Signet shines as profits hit £183m

STRONG demand for diamonds and other 'aspirational products' such as branded watches helped boost profits last year at jewellery group Signet, which owns the H Samuel and Ernest Jones shops.

The group, which makes almost three-quarters of its money in America, had already indicated it would top market expectations by a comfortable margin and duly delivered the figures, with a 12% increase in its pre-tax total to £182.8m.

Turnover for the year ended 2 February rose 14% to £1.58bn, or 3% like-for-like. The dividend total is raised by 10% to 1.789p a share.

Chief executive Terry Burman said the current year had an encouraging start, with three-stone diamonds particularly popular. While the home market remains buoyant, Burman expected consumer demand to 'moderate' later this year.

In the US, Signet 'significantly outperformed' its competitors. The US jewellery market remains fragmented, with Signet's share at only 7%. Burman aims to double its selling space across the Atlantic over the next decade.