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U.K.’s Garrard & Co Sees 2014-15 Revenue, Profit Slump

Mar 9, 2016 4:53 AM   By Mordy Rapaport
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RAPAPORT... Garrard & Co., an exclusive London-based jeweler, said revenue and profit slumped in fiscal year 2014-15 as sales in the Middle East, the company’s largest geographical market, fell 43 percent.

Total sales dropped 20 percent to $15.9 million (GBP 11.2 million) over the year to March 31, 2015, while international revenue slid 25 percent amid a challenging environment, the company reported in its annual accounts February 5, 2016. Profit nosedived 98 percent to $62,415 from $3.8 million a year ago. Close management of working capital would continue in 2015 to 2016, the accounts said.

The Middle East markets “continue to be key,” the company said, adding that it has strengthened its presence across Saudi Arabia, Dubai, Bahrain, Qatar and China and established a partnership with a “major Russian company” which has placed a “significant” order in the first half of the new financial year.

The company, which once was the British monarchy’s crown jeweler, also explained that the outsized drop in revenue in the current fiscal year follows a non-recurring revenue of $4.5 million for a “unique bespoke product” in 2013-14.

Meanwhile, Eric Deardorff resigned as Garrard’s chief executive officer in July 2015, with control of the business handed to jewelry designer Stephen Webster as acting CEO. Joanne Milner was then recruited into the role, joining from British luxury brand Debrett’s in February. Webster would act simultaneously as chairman of Garrard and of his own design firm.
Tags: Garrard & Co., Jewelry, london, middle east, Mordy Rapaport , Rapaport News, u.k.
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