Swatch watches popular as economy improves

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With Omega the official timekeeper for the Vancouver Winter Olympics, Swatch said it was seeing a excellent increase in orders as the world economy and demand for luxury watches both improve. The board said it was "very confident of achieving further organic sales growth and improved margins in 2010".

After-tax profits fell nine per cent to SwFr 763 million (£456 million) in 2009, which was a lesser fall than most analysts had been expecting. Sales were down eight per cent at SwFr 5.4 billion.

The impressive profit number adds to growing signs that the watch industry may be emerging from its most severe slump in demand in decades after a flurry of upbeat comments from the sector.

Luxury goods group Richemont last month announced forecast-beating sales over the Christmas period thanks to booming sales in the Asia-Pacific region, while independent watchmakers Girard-Perregaux and Parmigiani Fleurier both expect the wealthy to splash out on their timepieces this year.