Laings’ has a reported a 5% increase in turnover to £63.3m for the year ended 31 May 2023.
Furthermore, the retailer posted a profit before tax of £3.7m for the period which it stated will be reinvested back into the business.
Positive financial results are the result of a program of investments in physical shops and workshops.
The company is investing in its Buchanan Street Glasgow showroom, which opens in spring 2023.
The company also made a significant investment in moving the Southampton showroom, which opened its doors late last year.
Laings is planning to roll out its investment programme in the four cities it operates from, Cardiff. Edinburgh. Glasgow. Southampton.
The plans include opening a new multi-floored TAG Heuer flagship showroom in Rowan House in Glasgow, a TAG Heuer monobrand showroom in Edinburgh, and expanding and developing its George Street showroom until 2025.
Joe Walsh, CEO of Laings, said: “This has been the first year since 2020 that we have not felt any direct effects financially from the pandemic. Luxury jewellers continue to stress the importance bricks and mortar for many reasons.
“Showrooms allow our clients to see and feel each individual piece, steeping themselves in the rich and traditional history and expertise of our business and that of our prestigious partners.
He added: “It is vital that we continue to invest for the future, making our physical assets as enticing and engaging as possible. This year, our online experience was also enhanced by our ecommerce team, who rebuilt and relaunched our website to bring our luxury showrooms to screens. This allows clients to buy online if they can’t visit our store.
“This continues to be a very exciting period of growth for Laings and we are excited about what lies ahead for the coming year. Our turnover has continued to increase, which is a positive reflection of the decision we made to focus our investment in our showroom estate and client offering across the UK.”