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Richemont expects annual profit hike

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Richemont, which includes Jaeger-LeCoultre and Piaget, has announced that it expects its annual net profits to rise by approximately 30%, compared to last year.

The expected profit increase, which is said to be down to favourable exchange rates, will be welcome news in the face of the documented fall of Swiss watch exports, since autumn 2012 and a slowing down of Chinese economic growth.

In a statement, released yesterday, the Group said that trading for the year to March 2013 showed sales rising 14% on a comparison to a year earlier.

On this basis, Richemont said that its operating profit for the year to 31 March 2013 is likely to show an increase of approximately 18 % compared to the previous year and that net profit for the year is likely to increase by approximately 30% compared to the previous year.

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Richemont said this year’s unexpectedly sharp rise in net profits – which, as required by Swiss stock exchange rules, prompted today’s market update – had been driven by favourable currency movements.

The statement was prompted by Swiss stock exchange rules. Richemont’s results for the year to 31 March 2013 will be announced on 16 May 2013.

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