Beaverbrooks operating profit increases to £13.7m

Operating profit before discretionary payments at Beaverbrooks the Jewellers increased to £13.7m during the 53 weeks ended 3 March 2018, its newly published accounts reveal.

The company’s annual report and financial statements showed a £1.4m operating profit increase from £12.3m to £13.7m in the 2017/18 period. Annual turnover also increased by 6.2%  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 99-year-old family-owned company attributed its performance to “remaining focused on quality diamonds, watches and jewellery, and excellent customer service”.

Beaverbrooks also continued with its programme of investment during the period. This included the continued 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% of retained profits to charity and this year donated £1.11m to charity. Since the year 2000, Beaverbrooks has donated in excess of £12m to over 700 charities.

Beaverbrooks is also the UK’s second biggest supporter of Payroll Giving on the high street. 39% of its employees were involved in Workplace Giving at the year-end. This year Beaverbrooks said it has increased to 45%, for which it won the first ever ‘Diamond Quality Award’ in 2018 from H M Government for Payroll Giving.

During the period Beaverbrooks employees gave £42,765 (2017: £29,069) through Payroll Giving. The net donation is 100 % matched by the company resulting in total donations of £74,755 (2017: £51,163).

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.”