Christopher Ward: Sales almost double at luxury watchmaker ahead of US expansion
Luxury watchmaker Christopher Ward saw its profit spike as its sales almost doubled during its latest financial year, it has been revealed.
Founded by Christopher Ward, Mike France and Peter Ellis in 2004, the business has reported a turnover of £30.5m for the year to March 31, 2024, up from £16.8m.
According to newly-filed documents with Companies House, the firm’s pre-tax profits also surged from £222,000 to £3.9m.
Christopher Ward’s UK turnover increased from £5.8m to £9m, from £3.1m to £4.2m in Europe and from £5.6m to £11.8m in the USA.
Its turnover in the rest of the world also rose from £2.3m to £5.3m.
During the year the average number of people Christopher Ward employed grew from 55 to 75.
Christopher Ward set for US expansion
A statement signed off by the board said: “We are planning for substantial growth in the immediate future and are pleased the excellent sales performance of last year has been maintained in the first quarter of the year ending March 31, 2025.
“This growth will build on foundations already established with an increasing mix of sales coming from our proprietary in-house movement and JJ and FS movement modules.
“Our continued investment in marketing, systems and, most importantly, our people, will support this planned growth.”
Christopher Ward acquired a 20 per cent stake in Pauluzzo AG, a Swiss CNC machining company, in April 2024.
In the autumn of 2024, Christopher Ward is planning to move to a new head office in Maidenhead and opening an office in the North Dallas area of the USA.
Last month, Watches of Switzerland reported a significant fall in profit in 2024 but the firm reiterated its guidance despite the challenging year.
The Rolex seller reported that pretax profit fell 40 per cent in the year to April, falling from £155m to £92m.
Group revenue rose two per cent on a constant currency basis to £1.5bn, with strong growth in the US offsetting weakness in the UK and Europe. Sales across the Atlantic rose 11 per cent in the year compared to a five per cent fall in the UK and Europe.