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Richemont H1 profits to be higher than expected

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Luxury group Richemont is set to post higher H1 profits than expected with the six months to September 30 set to rise by between 20% and 40%.

In a statement released to the stock market, Richemont said that the inflated results were down to “uncertain” factors such as the impact of the exchange rate fluctuations and trading levels in August and September.

The group, which includes a variety of watch brands inclusding Vacheron Constantin, Baume & Mercier and Jaeger-LeCoultre, said that trading for the four months to July showed sales up 24% on a reported basis and 13% on a constant currency on last year’s figures.

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Analysts have suggested that Richemont was overly cautious in the earlier part of the year, leading to softened forecasts that are now being readjusted.

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