Jeweller's sparkling year sees turnover rise

Anna Blackburn and Mark Adlestone of Beaverbrooks
Anna Blackburn and Mark Adlestone of Beaverbrooks

The 100th year in business has been a sparkling one for Fylde coast jeweller Beaverbrooks.

The St Annes headquartered kings of bling have revealed operating profits of £12.4m and an increase in turnover in its annual financial results.

For the full year to 2nd March 2019, turnover increased 2.9 per cent to £127.4m as the company bucks the trend for high street businesses struggling under current economic conditions and internet competition.

During the same period, gross profit margins reduced moderately to 16.4 per cent (2018: 17.3 per cent) as a result of subsidiary results, investment in salaries, training, and new stock lines in preparation for the 100-year birthday celebrations in 2019.

For the first time, results include the subsidiary company Lime Events Group Limited, a start-up company that produced its first event in the period ‘Live Well London 2019’. Beaverbrooks said the show was a commercial success and extremely well received by exhibitors, guests and visiting media.

As part of its mission to ‘enrich lives,’ it donates 20 per cent of retained profits to charity – this year £1.265m. It was awarded the Diamond Award from the HM Government and Institute for Fundraising for its Payroll Giving, the eighth consecutive year of recognition.

During the period employees gave £55,712 (2018: £42,765) through Payroll Giving. The net donation is matched by the firm giving a total of £97,449.

Mark Adlestone, Beaverbrooks’ chairman, said: “We’ve just had the five most profitable years in our history. 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 celebrate our centenary in 2019, we are excited by what the future holds.”

Anna Blackburn, managing director, said: “These results demonstrate that the combination of a sound strategy and continued investment in people, product and presence on the high street, can deliver sustained success.

The jewellery market is highly competitive, but we firmly believe that the experience of coming into a high street store adds value to our customers. We have continued to invest in our people to ensure our customers have the best shopping experience at Beaverbrooks.”