Swatch Group clocks up record figures

Net profit at the world's leading watchmaker, Switzerland's Swatch Group, reached SFr1.017 billion ($1.01 billion) last year, up 22 per cent compared with 2006.

This content was published on March 14, 2008 - 08:35

The group, which is based in Biel, said it had benefited from rising demand for its top-range watches - including Breguet and Blancpain - as part of a worldwide boom for luxury goods, particularly in China.

Turnover increased nearly 18 per cent to SFr5.94 billion, a statement said on Friday.

The Swatch Group gave an upbeat outlook for 2008, despite reporting soaring raw material prices and currency swings.

It expects sales growth as well as a rise in profitability as it benefits from the Olympic Games in China, where its Omega brand is the official timekeeper.

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