Jeweller Theo shines as profits double to £1.6m

THEO FENNELL, the celebrity jeweller which counts the Beckhams and singer Elton John among its clients, today announced another year of record results as pre-tax profits more than doubled to £1.6 million.

The London-headquartered firm, which is celebrating its 25th anniversary this year, added it was holding talks with strategic partners to fund its US debut and brand expansion.

The group said it wanted to speed up the brand's growth by bringing in external investors, with plans to launch new ranges and open stores in New York.

It also added it planned to open its first store in Dubai this year and was also to launch a second outlet in Moscow.

Theo Fennell said turnover was up 30 per cent to 25.4 million in the 12 months to March 31 - from 19.4 million last year - boosted by record Christmas sales and demand for its new collections.

The company added its licensing revenue stream had been expanded with the introduction of Theo Fennell scent in February this year. Chairman Richard Northcott said: "Following two record years, sales have increased over that period in aggregate by 56 per cent and profits by 1.5 million. This growth has been driven by the popularity of our design-led and distinctive products, the strength of our brand, our strong established team and our focused expansion programme.

"This success highlights the huge potential for the group both in the UK and internationally. I am delighted with the continuing success of the business to date."