HAMILTON & Inches, the historic Edinburgh jeweller, has reported a dip in profits during a year of “substantial investment” in the business, writes Scott Wright.
And the 150-year-old firm, which has held a Royal Warrant as silversmiths to the monarch for more than 120 years, has pledged to continue the investment with plans to refurbish its George Street showroom this year.
The jeweller made a pre-tax profit of £121,000 for the year ended March 31, according to accounts which have just been filed at Companies House, down from £512,396 last time. It did not disclose its turnover.
Profits dropped as it invested in areas such as training, development and apprenticeship programmes, as well as in restructuring and IT. The period saw it secure access to Scotland’s first-ever commercially-mined gold, sourced from Scotgold’s Cononish mine in Argyll.
Chief executive Victoria Houghton said: “Our investment into all aspects of the business demonstrates our commitment to the future of Hamilton & Inches and the strength of our vision for the next chapter of the brand. This last year has represented a key time for us and we have prioritised supporting our showroom, workshop and head office staff as we look to the future.”
The jeweller said in April that it aimed to double annual turnover to £20m in five years.
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