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. Watches of Switzerland Group PLC ( " the Group " ) today provides the following update relating to the 13 and 26 weeks ending 31 October 2021 . ● Strong performance achieved in H1 FY22 , driven by broad - based and margin - enhancing growth in the UK and the US against both last year and two years ago ● Group revenue £ 586.2 million ( H1 FY21 : £ 414.3 million ) + 44.6 % vs H1 FY21 and + 40.8 % vs H1 FY20 ( both in constant currency ) O Continued strong demand environment for luxury watches and jewellery , with growth in the period led by a significant increase in volumes of non - supply constrained brands o Group ecommerce sales + 28.7 % on last year , despite stores having been fully opened in H1 FY22 Robust UK performance continues to be generated by a thriving domestic clientele , with revenue £ 418.6 million + 42.3 % vs H1 FY21 • THE WATCHES OF SWITZERLAND GROUP ● Watches of Switzerland Group PLC Q2 FY22 Trading for the 13 weeks ( Q2 FY22 ) and 26 weeks ( H1 FY22 ) to 31 October 2021 Better than anticipated first half performance leads to upgrade in full year outlook US expansion strategy advanced with acquisitions of five stores agreed · O Revenue + 31.8 % vs H1 FY20 when 33.6 % of Group sales were generated by tourists and airports vs negligible tourist and much reduced airport business in H1 FY22 Strong momentum in the US with revenue £ 167.6 million , + 50.2 % vs H1 FY21 and + 66.7 % vs H1 FY20 ( both in constant currency ) Net cash¹ of £ 30.0 million as at 31 October 2021 ( net debt as at 25 October 2020 : £ ( 22.7 ) million ) Following a strong sales performance with a margin - accretive product mix and further operating leverage , H1 FY22 Adjusted EBITDA² is expected to be £ 81.0 million to £ 83.0 million ( H1 FY21 : £ 52.2 million ) As a result of first half performance and acquisition agreements , guidance for the full year has been raised US expansion strategy further advanced with agreements to purchase five stores in four new states³ ● Combined annual revenue of approximately $ 100.0 million ; future profitability expected to be in line with the Group's US average Stores located in Plano ( Dallas ) , Texas ; Vail and Aspen , Colorado ; Greenwich , Connecticut ; and Minneapolis , Minnesota • These acquisitions will bring the US store network to 22 multi - brand and 14 mono - brand boutiques to reach a total representation of 36 stores in 12 states ¹ Net cash / ( net debt ) is total borrowings ( excluding capitalised transaction costs ) less cash and cash equivalents . Excludes lease liabilities under IFRS 16 . ² Unaudited adjusted EBITDA is EBITDA before exceptional items shown on a pre - IFRS 16 basis . ³ Two stores completed at the end of Q2 FY 22 with minimal impact to the Group's H1 FY 22 performance ; the remaining three stores are expected to complete before the end of Q3 FY 22 .