Brian Duffy, Chief Executive Officer, said:
“We have delivered a strong first half performance, with Group revenue up 15%, despite an unsettled macroeconomic backdrop. This reflects the strength of our market position, the quality of execution from our teams, and enduring demand for luxury watches and jewellery. Importantly, this revenue growth is translating into improved profitability and cash generation. We expect to deliver around 28% Adjusted EBIT growth in the first half with 80-100bps of Adjusted EBIT margin expansion, and close the period with net debt reduced by £88 million year-on-year.
“The US traded well across the half, with revenue up 22% in constant currency including a good contribution from our acquisition of Deutsch & Deutsch. Growth was strong across our portfolio of luxury watch brands, complemented by an outperformance in luxury jewellery, led by Roberto Coin, which continues to perform very well through our showrooms as we progress our growth plans for the brand.
“Our UK business also performed strongly, with revenue up 9% against an improving market backdrop. Encouragingly, this growth was broad-based with good momentum in our flagship boutiques and across many regional cities.
“We enter the second half well positioned for the full year, having finished the first half slightly ahead of our expectations. We remain mindful of ongoing macroeconomic uncertainty and continue to plan prudently as we head towards the holiday season. Nevertheless, this performance gives us confidence to narrow our FY27 guidance towards the upper end of our range. We remain on track to deliver another year of strong revenue growth, alongside a return to EBIT margin expansion.”
H1 FY27 Highlights
Group revenue £974 million, +15% constant currency, +15% reported with approximately +28% Adjusted EBIT growth. Strong performance in both US +22% constant currency and UK +9%
- Luxury jewellery grew +19% ccy, ahead of strong growth in luxury watches of +15% ccy with a standout performance in our showrooms, where luxury jewellery grew +31% ccy
- H1 FY27 Adjusted EBIT is expected to be £87-89 million, with EBIT margin expansion of +80-100bps vs prior year demonstrating operating leverage
- Net debt of £24 million as at 1 Nov 2026, reduced from £112 million at 26 Oct 2025 reflecting good cash generation
- FY27 guidance narrowed to +7-10% ccy revenue growth (from +5-10%) and +60-80bps EBIT margin expansion (from +40-80bps)
US revenue £501 million, +22% at constant currency, +23% at reported rates vs prior year
- US retail revenue +24% ccy including a good contribution from the acquisition of Deutsch & Deutsch, with growth across our luxury watch brand portfolio and an outperformance in luxury jewellery
- Roberto Coin wholesale sales grew +15% ccy. Early stage development of wholesale partner shop-in-shops has begun, with the first two opened in October
- Showroom expansion projects completed in Marlton, New Jersey and Avalon, Georgia
UK revenue £473 million, +9% vs prior year
- UK delivered a strong performance against an improving market backdrop
- Growth was broad-based with strong momentum in flagship boutiques and across many regional cities
- Positive contribution from luxury jewellery and Certified Pre-Owned with both categories outperforming
- Showroom projects completed include expansion of Rolex Glasgow Boutique and three Goldsmiths refurbishments in Watford, Chelmsford and Exeter
Outlook
The Group has delivered a very strong first half against what has been a volatile economic and geopolitical backdrop. Overall, the result in the first half was slightly ahead of our expectations, which positions us well for the full year. Therefore, while we remain mindful of ongoing macroeconomic uncertainty, this performance gives us confidence to narrow our FY27 guidance to the upper end of the previously guided range. We now expect to deliver FY27 constant currency revenue growth of +7-10%, increased from 5-10%, and to deliver +60-80bps of EBIT margin expansion, increased from +40-80bps.
As we head towards the important holiday season, trading momentum remains good in both markets, but we continue to plan prudently. Our FY27 guidance reflects the fact that the second half contains one fewer trading week year on year and that the Group will annualise the acquisition of Deutsch & Deutsch in January. Taken together, these factors mean that we would expect a lower level of revenue growth in the second half than in the first half, alongside more moderate EBIT margin expansion.
The Group updates its FY27 guidance to the following, on an adjusted pre-IFRS16 basis:
- Revenue growth: 7-10% at constant currency (from 5-10%)
- Adjusted EBIT margin %: 60-80bps expansion from FY26 (from 40-80bps)
- Capex: £60-£70 million (unchanged)
- Free cash flow conversion: c.70% (unchanged)
The equivalent guidance on an IFRS 16 basis is:
- Adjusted EBIT margin %: 60-80bps expansion from FY26 (from 40-80bps)
The Group will announce H1 FY27 results on 10 December 2026.
