The Hour Glass Group, the retailer of specialist luxury watches, says it posted a 149% y-o-y rise in net profit to $33.5 million for the financial year ended 31 March 2010 (FY 2010), boosted by a strong rebound in consumer spending in the second half of FY2010.

Revenue for the full year jumped 10% to $483.7 million. Gross profit margins for the full year amounted to 20.1% while earnings per share rose 155% to 14.08 cents per share.

Hour Glass says prudent management of its business, including careful inventory management, creative merchandising and innovative marketing efforts enabled it to emerge strongly from an extremely challenging 12 months.

As at 31 March 2010, the group’s balance sheet remains strong with consolidated net assets of $216.5 million. It recorded a 36% improvement in its net cash position, with cash and cash equivalents of $50.5 million.

Looking ahead, Hour Glass says it will direct its energies towards further refining its exclusive retail network by refreshing its boutique environments and enhancing its customer experience.

In Singapore, the group has signed a new 700 sqm lease on Orchard Road in the upcoming luxury retail mall Knightsbridge.