Worldwide operating profits at Richemont have surged by 46%to €1.2 billion in the six months ended September 30.
Unaudited accounts show sales increased by 12% at constant exchange rates, although the figure is flattered by the end of 2016’s inventory buy-back, which was recorded as a net negative for sales.
“The positive sales and profit performance achieved by Richemont in the first half of this financial year highlights the generally improved macro environment. The Group also benefited from easier comparative figures and favourable movements in period-end exchange rates,” said Richemont chairman Johann Rupert.
Excluding the inventory buy-back, sales increased by 8% at constant exchange rates, putting the cost of the buy-back at €200 million in the six month period from April to September last year.
Richemont singled out the United Kingdom, Hong Kong, China and Korea for delivering double digit growth in turnover for the six month period.
The UK dramatically outperformed Europe as a whole, which saw sales rise only 3%.
Companies House accounts show Richemont sales in the UK increased in the 12 months to March 31 2017 by 49% to £109.5 million.