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Aurum shines despite tough climate
The owner of jewellery businesses including Goldsmiths and Mappin & Webb has defied lacklustre conditions to unveil a 53 per cent rise in profits today.
Aurum Holdings said the launch of exclusive brands such as Canadian Ice and Biba boosted Goldsmiths, while its Watches of Switzerland division benefited from the launch of its new transactional website.
The group’s operating profits rose to £18.3 million in the year to 29 January, from £12m, while like-for-like sales were up 10.2 per cent to £300.6m.
Aurum, which has around 150 stores in the UK and Ireland, said it continued to mull potential new owners for the business after advisers were hired to oversee the sale of the London-based company last year.
It is controlled by the resolution committee of failed Icelandic bank Landsbanki, having acquired its stake after the collapse of Baugur in 2009, to which it loaned money.
Aurum chairman Don McCarthy said today: “I am extremely pleased with our performance over the year despite the difficult trading environment.”
Aurum – taken from the Latin word for “gold” – claims to be the largest distributor in the world of luxury brands such as Omega, Tag Heuer and Gucci, as well as the UK’s largest distributor for Rolex, Cartier and Breitling.
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Friday 25 May 2012
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