Hamilton and Inches has revealed that its profit before tax fell to £875,787, down from £1.32m, for the year ended 30 March 2024.
This fall in profits came despite the company posting a turnover of £11.6m, the second highest year of sales in company history.
The company made investments across the year in new collections, marketing and digital upgrades to acquire new clients and reduce overheads.
In the year Hamilton and Inches also became a Rolex Certified Pre-Owned Retailer building upon its existing status as Edinburgh’s only Rolex Accredited Service Centre.
Victoria Houghton, chief executive of Hamilton and Inches, said: “[The results] demonstrate a clear growth trajectory for our 1866-founded heritage brand, with a 2.65% increase in turnover compared to the 2021-22 financial year and 6% increase in net assets compared to the 2022-23 financial year.
“Despite the reported financial pressures facing international luxury brands, our teams have worked tirelessly to increase our gross margin from 37% in 2022-23 to 38% in 2023-24. We are pleased with the results for 2023-24 and look forward to building upon our progress in the years to come.”
