Edinburgh-based Hamilton & Inches has reported a dip in profits during a year of “substantial investment”.
According to accounts filed with Companies House, the independent luxury jewellery recorded a pre-tax profit of £121,000 for the latest financial year, down from £512,396 the year prior. The company did not disclose the turnover for this period, but described sales as “strong” across all aspects of the business
The 150-year old firm appointed a new chief executive officer last year and revealed ambitious plans to double turnover to £20m over the next five years.
In a statement accompanying the results the company says it has laid “strong foundations” for continued growth.
Hamilton & Inches has devoted “significant resources” to training, development and apprenticeship programmes, with “robust investment” in restructuring and IT also key areas of focus during 2019.
The company also confirmed plans for the refurbishment of its central Edinburgh showroom throughout the course of 2020, bringing a “fresh and contemporary feel” to the retail area, workshops and back-of-house operations, whilst retaining original and historical features.
“Our investment into all aspects of the business demonstrates our commitment to the future of Hamilton & Inches and the strength of our vision for the next chapter of the brand,” says the retailer’s chief executive officer, Victoria Houghton.
“This last year has represented a key time for us and we have prioritised supporting our showroom, workshop and head office staff as we look to the future. The skillset within Hamilton & Inches is a truly unique aspect of the brand to which we have committed significant resources this year, and which we will preserve and nurture with continued investment.”
She concludes: “Despite the significant levels of investment made throughout the year, Hamilton & Inches are pleased to have achieved a pre-tax profit of £121k.”
News Source: professionaljeweller