Jeweller Goldsmiths revealed operating profits were up last year, despite pre-tax losses, according to accounts filed at Companies House.

The Baugur-owned retailer posted pre-tax losses of£14.2 million in the 12 months to January. However, operating profit – including Mappin & Webb and Watches of Switzerland, but excluding Springcolour, which has now been sold – rose from£2.3 million to£9.5 million for the year.

EBITDA was up from£5.9 million to£13.9 million and sales (excluding VAT) jumped from£165.3 million to£242.9 million. Like-for-likes climbed 5.1 per cent for the year and 7.3 per cent for the month of December 2006.

The accounts were filed just days after Goldsmiths chairman Jurek Piasecki was suspended. He owns 15 per cent of the company and has worked for the retailer for more than 25 years. It is understood that he had a boardroom fall out with owner Baugur.

Piasecki bought Goldsmiths in 1983 and Baugur acquired its stake from private equity firm Alchemy in 2004. Baugur restructured and refinanced the business during the year following the acquisition of Mappin & Webb.

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