Fylde coast jewellers holds fast in challenging times.

Anna Blackburn and Mark Adlestone of Beaverbrooks
Anna Blackburn and Mark Adlestone of Beaverbrooks
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Fylde coast jewellers Beaverbrooks has maintained its turnover at £119m.

The result follows a five per cent increase in the previous period.

And the company said operating profit before discretionary payments was down at £12.2m, compared to £15.2m in the 2015/16 period.

In the financial year ending February25, net assets and equity shareholders’ funds both grew in the period, with Beaverbrooks increasing its stock holding by 13 per cent to accommodate two new stores within its estate.

The 98-year-old Lancashire-based business also donates 20 per cent of post-tax and post distribution profits to its charitable trust, and has this year donated £1.076m to charity.

As part of its mission to “enrich lives”, all 940 employees are encouraged to support time-giving initiatives and 1,533 hours were paid to facilitate volunteering in 2016/17.

In addition, 29 per cent of its employees were involved in Workplace Giving at the year-end (now 34 per cent). Beaverbrooks is the UK’s top jewellery retailer and second biggest supporter of the scheme on the high street.

During the period, Beaverbrooks’ employees gave £29,069 through payroll giving. The net donation was then matched by the company.

Mark Adlestone, Chairman of Beaverbrooks, said: “This period stands out as one with the most competitive trading conditions, so we were pleased to maintain turnover.”

He added: “We were adversely affected by the weakness of Sterling following Brexit.

“We hadn’t anticipated this happening and therefore didn’t hedge accordingly and so this, alongside increasing precious metal prices, resulted in additional costs that impacted directly on gross profit”

Beaverbrooks is an award winning family-owned jewellers with 71 stores across the UK.

Anna Blackburn, CEO of Beaverbrooks, said: “We believe that our people-centric approach and focus on quality products and excellent customer service, is key to our financial success.”