Watches of Switzerland sales have a good time of it, with boost from new James Bond film

Watches of Switzerland has seen “huge demand” for the latest James Bond Omega watch, the retailer’s chief executive said as annual sales guidance was upgraded.

Brian Duffy said the products, the Omega Seamaster Diver 300M 007 edition, which each cost just under £8,000, proved popular in both the UK and US during the half year to October 31. During that period ‘No Time to Die’ was released.

The business Duffy leads, which is behind brands including Watches of Switzerland, Mappin & Webb and Goldsmiths, saw total revenue reach £586.2 million. That was 44.6% ahead of last year, and 40.8% higher than the same period pre-pandemic.

The FTSE 250 company cheered a “robust” UK performance, which “continues to be generated by a thriving domestic clientele”.

Duffy added that trading in central London, which has been hit by fewer tourists and office workers in zone 1, is “gradually improving”.

For the full year to April 2022 the Rolex seller is guiding revenues of £1.15 billion to £1.2 billion. It had previously forecast £1.05 billion to £1.1 billion.

Profit margin guidance also rose to between 1% and 1.5%, from flat to 0.5%.

The shares gained more than 9%, or 108p, to 1242p.

Duffy added: “We are well stocked for the holiday period.”

The firm also said it has agreed to purchase five stores in the US. It will have a presence in 12 states there with 36 shops.