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THE WATCHES OF SWITZERLAND GROUP ● Watches of Switzerland Group PLC H1 FY22 Results for the 26 weeks to 31 October 2021 ( H1 FY22 ) Watches of Switzerland Group PLC ( ' the Group ' ) today provides the following financial results relating to the 26 weeks ending 31 October 2021 . Strong performance underpinning recently upgraded guidance US expansion strategy advanced with acquisitions of five stores now completed Strong , broad - based sales performance resulting in significant growth in H1 FY22 profit Group revenue £ 586.2 million ( H1 FY21 : £ 414.3 million ) , + 44.6 % vs H1 FY21 and + 40.8 % vs H1 FY20 ( both in constant currency² ) ● O Continued strong demand for luxury watches and jewellery , with growth led by a significant increase in volumes of non - supply constrained brands Each individual brand showed positive average selling price ( ASP ) growth O Group ecommerce sales¹ grew + 28.7 % on last year Adjusted EBITDA² + 58.8 % to £ 82.8 million ( H1 FY21 : £ 52.2 million ) O Adjusted EBITDA margin² of 14.1 % ( H1 FY21 : 12.6 % ) Adjusted EBIT² + 62.7 % to £ 67.5 million ( H1 FY21 : £ 41.5 million ) Statutory operating profit + 58.6 % to £ 72.3 million ( H1 FY21 : £ 45.6 million ) Statutory profit before tax £ 64.7 million ( H1 FY21 : £ 36.2 million ) Expansionary capital expenditure³ of £ 19.1 million ( H1 FY21 : £ 9.1 million ) with eight new stores opened , two stores acquired , three stores expanded , and five stores refurbished Free cashflow² of £ 102.3 million ( H1 FY21 : £ 116.1 million ) with conversion of 123.6 % Return on capital employed² increased to 23.1 % ( H1 FY21 : 17.2 % ) Net cash² of £ 30.0 million as at 31 October 2021 ( 25 October 2020 : net debt² of £ 22.7 million ) Operating highlights Growth achieved through consistent investment in marketing , stores , systems and people Following a period of destocking during Q1 FY22 , in Q2 FY22 the Group actively re - built store stock for Rolex in the US and the UK to enhance brand representation O Change in management of Rolex store stock to be exhibition - only Outstanding US performance delivered with revenue £ 167.6 million , + 50.2 % vs H1 FY21 and + 66.7 % vs H1 FY20 ( both in constant currency ) Expansion strategy advanced with previously announced agreements to purchase five stores in Plano ( Dallas ) , Vail , Aspen , Greenwich and Minneapolis . The combined Last Twelve Months revenue for these stores was approximately US $ 100.0 million and future profitability is expected to be in line with the Group's US average Robust UK performance continues to be generated by a thriving domestic clientele , with revenue £ 418.6 million + 42.3 % vs H1 FY21 O Revenue + 31.8 % vs H1 FY20 when 33.6 % of Group sales were generated by tourists³ and airports ( all in the UK ) vs negligible tourist and significantly reduced airport business in H1 FY22 ¹ Ecommerce sales are sales which are transacted online 2 This is an Alternative Performance Measure and is shown on a pre - IFRS 16 basis . Refer to the Glossary on page 40 for definition , purpose and reconciliation to statutory measures where relevant 3 Refer to the Glossary on page 40 for definition 1