Strong profits rise for Swatch

<p>Profits are up by 20 per cent.</p>

The share price of Swatch is up strongly today (February 5th) after the company released its latest financial results.

Profits rose by more than 20 per cent, it was announced by the firm, which revealed that it made 1.9 billion Swiss francs (£1.3 billion) in 2013.

Swatch stated that it appointed 3,800 new members of staff to its global workforce bringing the total amount of people that it employs to 33,600.

In a statement, Swatch added 2014 has got off to an "auspicious" start for all of its brands.

It said: "In the first month of the year, sales of both watches and jewelry were very good. After four years of strong and dynamic growth by Swatch Group, as well as the entire Swiss watch industry, continued healthy growth is expected in 2014."

Following the release of the announcement, the share price of the company rose by more than four per cent during this morning's session. At 11:28 GMT, stocks were up by 4.04 per cent for the day.

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