Came across this

https://www.cityam.com/christopher-ward ... expansion/

Impressive stuff, I thought

Released 19th July 2024 - SALES ALMOST DOUBLE AT CHRISTOPHER WARD AHEAD OF US EXPANSION
Today, Christopher Ward, the premium watch company, announces its sales almost doubled during its latest financial year. The business, which celebrates its 20th anniversary this year, was founded by Christopher Ward, Mike France and Peter Ellis in 2004. The business reports a turnover of £30.5m for the year to March 31, 2024, up from £16.8m. Pre-tax profits also increased 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 – which is now Christopher Ward’s main market. Its turnover in the rest of the world also rose from £2.3m to £5.3m.

Christopher Ward has seen substantial growth in its product platforms, especially with the Bel Canto line which won the 'Petite Aiguille' prize at the prestigious GPHG Awards, Geneva, in November 2023 - the first time a British brand has won at the ceremony. Substantial growth was also seen in Christopher Ward’s Bespoke and collaboration business (127%) and the Maidenhead showroom, which grew by 169%.

Mike France, CEO and co-founder, 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.”

In the Autumn of 2024, Christopher Ward is planning to move to a new HQ in Maidenhead and will be opening a US showroom in the North Dallas area of the USA.

France added: “Our continued investment in marketing, systems and, most importantly, our people, will support this planned growth. The business, which this week reached the milestone of 100 employees is driven by our passionate, talented and hardworking teams across Maidenhead, Biel and now Dallas.”

Earlier this year, Christopher Ward acquired a 20% equity stake in Paoluzzo AG, a high-quality Swiss CNC machining company, to increase capability in the manufacture of certain specialised watch components.

The business has also committed to donate 2% of annual sales to selected charities and not-for-profits, including to organisations such as the Blue Marine Foundation, David Shepherd Wildlife Foundation, Everton in the Community and Alexander Devine Children’s Hospice. The company plans to further its charitable giving strategy in future years.

Really good news. It’s good to see success stories like this.

Certainly a good set of results.

Ten years after the merger with JB’s company and twenty after the company was founded, I imagine that MF, PE and JB are delighted.

Profit aside I reckon perhaps the most significant event for the company (and statement of long term intent) during the past year occurred on 13 December 2023.

Neil

I can't claim to understand the business figures (or be able to put them into any context), but the part of Mike France's quote that stood out for me was
"This growth will build on foundations already established"....

For me, running a watch company looks like keeping an awful lot of plates spinning at the same time. Many will want more of the Bel Canto magic, but that can only happen if the foundations are solid - and maintained. I've always felt that CW have kept their eyes across all plates as the company has grown. They've worked hard to develop the very successful trident line, but have added the vintage divers and the Sealanders too - rock solid watch lines for moving forwards with. The Twelves are another super strong foundation to work with.

Then there's the halo models. I couldn't be more excited about a company that remains true to the foundations while letting rip, flexing, exploring, getting outside the box at the same time. I hope CW - everyone involved - will keep excited about these spaces and possibilities. It's up to management - not to recreate the Bel Canto, but to recreate the space, support, enthusiasm and creativity that allowed the Bel Canto to happen.

But I also think there's more to the solid foundations here. Commitment to case design - the light catcher case; the 12 case. I've owned more expensive watches let down by not paying too much attention to case design. Bracelet design and improvement has been a big commitment, with quite rapid changes at times. I think that commitment to cases and bracelets is one of CW's strongest foundations - especially since these are areas where other companies might see these areas as places to save on expense.

We've seen CW stretch in some areas only to watch other areas wobble - spells where customer service was a bit wonky for a while for example - but I've always felt that the underlying work of the business was solid, and I feel that CW are always stretching, which I love. Plates have wobbled but I always felt I was in safe hands.

I think that CW feels like a committed, responsive enthusiastic company. And if the numbers are looking good then I'm really happy for all at CW

(Apologies for the long waffle....)

missF wrote: ↑Sat Jul 20, 2024 10:06 pm
(Apologies for the long waffle....)

I thought your point of view was well articulated.

nbg wrote: ↑Sat Jul 20, 2024 9:43 pm …….perhaps the most significant event for the company (and statement of long term intent) during the past year occurred on 13 December 2023.

At my works Christmas party? That’ll teach me to get drunk and miss everything important…..

CW doing a great job. Still growing pains but not nearly as visible as they were not even 5yrs ago. Some strong and purposeful leadership by Mike and co.

nbg wrote: ↑Sat Jul 20, 2024 9:43 pm Profit aside I reckon perhaps the most significant event for the company (and statement of long term intent) during the past year occurred on 13 December 2023.

When the first FLE 2023 watches were finally dispatched? I quite agree.

I wonder what the comparison at Bremont would be given their change in direction lately

Great to be reading this.

I've always thought that CW have a knack for getting the balance on their customer priorities right. Quality at really great prices and genuinely delivering with this. The awards for excellence are confirming quality. I love their design approach as well.

RichM wrote: ↑Sun Jul 21, 2024 8:27 am I wonder what the comparison at Bremont would be given their change in direction lately

A trawl of companies house seems to indicate…

Last accounts filed were to 30 June 2022. Turnover £22.1m. Loss £1.6m

Accounts to 30 June 2023 are overdue.

Neil

nbg wrote: ↑Sun Jul 21, 2024 11:21 am A trawl of companies house seems to indicate…
Last accounts filed were to 30 June 2022. Turnover £22.1m. Loss £1.6m
Accounts to 30 June 2023 are overdue.
Neil

It's good to know I am not the only one who read the entire financial statement, though I think I read a newer one than you.

I am not as familiar with the format of UK financial statements so I interpreted losses as happening in prior fiscal years. The 2024 fiscal year (ending 3/30/24) I thought showed a rather substantial profit.

It appears US sales almost doubled last "fiscal" year.
They are "holding more inventory on-hand" to keep up with planned and actual growth.

I noticed the "founders" loans of 250,000 GBP each (750,000 total), which I assume was the seed money to start the company, are paying out 6% interest and that they have not yet been paid back. It states they should be paid off this coming fiscal year.

Again, if I read it correctly, it appears there is another loan for 2.8millon GBP. I did not read older financial statements so I assume this has been used to purchase the swiss movement maker, the 20% in the company that makes BelCanto parts, and other items to help with growth.

Very interesting stuff. Full document is here to read if anyone else cannot fall asleep at night.

Thanks for the link @nycWATCHnerd

I'd had a look a couple of weeks ago, but picked the wrong company, obviously one of the trading companies, but it just included a summary balance sheet.

I don't understand why the stocks (inventory) are so high. The cost of sales is 17m, and the stocks are 12m. I appreciate the stocks will include the work in progress on many BCs in particular. Deposits on BCs and other watches will also be a contributory factor in high cash/bank balances, and the deposits will be shown as trade creditors if not disclosed separately. (It's most likely deferred income in note 19).

nycWATCHnerd wrote: ↑Sun Jul 21, 2024 3:20 pm

nbg wrote: ↑Sun Jul 21, 2024 11:21 am A trawl of companies house seems to indicate…
Last accounts filed were to 30 June 2022. Turnover £22.1m. Loss £1.6m
Accounts to 30 June 2023 are overdue.
Neil

It's good to know I am not the only one who read the entire financial statement, though I think I read a newer one than you.

I am not as familiar with the format of UK financial statements so I interpreted losses as happening in prior fiscal years. The 2024 fiscal year (ending 3/30/24) I thought showed a rather substantial profit.

I think Neil (nbg) was referring to Bremont in the post you quoted, not CW.