Aurum EBITDA soars as sale process “remains on track”

Aurum, which operates Goldsmiths, Mappin & Webb and Watches of Switzerland, reported EBITDA up 53% to £16.1m in the year to January 30. Total sales were up 13% at £280.6m. Like-for-likes for the period were up 16.6%.

In its current year the jeweller’s like-for-like sales for the 25 weeks to July 24, were up 11%. Ecommerce sales jumped 24% over the period on the back of the jeweller’s launch of click-and-collect last year and its improvement of the Goldsmiths and Mappin & Webb sites.

Aurum said the process to find a buyer for the business, managed by Cavendish Corporate Finance, is on track. The jeweller, 67%-owned by collapsed Icelandic bank Landsbanki, was put up for sale in April with a £200m price tag.

The retailer said it had also improved efficiencies through stock management and effective cost control which the board expects to create further leverage as it looks for additional growth opportunities.

Aurum Holdings chief executive Justin Stead said: “We are delighted with Aurum’s continued strong performance underlined by a significant increase in both sales and profit. Our commercial product and marketing strategies are well differentiated from our competitors and our relentless focus on the customer in all that we do is clearly resonating in the marketplace. We remain confident for another significant increase in sales and profit for 2011.”