Pragnell profits and revenues surge in FY24

Stratford-Upon-Avon based luxury jeweller Pragnell has seen its profit-before-tax increase from £8.75m to £9.27m and its revenues rise 14% to £94.39m for the year ended 31 March 2024.

Its operating profit also was also up from £8.90m to £8.96m and gross profit margin of the company and group during 2024 were 15.0% and 21% respectively.

Pragnell stated that both the company and the group have “performed well whilst managing the rising cost of inflation which continues to be a challenge”.

Overhead costs of the jeweller have increased during 2024 to £11.81m from £10.32m in 2023 reflecting primarily the increases in wages and salaries the group has experienced.

Pragnell said: “The financial position of the company and the group are both strong with respective net asset positions of £53.93m and £58.59m with continued investment into the business by both the directors and the shareholders. The directors are satisfied with the performance of the group.”