FY26 Trading Update

Brian Duffy, Chief Executive Officer, said:

“FY26 marks another year of record revenue performance, up 13% in constant currency¹ to £1.8 billion, with growth accelerating across the business and strong underlying momentum as we continue to scale. FY26 Adjusted EBIT is expected to be £152 – £155 million, ahead of previous guidance. I would like to thank my colleagues for their continued commitment to delivering exceptional client service, which remains central to our success.  

“The US continues to be the primary engine of growth, with revenue up 24% in constant currency to $1.24 billion and now accounts for over half of Group sales. This is a major milestone in the world’s largest and fastest growing luxury watch market, achieved in just over eight years from entering the US. In the UK, performance has improved despite the challenging macroeconomic backdrop, with resilient demand for luxury watches and jewellery.

“Looking ahead, we enter FY27 with confidence and strong momentum, supported by the strength of our differentiated model, our leading market position, and the enduring demand across the luxury categories in which we operate. Our growth pillars across the Group provide a clear runway for further progress, and with a strong pipeline of showroom projects in both the UK and US, alongside the recently acquired Deutsch & Deutsch locations, we are well positioned to build further on our success.”

FY26 trading update

• Full year Group revenue of £1,828 million, +13% vs prior year in constant currency (+11% reported)
  • Excluding the FY26 53rd week, Group revenue was +11% in constant currency (+8% reported)
• Demand for our key luxury brands, particularly products on Registration of Interest lists, remains strong, outstripping supply in both the US and UK markets
  • Luxury watch revenue +13% in constant currency
  • Luxury jewellery revenue +18% in constant currency
• US revenue +24% in constant currency (+18% reported) vs prior year and now accounts for more than half of the Group revenue and profit
  • US retail revenue +25% in constant currency with broad-based, consistent sales growth across categories, brands, price points and regions
  • Roberto Coin wholesale division performed strongly at +22% in constant currency
• UK revenue +5% vs prior year, with sequential improvement in H2 FY26
  • Strength across luxury watches and pre-owned with improving momentum in luxury jewellery in the second half of the year
• FY26 Adjusted EBIT² expected to be £152 – £155 million, ahead of previous guidance reflecting the improved sales performance
• FY26 Net debt³ at £57 million, following the acquisition of Deutsch & Deutsch

Strategic progress – continued progression on our growth pillars

• Acquisitions
  • Inorganic growth through acquisition of Deutsch & Deutsch, comprising four Rolex-anchored showrooms in Texas.  Revenue from acquisition date was £16 million
• Luxury branded jewellery
  • Roberto Coin has performed strongly in both retail and wholesale
    • Sales within Mayors network more than doubled following upgraded shop-in-shop presentation
    • Opened three Roberto Coin mono-brand boutiques in the US; in New York, Las Vegas and Miami
• Showroom investment
  • £67 million of expansionary capex invested into developing our portfolio.  Key showroom projects included:
    • New Watches of Switzerland, Minneapolis
    • Expansions/relocations of 12 showrooms across the US and UK markets
    • New Mappin & Webb luxury jewellery boutique, Manchester
    • New Audemars Piguet House, Manchester operating as a joint venture
• Pre-owned
  • Group pre-owned sales grew 22% vs prior year
  • Continued the roll-out of Rolex Certified Pre-Owned in the UK portfolio, with further expansion within the UK planned
• Ecommerce
  • Group ecommerce revenue +21% vs prior year in constant currency, with growth in the established UK market and high levels of growth in the US following investment in infrastructure
  • Launched the upgraded Hodinkee app to drive client loyalty and ability to purchase direct from Watches of Switzerland online

Outlook 

FY27 guidance reflects current visibility of supply, pricing and margin from key brands and confirmed showroom refurbishments, openings and closures, and excludes uncommitted capital projects and acquisitions.

The Group is mindful of the geopolitical environment and will continue to closely monitor the situation and any wider impact on global consumer sentiment, but has minimal direct exposure to the Middle East, or tourist consumers. 

The Group provides the following FY27 52 week guidance on an organic pre-IFRS 16 basis:

The equivalent guidance on an IFRS 16 basis is:

The Group is exposed to movements in the £/$ exchange rate when translating the results of its US operations into Sterling. The actual average exchange rate for FY26 was $1.34. 

The Group plans to announce FY26 results on 14 July 2026 alongside a broader update on our growth strategy.

FY26 Revenue Performance by Geography

FY26 Revenue Performance by Category

FY26 Revenue by Period

^{The financial information contained herein is unaudited
Ecommerce revenue are sales which are transacted online
Certain financial data within this announcement has been rounded. Growth rates are calculated on unrounded numbers}

^{1 Constant currency give results for the period had the exchange rates remained constant from the comparative period
2 Adjusted EBIT is operating profit before exceptional items and IFRS 16
3 Net debt is total borrowings (excluding capitalised transaction costs) less cash and cash equivalents and excludes IFRS 16 lease liabilities
4 Adjusted EBIT margin % is Adjusted EBIT divided by revenue shown as a percentage
5 Free cash flow conversion is cash flow shown on a pre-IFRS 16 basis excluding expansionary capex, acquisitions of subsidiaries, exceptional items, financing activities and the purchase of own shares divided by Adjusted EBITDA. Adjusted EBITDA is Adjusted EBIT before depreciation and amortisation
6 In FY26 disclosures have been presented to show all US direct-to-consumer sales, including ecommerce, within the US retail segment.  FY25 comparatives have been re-presented to allow for comparison
7 In FY26 the Group has reclassified the sales of certain watch brands from Services/other into Luxury watches. FY25 comparatives have been re-presented to allow for comparison}