Watches of Switzerland reported a 2% increase in revenue at constant currency to £761 million, which was flat at reported rates. Sales in the UK and Europe fell 4% to £433 million while US sales grew 5% to £328 million due to the success of its model and strong customer demand. Pre-tax profit declined by 20% to £67 million.

Brian Duffy, chief executive of Watches of Switzerland, said: “Looking ahead, we are well positioned for a good holiday trading period as we present our clients with our strongest ever range of luxury watches and luxury branded jewellery. We remain on track to deliver full year guidance, with our confidence for H2 underpinned by the reopening of several high revenue showrooms which were closed for upgrade in H1”.