Boodles revenue jumps to £124.5m as profit dips — the investment choices behind Britain’s prestige jeweller

Boodles revenue rose 19% to £124.5 million in the 12 months to 28 February 2025, according to newly filed accounts referenced in UK business reporting. Over the same period, pre-tax profit fell from just over £18 million to £14.7 million.

A separate trade report put the first-year sales figure under the new joint managing directors at £125 million, with operating profit down 25% to £13 million.

Boodles revenue: what changed inside the business

The year marks a clear leadership transition. Jody Wainwright and James Amos stepped up as joint managing directors (reported as taking effect 1 March 2024), with Michael Wainwright becoming chairman and Nicholas Wainwright president.

Where the money went: stock, stones, and staying liquid

The company’s annual commentary (as quoted in business coverage) points to a deliberate choice: keep cash healthy while spending more on inventory that can win sales quickly.

Reported priorities included:

• More investment in “important and high value” white and fancy coloured diamonds.

• Investing in regular jewellery stock so stores are not “without,” aiming to reduce missed sales due to stock gaps.

• Preserving a cash balance to enable spontaneous purchases of important gemstones, while also preparing for expansion plans on Bond Street.

  
  

The same reporting cites a strong balance sheet position, including shareholders’ funds of £100.8m and around £18m in the bank at the time of writing.

The watch strategy: Patek Philippe remains central

One of the clearest “investment choices” is Boodles’ continued emphasis on its watch business—especially Patek Philippe.

A trade report said Patek Philippe delivers almost one-third of sales, and noted Boodles had previously lost two of six doors during a brand consolidation in 2022–23. It also reported Boodles said it had been assured there were no further plans to reduce doors.

Operationally, Boodles already has a separate Patek Philippe boutique area in its Sloane Street store, and reported it was building an extended boutique area in its Manchester showroom.

The snapshot: growth, but at a cost

Put simply, Boodles revenue moved sharply higher in FY2025, but profitability slipped—alongside ongoing spending on high-value stones, broader stock depth, and store/boutique expansion. The filings and coverage also point to continued distributions to owners: the Liverpool business report said shareholders would share almost £8m in dividends despite the profit decline.