 2022.

The retailer’s turnover at financial year-end was £48,850,588, demonstrating a 58% increase on the previous year (2021: £31,007,105).

Impacted by periods of closure due to the COVID-19 pandemic, DMR’s turnover in 2021 decreased by 4% in comparison with 2020.

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As of 31 March 2022, operating profit was up to £6,351,998 (2021: £3,199,971) and net current assets were recorded at £15,852,756 (over £1.6m higher than the previous year).

DMR credits an greater consumer appetite for luxury goods, along with its “strong reputation for quality and service” amongst its “loyal and long established client base”, for the increase in turnover, according to the report.

The retailer is continuing to attract new clients with its varied luxury offering in key cities across the country.

DMR opened a mono-brand OMEGA boutique in Liverpool on 1 November 2021 to expand its presence in the city and, after a period of closure, opened a refurbished and expanded DMR Liverpool showroom on 16 May 2022.

At the end of the 2020/21 financial year, DMR’s net current assets showed an increase in value in comparison with the previous year as a result of current year profitability.

As the Liverpool showroom refurbishment continued over year-end, a significant Assets under Construction balance was recorded.

Expected to open in late December 2022, the retailer is also set to operate a mono-brand Tudor boutique in Manchester City Centre.

The directors are anticipating further developments in existing markets over the coming years, resulting in increased profitability, and will review opportunities for expansion, according to the report.

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