Theo Fennel the famous jeweller, among whose clients are the Beckhams and the singer Elton John, today has announced record results for another year: his pre-tax profits have doubled and equalled to £1.6 million.
Theo Fennel is firmly acknowledged as one of today's leading designers. His jewellery, timepieces and silverware are distinctive and inspirational. His unique style, which subtly combines sleek modern designs with a hint of classical tradition, is reflected in elegant, theatrical and highly stylish collections, which are instantly recognizable.
After art school in York and London, Theo Fennel by chance joined the ancient silversmiths Edward Barnard, where he fell in love with silver and the tradition of craftsmanship. He then started to design jewellery in precious metals. Having found his "way"Â, he started Theo Fennel, the business, in 1982.
This year the famous jewellery firm is celebrating its 25 anniversary. The chairman of Theo Fennel, Richard Northcott said that they had plans to accelerate the company's growth and for that purpose they had discussions with a number of potential strategic partners in different countries.
First of all Theo Fennel want to open new brand stores in New York, Dubai and Moscow. The company is also interested by the emerging luxury goods sectors in such economies as China and India.
Theo Fennell said that turnover rose 30 per cent to 25 million pounds in the year, as it was expected. They had record Christmas sales and great demand for its new collections.
Seymour Pierce analyst Richard Ratner says: "Theo Fennell's share price is beginning to receive recognition for what has been achieved in developing the company into an international marque, but we believe that there is considerably further to go".
Theo Fennel stock price went up 6.7 percent at 140-1/2 pence per share, outperforming a 0.4 percent rise in the DJ Stoxx index of European retailers.
The company has introduced Theo Fennel scent in February this year, which resulted in new revenue stream.
Chairman of the company Richard Northcott said: "Following two record years, sales have increased over that period in aggregate by 56 per cent and profits by £1.5 million. This growth has been driven by the popularity of our design-led and distinctive products, the strength of our brand, our strong established team and our focused expansion programme.
This success highlights the huge potential for the group both in the UK and internationally. I am delighted with the continuing success of the business to date."- Alla Harutyunyan for HULIQ.COM
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