Hamilton & Inches back in the black as profit rebounds

Edinburgh-based Rolex authorised dealer Hamilton & Inches has published its accounts for the year ending 31 March 2025.

The headline is that the retailer, which has only Rolex as a watch offering after losing Patek Philippe in 2023, is back into operating profit.

The figures released this week show that operating profit up to £460,061. This is a dramatic rebound on a restated operating loss in the FY 2024 of £158,797.

Despite the growth in profit, the report details a decline in company turnover by £710, 107, down from £11,606,483 in 2024 to £10,896,376. In general terms, turnover has remained steadily in double digits since a jump from £6,737,521 in 2021 to £11,258,109 in 2022.

However, it will be the operating profit directors are most pleased about. Hamilton & Inches has been in the black for a number of years and has gone from strength to strength since Victoria Houghton took the reins as CEO in 2019.

Even in the COVID lockdown years of 2020 and 2021 which came immediately after Ms Houghton’s appointment, the company continued to deliver profit and did so reporting numbers of £152,598 and £231,186 respectively.

In her strategic statement released as part of the results this week, Ms Houghton also drew attention to the importance of the gross profit margin, which had increased from 29% in 2024, to 38% in 2025.

Bouncing back this year will be a trajectory the jeweller hopes to stay on and will settle any nerves post-Patek as focus shifts to solely to Rolex from a watch point of view; while continuing to enjoy the benefits of the Royal Warrant for Silversmithing, which it has held for 135 years.

Elsewhere in the UK watch retail landscape, Leeds-based Berry’s recently reported a record turnover for the FY 2025.

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