Chisholm Hunter Holdings Limited witnessed a modest rise in turnover during its financial year ending March 2018.
During the financial year, 2017-18 sales increased by 1.58% to £36.6m.
Operating profit dropped by 8% to £2.5 million, although this was hit by a negative exchange rate swing of around £250,000 over 2017, without which profits would have been roughly flat over the prior year.
Profit for the financial year before taxation ended on £1.7m .
According to the reported filed with Companies House, the Board is “satisfied” with the performance in the year and remains positive about the longer term growth prospects.
Chisholm Hunter director, Harry Brown, states: “The retail brands remain strong in the marketplace. The sales growth achieved in 2017/18 arose from existing stores. This is expected to continue in the immediate future. The company intends to continue the successful expansion of the geographical coverage of its store portfolio.”
Chisholm Hunter ended the year with 24 showrooms, the same number as in 2017, but the number of staff has dropped from 291 to 268 over the year.
“Investment will continue in people, product and property to ensure that customers continue to be provided with an exceptional jewellery and watch buying experience,” Brown adds.
Since this financial year Chisholm Hunter has invested heavily in new stores.
In December 2018 the retailer revealed had invested £2.5 million in the expansion and refurbishment of its Glasgow flagship and the opening of a double-sized store in Bluewater.
Bluewater is now described as one of Chisholm Hunter’s most prestigious stores thanks to a £1.5 million investment that has moved a former store that was not in a triple-A location to a prime spot in the shopping centre and a showroom that is double the size of the previous one.
An additional £1 million was spent refurbishing and expanding Chisholm Hunter’s original Argyll Arcade, Glasgow, flagship.