Watches of Switzerland Group PLC (LSE:WOSG) has unveiled an uptick in revenue through the first half of the year, owing to progressive improvements across the US and UK markets.
Group revenue grew 4% at constant currency to £785 million in the six months to October, as adjusted pre-tax earnings dropped 7% to £87 million, the Rolex merchant said Thursday.
US revenue ticked up 11% over the half, aided by a 24% surge in the second quarter, while the figure fell 1% across Europe during the six months.
Revenue growth turned positive in the UK more recently, the firm added, with progress said to have been made on its exit from Europe.
Luxury jewellery revenue jumped 104% to £51 million, driven by contributions from recently-acquired Roberto Coin, though luxury watch turnover slipped 2%.
Chief executive Brian Duffy noted the recent improvements marked an “encouraging improvement” as demand picked up across the UK and US.
Boosted stock levels across US showrooms helped to drive sales most recently as the UK market continued to stabilise following a volatile period through last year.
Full-year guidance for revenue growth of 9% to 12% to between £1.67 billion and £1.73 billion was held as a result.
Shares jumped 5% to 523.94p on Thursday.