Sparkling full-year numbers at Laing

Laing the Jeweller has increased turnover and gross profits in its latest trading year, new figures reveal.

Michael Laing on left says the bottom-line figure was impacted by investment in the famous jewellery business. Picture: Contributed

Unveiling the latest accounts for the year to February 2016, chief executive Michael Laing said: "This is the first full year of accounts since the de-merger of our Parkhouse business in England and Wales from Laing Edinburgh.

"Both the Laing the Jeweller and Parkhouse the Jeweller businesses have performed very well. Laing the Jeweller has increased turnover by 14 per cent to £7.4 million with a 13 per cent increase in gross profit to £2.9m.

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"The timing of the opening of our new £1.7m store at 72 George St in December 2015 resulted in six weeks of trading within the financial year. We incurred substantial additional costs such as extra rent and rates, staff appointments, professional fees, affecting net profit for the period, dropping pre-tax profits to £537,000, which is a fall of 22 per cent.

"When those exceptional costs for the move are stripped out, the net profit would have shown an increase of 35 per cent to £926,000."

He said the new Parkhouse business had seen a 13 per cent increase in turnover to £8.8m, with gross profit up by 13 per cent to £3m and pre-tax profits increasing by £95,000 to £411,000.

Laing added: "The new Edinburgh flagship store is fulfilling expectations and we are in a strong position to continue to grow the Laing and Parkhouse businesses further. As a group this coming year 2016-17 will be our best year to date, on the back of five years of solid growth."

Sixth generation Laing the Jeweller was established in 1840 and employs more than 80 people.