Watches of Switzerland Group half-year revenue rises 15% to £974m
Growth was the same at constant currency, the trading update shows. The US made more than half of sales in the 26 weeks to 1 November, and the group lifted the floor of its guidance.
By Carat Capital
What changed
Revenue rose 15%. Watches of Switzerland Group's half-year revenue rose 15% to £974 million, a trading update shows. It narrowed full-year growth guidance towards the top of its range.
What it means
- If you supply the showrooms: luxury jewellery grew 19% at constant currency, faster than watches at 15%.
- If you hold the shares: the group expects half-year adjusted EBIT of £87 million to £89 million. Results follow on 10 December.
- What this is not: a higher ceiling. The top of the range stays at 10%; the floor moved up.
Key figures
| Group revenue, half-year+15%, reported and constant currency | £974m |
|---|---|
| US revenue+22% constant currency | £501m |
| UK revenue+9% | £473m |
| FY27 revenue growth guidancefrom 5% to 10% | 7% to 10% |
Source: Watches of Switzerland Group, H1 FY27 trading update, 26 weeks to 1 November 2026, released 10 November 2026 · unaudited · growth at constant currency unless stated
America carried the half.
US up 22%. US revenue rose 22% at constant currency to £501 million, with a contribution from the Deutsch & Deutsch acquisition, the company says.
Half the group. The US made 51.4% of group revenue in the half, on Carat Capital's division. UK revenue rose 9% to £473 million.
| Line | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| UK | 473 | 436 | +9% |
| US | 501 | 409 | +23% |
| Luxury watches | 812 | 706 | +15% |
| Luxury jewellery | 123 | 103 | +20% |
| Services and other | 39 | 36 | +9% |
| Group | 974 | 845 | +15% |
Source. Watches of Switzerland Group trading update, 10 November 2026.
Comparatives for H1 FY26 are restated on the group's new category definitions.
US change is +22% at constant currency.
Jewellery outgrew the watches.
Jewellery up 19%. Luxury jewellery revenue rose 19% at constant currency to £123 million, and 31% in the group's own showrooms. The company credits Roberto Coin.
Watches up 15%. Luxury watch revenue rose 15% to £812 million, still five-sixths of the group's sales.
Guidance narrows to the top.
Floor raised to 7%. The group now expects full-year revenue growth of 7% to 10% at constant currency, against 5% to 10% before.
A slower half expected. The group expects slower growth in the second half. It has one fewer trading week than a year earlier, and Deutsch & Deutsch annualises in January.
Net debt fell. Net debt was £24 million at 1 November, against £112 million a year earlier.
What to watch
- 10 December 2026The group's half-year results. The test: whether adjusted EBIT lands inside £87 million to £89 million.
- January 2027The group annualises Deutsch & Deutsch. The test: US growth once the acquisition is in both years.
The story so far
Go deeper
What would change this call
If the holiday quarter slows the US below the second-half rate the company plans for, the narrowed range would read as optimism rather than visibility.
How a trading update differs from results
A trading update reports revenue for the period and the board's expectations for profit; it is unaudited. Adjusted EBIT here is the company's alternative measure, on a pre-IFRS 16 basis, with a reconciliation promised in the 10 December results.
Method
RNS 'H1 FY27 Trading Update', Investegate, read 10 November 2026, 200, 97,120 bytes. Figures taken from the company's body text and tables, not from the page's 'Summary by AI' box. Body: 'Group revenue £974 million, +15% constant currency, +15% reported'; 'US revenue £501 million, +22% at constant currency, +23% at reported rates'; 'UK revenue £473 million, +9% vs prior year'; 'Luxury jewellery grew +19% ccy ... in our showrooms, where luxury jewellery grew +31% ccy'; 'FY27 guidance narrowed to +7-10% ccy revenue growth (from +5-10%)'; 'Net debt of £24 million as at 1 Nov 2026, reduced from £112 million at 26 Oct 2025'; 'H1 FY27 Adjusted EBIT is expected to be £87-89 million'; 'The Group will announce H1 FY27 results on 10 December 2026.' Tables: UK 473 against 436; US total 501 against 409; luxury watches 812 against 706; luxury jewellery 123 against 103; group 974 against 845. Division, Carat Capital's: 501 / 974 = 0.514 -> 51.4%; 812 / 974 = 0.834 -> about five-sixths.