Profits up at Beaverbrooks

Lytham St Anne's-based Beaverbrooks the Jewellers has reported an increase in operating profit in the lead up to its 100th anniversary celebrations.

Operating profit before discretionary payments increased to £13.7m during the 53 weeks ended 3 March 2018, which is an increase of £1.4m over the previous year.

Annual turnover also increased by 6.2 per cent from £119.2m to £126.5m, compared to prior year 52 weeks.

Despite competitive trading conditions during this 53-week period, profit margins were maintained with gross profit of £21.9m.

The family firm also continued with its programme of investment during the period, including the refurbishment of key retail stores and development of its website.

The company also continued to invest significantly in its people with specific product training and further performance linked bonus structures being implemented.

As part of its mission to enrich lives, the company donates 20 per cent of retained profits to charity and has this year donated £1.111m to charity. Since the year 2000, Beaverbrooks has donated in excess of £12m to more than 700 charities.

Mark Adlestone, chairman of Beaverbrooks, said: “We’ve just had the four most profitable years in our history which we’re delighted with.

“However, success at Beaverbrooks is not only measured in financial terms. A strong commitment to the learning and development of all our people, an open and honest company culture and commitment to the wider community in which we work, are all borne out in the many accolades awarded to the company during this period. “As we approach our centenary in 2019, I’m excited for the future of Beaverbrooks.”