Michael Spiers registers record annual sales

Luxury West Country powerhouse Michael Spiers has seen a 17% leap in turnover year-on-year.

For the year ending 31 March 2025, the watch retailer, which has stores in Exeter, Plymouth, Truro, and Taunton, saw sales rise to £33,744,372, up from £28,748,130 in the previous period.

Operating profit was down almost 20% though, from £3,527,169 to £2,834,797.

The company put a lot of its sales success down to the recent expansion of its Exeter store. “Our newly expanded store in Exeter opened in September 2024 and has achieved a significant increase in sales,” it said.

Acknowledging the “current challenging economic environment,” the company said that it anticipates “the further development of existing markets during the next few years resulting in increased profitability.”