Update to £25m share buyback programme

Watches of Switzerland Group PLC

14 April 2025

 

Watches of Switzerland Group PLC

Update to £25m share buyback programme

Watches of Switzerland Group PLC (the "Company") today announces that further to the £25m share buyback programme originally announced on 10 March 2025, the Company has entered into an updated agreement with Barclays Bank PLC, acting through its investment bank ("Barclays"), in relation to the purchases of ordinary shares of £0.0125 each in the Company ("Ordinary Shares") which now includes buybacks during closed periods of the Company (in addition to open periods) (the "Share Buyback Programme"). The maximum aggregate consideration for the Share Buyback Programme remains £25,000,000, from 10 March 2025.

The agreement allows Barclays, acting as riskless principal, to purchase, during open and closed periods of the Company, up to 23,957,029 Ordinary Shares. These share purchases will be made on the Company's behalf, in accordance with the agreement and, in the case of any purchases made during closed periods, shall be made independently of and uninfluenced by the Company.

Since the commencement of the Share Buyback Programme, to 11 April 2025 (inclusive), 2,249,429 shares have been repurchased for an aggregate consideration of £9,291,038. The Share Buyback Programme will continue under the Group's clear and disciplined approach to capital allocation, and end no later than the earlier of (i) the date of the Company's next annual general meeting; or (ii) the close of business on 3 December 2025.

Any share purchases effected pursuant to the agreement will be subject to its terms and, in any case, will be effected in a manner consistent with the general authority vested in the Company to repurchase shares at the Company's annual general meeting on 3 September 2024, the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (both as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018) and the Financial Conduct Authority's Listing Rules. 

The Company will announce any market repurchase of ordinary shares no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred. Following the purchase of Ordinary Shares, they will be cancelled.  The sole purpose of these share purchases is to reduce the Company's share capital.

This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction. 

Contacts

The Watches of Switzerland Group

Anders Romberg, CFO                                                                          [phone]

Caroline Browne, Group Finance and Investor Relations Director        [phone]

[e-mail]

Headland

Lucy Legh / Rob Walker / Scarlett Hateley                                            [phone]

[e-mail]

About the Watches of Switzerland Group

The Watches of Switzerland Group is the UK's largest luxury watch retailer, operating in the UK, US and Europe comprising seven prestigious brands; Watches of Switzerland (UK and US), Mappin & Webb (UK), Goldsmiths (UK), Mayors (US), Betteridge (US), Analog:Shift (US) and Hodinkee (US), with a complementary jewellery offering. From 8 May 2024, the Group also owns the exclusive distribution rights for Roberto Coin in the USA, Canada, Central America and the Caribbean.

As at 26 January 2025, the Watches of Switzerland Group had 217 showrooms across the UK, US and Europe including 95 dedicated mono-brand boutiques in partnership with Rolex, OMEGA, TAG Heuer, Breitling, TUDOR, Audemars Piguet, Longines, Grand Seiko, Roberto Coin, BVLGARI and FOPE and has a leading presence in Heathrow Airport with representation in Terminals 2, 3, 4 and 5 as well as seven retail websites.

The Watches of Switzerland Group is proud to be the UK's largest retailer for Rolex, OMEGA, Cartier, TAG Heuer and Breitling watches.

www.thewosgroupplc.com

 

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