Full year results from Watches of Switzerland were released this morning, highlighting a continued increase in market share and a 2% increase in group revenues. Profitability may have suffered with management citing economic concerns impacting discretionary spending, but the expectation is that these pressures will ease in the coming year. Long range plans see a doubling of sales and profits by 2028 and shares were trading around 9% higher by 9am.
The greeting card and gift provider Moonpig issued its full year numbers today, with revenues up 6.6%, gross margins have improved by 3.2% points and gross profits also made meaningful gains. Both the number of orders placed and average basket size growth have underpinned the situation, with a stronger second half performance having been noted. Further revenue growth in the mid-to-high single digit range is anticipated for the year ahead and shares were almost 9% higher in early trade.
Full year numbers from electrical retailer Currys were also out this morning. Headline sales were down but group adjusted pre-tax profits rose by 10%. Management noted that trading in the new financial year was in line with expectations and that a focus was being applied to high margin recurring revenue services such as the company’s iD Mobile phone subscription. However, the market gave the news a luke warm response with shares trading more than 5% lower shortly after the open.
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