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713.00 -11.50 (-1.59%)

Bid:

710.00

Ask:

715.00

Spread: 5.00 (0.704%)

Market Cap: £1.65b

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Watches of Switzerland launches £25m share buyback

Mon, 10th Mar 2025 08:00

(Sharecast News) - Luxury watch retailer Watches of Switzerland announced on Monday that it will launch a £25.0m share buyback programme.

Watches of Switzerland said its balance sheet remained "strong" following its successful refinancing in December 2024, with its new £150.0m facility increasing liquidity headroom by £50.0m and providing it with additional flexibility.

The FTSE 250-listed group said the buyback, which will be managed by Barclays, will run until either its next annual general meeting or 3 December, whichever comes first.

Watches of Switzerland also highlighted that the plan did not impact its existing capital strategy of investing in showroom upgrades, new projects, and acquisitions.

As of 0940 GMT, Watches of Switzerland shares were up 4.97% at 473.40p.

Reporting by Iain Gilbert at Sharecast.com