Luxury Swiss watch brand Richard Mille has issued a huge dividend and hinted that 2024 will be another year of sales success.
The company’s Europe, Middle East and Africa division, which is based in London, paid out a dividend of CHF 232.1m (£213.5m) in the year 2023, up from CHF 50.7m (£46.6m), according to newly-filed accounts with Companies House.
The results have also revealed that its turnover rose from CHF 378.7m to CHF 365.3m while its pre-tax profits also increased from CHF 131.4m to CHF 147.1m.
Richard Mille’s sales of watches and accessories increased in the year from CHF 363.6m to CHF 377m.
In Europe, its turnover rose from CHF 261.6m to CHF 283.4m but its sales fell from CHF 103.7m to CHF 95.3m in the Middle East.
A statement signed off by the board said: “The group performed well again during the year showing steady growth following the previous year.
“The financial results show there is still strong demand for the brand.”
Richard Mille added that its sales for the first half of 2024 are in line with its expectations with “good indications” for a strong second half of the year.
It also said that sales enquiries and boutique visitor numbers remain high and all regions continue to show signs of strong demand with long waiting lists for both new and existing models.
Richard Mille added that “management are confident sales targets will be met”.
The wider Richard Mille group reported a turnover of CHF 1.54bn (£1.4bn) in 2023, a rise of 18.5 per cent compared to 2022.