Upmarket jeweller Theo Fennell narrowed its losses in the first half and analysts expect it to bounce back into the black by the end of the financial year.

The retailer shaved losses from £1m to £877,330 in the six months to September 30.

House broker Seymour Pierce analyst Kate Calvert expects the retailer to make a pre-tax profit of £500,000 this financial year. “The Theo Fennell brand is well-positioned not only to benefit from growth in luxury goods but also from continued self-help,” she said.

Theo Fennell chief executive Barbara Snoad said the retailer cut losses by being prudent and “putting our house back in order”.

Turnover grew on a like-for-like basis 12.5%, to £4.87m.

The retailer, which raised £1.5m in April, launched a new transactional website on Monday.

In October it launched its range of entry price point silver jewellery, Alias. Priced at £75 and above, Snoad said it will expand the retailer’s customer base.

Snoad said: “We’re getting ourselves ready for Christmas. This is a good time for Theo Fennell, customers are becoming more discerning.”

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