(Photo credit: Hodinkee)
Rolex S.A. does not publish financial results, making it difficult to gauge the brand’s overall performance. But U.K. disclosure rules, which require even Rolex to file annual accounts, offer a rare glimpse into the brand’s operations in the world’s sixth-largest economy.
On Wednesday, The Rolex Watch Company Limited, the U.K. arm of Rolex S.A., filed its report with Companies House. Rolex’s British branch employs around 200 people and is responsible for distributing Rolex products to authorized dealers in the U.K. and Ireland.
“The directors believe the group is well placed to manage its business risks successfully despite the current uncertain economic outlook, in particular with the ongoing war in Ukraine and inflationary pressures,” the report from Rolex’s U.K. branch said.
While revenue rose just 2% to £701.5 million in 2024, when compared to 2023, profit before tax jumped a staggering 47% to £96.3 million, helped by the first full year of rental income from Rolex’s newly acquired London properties.
Those three properties, purchased at the end of 2023, contributed £21.4 million in profit during their first full year. The company also bought another one in late 2024 for £6.8 million. That property has already gained more than £10 million in value, according to the statement, the latest sign of real estate’s key role in Rolex’s business.