Watches of Switzerland Group PLC on Tuesday backed full-year guidance, as the luxury market for watches and jewellery continues to recover.

In a trading update, the Leicester, England-based watch retailer said it was seeing continued stabilisation of the UK market in both luxury watches and jewellery after challenging macroeconomic conditions in the prior year.

‘Demand for our key luxury brands, particularly products on Registration of Interest lists, remains strong in both the UK and US markets, outstripping supply,’ the company stated.

In response, shares in the firm, which is the UK’s biggest seller of Rolex and Omega watches, jumped 8.3% to 407.60 pence each in London on Tuesday morning.

Overall, trading for the first 18 weeks of the financial year has been in line with expectations, the company said, leaving it on track to deliver its financial 2025 guidance.

Watches of Switzerland said its intends to increase showroom stock levels in the first half of financial 2025 in the US with growth in the region expected to be second-half weighted.

The company said the integration of Roberto Coin Inc is progressing to plan following the acquisition in May.

Watches of Switzerland said it has made good progress on its Manchester luxury jewellery boutique, which is planned to open in April 2025.

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