Theo Fennell sales sparkle

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Theo Fennell on Tuesday underlined the benefits of its international expansion as it reported a 35 per cent rise in sales for the first six months to September 30, to more than £10m.

The upmarket jeweller – whose customers include footballer David Beckham and his wife Victoria, singer Elton John and actress Elizabeth Hurley – opened a concession in Dubai last year and plans to launch the Theo Fennell brand at the Millionaires’ Fair in Moscow.

It is also looking to expand into US and are looking into the various formats of concessions, wholesale or standalone stores.

The shares, which have more than doubled this year, jumped more than 20 per cent to 90½p in afternoon London trading.

Richard Ratner, an analyst at Seymour Pierce, raised his pre-tax profit forecast for 2006 from £1.1m to £1.25m, saying Tuesday’s statement “demonstrates clearly that a luxury designer brand can buck the general retail trend, especially when it in the process of turning itself into an ‘international player’”.

Theo Fennell in June reported that pre-tax profits for the year to March 31 jumped almost seven-fold to £732,451 as turnover rose to £19.4m from £16.2m.

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