Jeweller Goldsmiths has forecast record profits this year on the back of booming sales, especially of watches.

Like-for-likes at the Baugur-owned retailer, which changed its name from Goldsmiths Group to Aurum Holdings after acquiring Mappin & Webb, have jumped 9.5 per cent in the year to date. Sales are being driven by watches rather than jewellery at present. Aurum Finance director Steve Sargent said: “It will be a big watch Christmas and looks set to be a big watch year.”

He said that the success of watch brands are driven marketing campaigns featuring sports personalities and celebrities. Goldsmiths expects to benefit from a Tag Heuer campaign fronted by Formula 1 star Lewis Hamilton next month.

Accounts filed at Companies House this week showed Aurum’s operating profit rose from£2.3 million to£9.5 million last year. EBITDA rose from£5.9 million to£13.9 million and sales from£165.3 million to£242.9 million. Like-for-likes advanced 5.1 per cent.

Sargent declined to comment on an ongoing Kroll investigation at Goldmiths and the suspension of Jurek Piasecki, the chairman.

Piasecki, who owns 15 per cent of the company, is understood to have been embroiled in a boardroom dispute.

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