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Jeweller Harry Winston navigates choppy waters amid pandemic to record full-year profit

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A financial statement added to Companies House shows that global fine jeweller Harry Winston managed to turn a profit during the full calendar year of 2020 despite the challenging circumstances of the pandemic.

The New-York founded jeweller which now boasts stores in North America, Asia and Europe next year marks its 90th anniversary.

Its latest financial report, though, shows that it will enter its 90th year in style after a successful 2020 saw it defy the odds by proving profitable through the worst of the pandemic.

The company admits that the UK’s lockdowns were not good for business – something that is plain to see in its finances.

Turnover nearly halved in the full year 2020 (£13.86 million) by comparison to the previous 12-month period (£26.98 million).

This, the company’s report stated, can “primarily [be] attributed to a combination of government mandated closures of non-essential businesses, worldwide travel restrictions and general fear and apprehension of [Covid-19].”

“This resulted in a significant decline in foot traffic at both retail salons,” the report added.

Despite losing almost half of its turnover, the company dealt with the situation well, still managing to see profits of £102,000, exactly 90% down from its 2019 profits of £1.02 million.

“On a positive note,” the report went on, “the company managed to produce a small operating profit […] driven by an overall 60% gross margin on sales.” This marked a 14.7% increase from 2019, while expenditures were down by over a quarter (26.8%) year-on-year in 2020.

The jeweller also expressed its gratitude to the UK Government for its Covid business support measures since spring 2020.

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