Laings had a file gross sales 12 months to Could 2023, however continued funding within the group’s possession, folks, advertising and marketing and know-how squeezed margins.
Gross sales rose 5% to £63.3m.
Gross margin elevated barely, however EBITDA fell from £7.3m in 2022 to £6.1m final 12 months as overhead prices elevated by £3m this 12 months.
Laings is a long-time associate of Rolex and Patek Philippe. The corporate has prestigious multi-brand showrooms in Glasgow, Edinburgh, Cardiff and Southampton, in addition to a rising community of mono-brand watch shops for corporations corresponding to Omega and TAG Heuer.
Within the 2023 reporting 12 months, the corporate invested in its retail and workshop area, coaching and growth applications, IT infrastructure and its e-commerce platform.
Laings’ presence in its house metropolis of Glasgow is in a transition section which is able to finally result in the opening of a brand new flagship on Buchanan Road, the busiest retail location within the UK after Oxford Road in London.
The flagship shall be situated on the bottom flooring of Rowan Home, Laings’ headquarters the place the corporate opened a Rolex-accredited watch service heart in spring 2023.
Laings additionally appointed Serena Gough, the group’s service heart supervisor, to the board.
