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By By Damian May

Date: Thursday 24 Jan 2002

LONDON (ShareCast) - Like-for-like sales at jewellery manufacturer and distributor Abbeycrest surged an impressive 15.1% in the four months to December 31, it said today. And it looks poised to profit from encouraging noises from high-street jewellers.

Total sales, including the effect of the Brown & Newirth acquisition, increased 20.9% compared with the period a year ago.

Abbeycrest said that its retail customers in the UK have reported "excellent" trading during the Christmas season and it believes that the buoyant market will keep it in line with full-year expectations.

It said its market is expanding due to growing consumer interest in jewellery and the entry of new high-volume retailers.

These claims have been backed up by a recent rash of positive trading statements from UK jewellers.

Designer jeweller Theo Fennell reported enouraging Christmas trade and retail jeweller Signet said full-year profits would exceed expectations as it announced strong sales growth and sparkling Christmas trading.

A privately-owned UK rival to Signet, Goldsmiths, said last month that like-for-like sales rose 9.5% in the four weeks to Christmas Eve and 9.9% in the year to December.

Abbeycrest's shares were marked up 3p to 112.5p this morning. Enthusiastic reports from the high street had already pushed up the price from 81p at the end of November to a recent high of 114p on January 14.

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