Watches of Switzerland Group

WOSG · Main Market · Consumer Products and Services · mcap £1,579m · 673.5p

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Financials · balance sheet 03 May 26 · last twelve months · today’s market value

Source: results 14 Jul 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,559m
Owner’s net cash: −£55.4m
Net cash / market cap: -4%
EV ex leases: £1,613m
Revenue: £1,828m
Operating profit: £170.0m
Free cash flow after leases: £98.1m
EV / EBIT: 9.5×
FCF yield: 6.3%
Price / tangible book: 5.04×
Net income (owners): £98.8m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Trading update 03 Sep 264 figures since the last report

Trading momentum continues with strong US performance and UK market improvement; FY27 guidance reiterated.

Revenue growth guidance FY27	5-10% at constant currency
Adjusted EBIT margin expansion FY27	40-80bps from FY26
Capex FY27	£60-£70 million
Free cash flow conversion	c.70%

As stated by the company, unaudited. Read it →

Latest report: FY May 26 (twelve months to 03 May 26), published 14 Jul 26 · read the results ↗

Source ↗

	53 week period ended 3 May 2026 £m	52 week period ended 27 April 2025 £m
Revenue	1,827.9	1,651.5
Cost of sales	(1,590.7)	(1,438.3)
Exceptional cost of sales	-	(2.0)
GROSS PROFIT	237.2	211.2
Administrative expenses	(58.4)	(43.6)
Exceptional impairment of assets	(9.9)	(46.5)
Exceptional reversal of impairment of assets	2.3	-
Exceptional other administrative expenses	(1.2)	(7.0)
Share of result of joint venture and associates	-	(0.2)
OPERATING PROFIT	170.0	113.9
Finance costs	(38.2)	(38.1)
Finance income	1.7	2.3
Exceptional finance costs	-	(2.2)
NET FINANCE COST	(36.5)	(38.0)
Profit before taxation	133.5	75.9
Taxation	(34.5)	(22.1)
Profit for the financial period	99.0	53.8
Attributable to
Equity holders of the Company	98.8	53.8
Non-controlling interests	0.2	-
Total attributable to	99.0	53.8
EARNINGS PER SHARE
Basic	42.6p	22.8p
Diluted	42.6p	22.7p

Source ↗

	3 May 2026 £m	27 April 2025 £m
ASSETS
NON-CURRENT ASSETS
Goodwill	245.3	231.2
Intangible assets	74.4	72.9
Property, plant and equipment	217.0	192.4
Right-of-use assets	338.2	358.6
Investment in joint venture and associates	0.5	0.5
Deferred tax assets	3.8	4.1
Post-employment benefit asset	1.2	0.5
Trade and other receivables	4.5	4.5
Total non-current assets	884.9	864.7
CURRENT ASSETS
Inventories	458.1	447.4
Current tax asset	4.5	8.6
Trade and other receivables	48.5	56.0
Cash and cash equivalents	65.1	98.9
Total current assets	576.2	610.9
Total assets	1,461.1	1,475.6
LIABILITIES
CURRENT LIABILITIES
Trade and other payables	(239.5)	(254.9)
Current tax liability	(0.5)	(0.5)
Lease liabilities	(58.6)	(56.0)
Provisions	(2.6)	(2.4)
Total current liabilities	(301.2)	(313.8)
NON-CURRENT LIABILITIES
Trade and other payables	(11.7)	(4.6)
Deferred tax liabilities	(19.5)	(15.9)
Lease liabilities	(369.0)	(398.6)
Borrowings	(120.5)	(192.8)
Provisions	(10.5)	(10.3)
Total non-current liabilities	(531.2)	(622.2)
Total liabilities	(832.4)	(936.0)
Net assets	628.7	539.6
EQUITY
Share capital	2.9	3.0
Share premium	147.1	147.1
Capital redemption reserve	0.1	-
Merger reserve	(2.2)	(2.2)
Other reserves	(18.5)	(13.3)
Retained earnings	514.1	414.7
Foreign exchange reserve	(14.8)	(9.7)
Total equity	628.7	539.6

Source ↗

	53 week period ended 3 May 2026 £m	52 week period ended 27 April 2025 £m
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the financial period	99.0	53.8
Adjustments for
Depreciation of property, plant and equipment	43.4	40.8
Depreciation of right-of-use assets	53.9	54.5
Depreciation of right-of-use assets - exceptional items	-	2.0
Amortisation of intangible assets	3.5	3.3
Impairment of right-of-use assets - exceptional items	5.0	26.8
Reversal of impairment of right-of-use assets - exceptional items	(0.9)	-
Impairment of property, plant and equipment - exceptional items	4.9	19.7
Reversal of impairment of property, plant and equipment - exceptional items	(1.4)	-
Loss on disposal of property, plant and equipment	0.5	0.2
Loss on disposal of property, plant and equipment - exceptional items	0.7	0.6
Loss on disposal of intangible assets	-	0.2
Gain on lease modifications and disposals	(4.2)	(5.5)
Share-based payment charge	1.8	1.8
Share of result of joint venture and associates	-	0.2
Finance income	(1.7)	(2.3)
Finance costs	38.2	38.1
Finance costs - exceptional items	-	2.2
Taxation	34.5	22.1
Increase in inventory	(5.9)	(13.3)
Increase in debtors	(0.8)	(18.2)
Increase/(decrease) in creditors, provisions and pensions	7.1	(12.9)
Cash generated from operations	277.6	214.1
Defined benefit pension scheme contributions	(0.7)	(0.7)
Taxation paid	(23.3)	(29.7)
Total net cash generated from operating activities	253.6	183.7
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of non-current assets
Property, plant and equipment additions	(68.3)	(68.0)
Intangible asset additions	(3.3)	(3.6)
Movement on capital expenditure accrual	3.7	(3.8)
Cash outflow from purchase of non-current assets	(67.9)	(75.4)
Interest received	1.7	2.3
Investment in joint venture and associates	-	(0.7)
Disposal of European property, plant and equipment	0.4	2.7
Acquisition of subsidiaries net of cash acquired	(39.3)	(106.9)
Total net cash outflow from investing activities	(105.1)	(178.0)
CASH FLOWS FROM FINANCING ACTIVITIES
Purchase of own shares for cancellation	(13.8)	(11.3)
Proceeds of term loan	-	99.5
Net movement on multicurrency revolving loan facility	(71.7)	(13.8)
Costs directly attributable to raising new loan facility	-	(1.5)
Payment of capital element of leases	(58.4)	(56.2)
Payment of interest element of leases	(25.5)	(24.4)
Interest paid	(12.7)	(13.4)
Net cash outflow from financing activities	(182.1)	(21.1)
Net decrease in cash and cash equivalents	(33.6)	(15.4)
Cash and cash equivalents at the beginning of the period	98.9	115.7
Exchange losses on cash and cash equivalents	(0.2)	(1.4)
Cash and cash equivalents at the end of period	65.1	98.9

Source ↗

	26 October 2025 £m	27 October 2024 £m
Revenue	845.1	784.8
Cost of sales	(743.4)	(687.5)
Exceptional cost of sales	-	(1.1)
Gross profit	101.7	96.2
Administrative expenses	(23.2)	(21.9)
Exceptional administrative income/(expenses)	0.9	(0.7)
Exceptional impairment of assets	-	(13.4)
Operating profit	79.4	60.2
Finance costs	(19.6)	(19.7)
Finance income	1.1	1.3
Exceptional finance costs	-	(1.3)
Net finance costs	(18.5)	(19.7)
Profit before taxation	60.9	40.5
Taxation	(16.5)	(11.6)
Profit for the financial period	44.4	28.9
Earnings per share
Basic	19.1p	12.2p
Diluted	19.1p	12.2p

Source ↗

	26 October 2025 £m	27 April 2025 £m	27 October 2024 £m
Assets
Non-current assets
Goodwill	231.3	231.2	233.7
Intangible assets	72.5	72.9	74.5
Property, plant and equipment	212.0	192.4	203.5
Right-of-use assets	362.1	358.6	369.0
Investment in joint venture and associates	0.5	0.5	-
Deferred tax assets	3.8	4.1	4.4
Post-employment benefit asset	0.9	0.5	0.7
Trade and other receivables	4.5	4.5	2.1
Total non-current assets	887.6	864.7	887.9
Current assets
Inventories	502.8	447.4	481.2
Current tax asset	3.2	8.6	5.3
Trade and other receivables	47.1	56.0	58.3
Cash and cash equivalents	63.3	98.9	110.5
Total current assets	616.4	610.9	655.3
Total assets	1,504.0	1,475.6	1,543.2
Liabilities
Current liabilities
Trade and other payables	(252.1)	(254.9)	(276.4)
Current tax liability	(1.5)	(0.5)	(2.2)
Lease liabilities	(58.9)	(56.0)	(58.0)
Provisions	(1.8)	(2.4)	(2.2)
Total current liabilities	(314.3)	(313.8)	(338.8)
Non-current liabilities
Trade and other payables	(4.8)	(4.6)	(4.7)
Deferred tax liabilities	(19.5)	(15.9)	(18.4)
Lease liabilities	(395.7)	(398.6)	(396.3)
Borrowings	(173.8)	(192.8)	(228.5)
Provisions	(10.8)	(10.3)	(8.9)
Total non-current liabilities	(604.6)	(622.2)	(656.8)
Total liabilities	(918.9)	(936.0)	(995.6)
Net assets	585.1	539.6	547.6
Equity
Share capital	2.9	3.0	3.0
Share premium	147.1	147.1	147.1
Capital redemption reserve	0.1	-	-
Merger reserve	(2.2)	(2.2)	(2.2)
Other reserves	(12.2)	(13.3)	(21.2)
Retained earnings	458.9	414.7	423.8
Foreign exchange reserve	(9.5)	(9.7)	(2.9)
Total equity	585.1	539.6	547.6

	FY May 26
Revenue to operating profit
Revenue	1,827.9
Gross profit	237.2
Adjusted EBITDA	202.2
Adjusted operating profit	155.0
Operating profit	170.0
Depreciation (owned assets)	43.4
Depreciation (right-of-use)	53.9
Amortisation	3.5
Share-based payments	1.8
Operating profit to net income
Finance costs	(38.2)
Profit before tax	133.5
Tax	(34.5)
Net income (owners)	98.8
Per share
EPS basic	42.6p
EPS diluted	42.6p

	H2 May 26	H1 Oct 25	H1 Oct 24
Revenue to operating profit
Revenue	982.8	845.1	784.8
Gross profit	135.5	101.7	96.2
Adjusted EBITDA	111.4	90.8	87.3
Operating profit	90.6	79.4	60.2
Depreciation (owned assets)	23.2	20.2	19.5
Depreciation (right-of-use)	27.6	26.3	27.7
Amortisation	1.8	1.7	1.5
Share-based payments	1.1	0.7	1.7
Operating profit to net income
Finance costs	(18.6)	(19.6)	(19.7)
Profit before tax	72.6	60.9	40.5
Tax	(18.0)	(16.5)	(11.6)
Net income (owners)	54.4	44.4	28.9
Per share
EPS basic	23.5p	19.1p	12.2p
EPS diluted	23.5p	19.1p	12.2p

	FY May 26
Operating activities
Cash from operations	253.6
Interest paid	(12.7)
Tax paid	(23.3)
Investing activities
Capex (PP&E)	(68.3)
Capex (intangibles)	(3.3)
Financing activities
Lease principal paid	(58.4)
Lease interest paid	(25.5)
Share buybacks	(13.8)

	H2 May 26	H1 Oct 25	H1 Oct 24
Operating activities
Cash from operations	161.1	92.5	71.4
Interest paid	(5.9)	(6.8)	(6.4)
Tax paid	(17.0)	(6.3)	(11.6)
Investing activities
Capex (PP&E)	(27.9)	(40.4)	(42.1)
Capex (intangibles)	(2.0)	(1.3)	(1.7)
Financing activities
Lease principal paid	(29.9)	(28.5)	(26.2)
Lease interest paid	(12.7)	(12.8)	(12.4)
Share buybacks	0.0	(13.8)	–

	3 May 26
Non-current assets
Goodwill	245.3
Other intangibles	74.4
Property, plant & equipment	217.0
Associates & JVs	0.5
Current assets
Inventories	458.1
Trade receivables	48.5
Cash	65.1
Total assets	1,461.1
Current liabilities
Trade payables	239.5
Lease liabilities, current	58.6
Non-current liabilities
Borrowings, non-current	120.5
Lease liabilities, non-current	369.0
Pension surplus / (deficit)	1.2
Total liabilities	832.4
Equity
Total equity	628.7
Net cash and other figures
Net cash / (debt) ex leases	(57.0)

	3 May 26	26 Oct 25	27 Oct 24
Non-current assets
Goodwill	245.3	231.3	233.7
Other intangibles	74.4	72.5	74.5
Property, plant & equipment	217.0	212.0	203.5
Associates & JVs	0.5	0.5	–
Non-current assets	–	887.6	887.9
Current assets
Inventories	458.1	502.8	481.2
Trade receivables	48.5	47.1	58.3
Cash	65.1	63.3	110.5
Current assets	–	616.4	655.3
Total assets	1,461.1	1,504.0	1,543.2
Current liabilities
Trade payables	239.5	252.1	276.4
Lease liabilities, current	58.6	58.9	58.0
Current liabilities	–	314.3	338.8
Non-current liabilities
Borrowings, non-current	120.5	173.8	228.5
Lease liabilities, non-current	369.0	395.7	396.3
Pension surplus / (deficit)	1.2	–	–
Non-current liabilities	–	604.6	656.8
Total liabilities	832.4	918.9	995.6
Equity
Total equity	628.7	585.1	547.6
Net cash and other figures
Net cash / (debt) ex leases	(57.0)	(112.4)	(119.5)

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