Jeweller Chisholm Hunter has filed its accounts for the year to last March with the Scotland-based upscale jewellery business that sells UK-wide saying it was pleased with its performance.

That’s despite its turnover for the year dipping slightly and its profit before tax falling sharply. 

The company said it was “an exceptionally productive year for the group where our colleagues worked hard to adapt and develop our business to remain competitive within an increasing strong online retail environment”.

Turnover for the year dropped slightly to £57.843 million from £57.912 million the year before but profit before tax fell to £2.63 million from £5.35 million. The company’s profit per employee also fell and return on capital employed was 6.8% compared to 16.2%.

Chisholm Hunter has been investing heavily in its business in recent periods and while it didn’t give an explanation for the profits fall, it’s likely that this investment was a big part of it.

The jeweller, which had 27 stores in the period (but now has 28), said the marketplace continues to be competitive but it entered its new financial year with confidence in the outlook for its business as it continued with its “considered and sustainable expansion plans”.

It opened two new flagship boutiques in the UK during the financial year and said its portfolio is unique with sites in prime locations that enjoy high retail footfall. It’s in locations such as Princes Street in Edinburgh, and Bluewater, Bromley and Kingston in the Greater London region. Its flagship in Glasgow on Buchanan Street is on a road that has the second busiest retail footfall in the UK after London’s Oxford Street.

It added that the firm’s online retail business continue to deliver significant growth during the year and further investment is planned in this.