Michael Hill annual profit jumps A$42m

Jeweller Michael Hill International made an extra A$42.2 million (NZ$43.3m) in profit last year, and ended the year with no debt and surplus cash. Profit increased to A$45.3m in the 52 weeks ended June 27, from A$3.1m the previous year, the company told the NZX. The gross margin increased to 62.7 per cent from 60.6 per cent. Michael Hill lifted sales 13 per cent to A$556.5m, even though it lost 10,447 trading days due to temporary closures in Canada and Australia. Digital sales increased 53 per cent to a record A$34.8m. The company ended the financial year with a cash surplus of A$72.4m and no borrowings. Michael Hill received A$14.6m in government grants from Australia, New Zealand and Canada over the past year.