Operating profit at Richemont’s luxury goods businesses jumped 14% year on year to €639 million (£549.2 million) in the six months to September 30. The robust results come as the group’s shareholders have backed a move that will separate the luxury goods arm of the business from Richemont’s less prosperous divisions, including British American Tobacco.

The group’s Jewellery Maisons and Specialist Watchmakers enjoyed strong growth in the period with sales up 11% and 12% respectively. Watch sales generated 50% of the group’s final sales.

Group sales were up 10% to €2 8 billion (£2.41 billion) compared with the same period last year. Richemont said that the figures reflected strong growth in Europe, where sales jumped 15% accounting for 45% of total sales, and in the Asia-Pacific region where sales grew 30% and now account for 26% of group turnover.

Cartier and Van Cleef & Arpels performed particularly well during the period. Sales at Cartier were driven by fine jewellery, jewellery watches and strong demand for the Ballon Bleu watch collection. Van Cleef & Arpels also reported strong fine jewellery sales, in particular for its iconic Alhambra range.

Richemont is preparing for tougher trading, expecting the luxury sector to be hit by the economic crisis, and has adopted a “conservative approach to cash management” since last year. The company has not suffered any losses as yet but said the worsening financial climate began to affect demand for its products in October.

Richemont executive chairman Johann Rupert said: “Having expected this downturn for some time, Richemont is in a relatively good position to weather the current storm. The group has a strong balance sheet with adequate cash resources and has an experienced management team. We will take whatever steps may be necessary to limit the negative impact of the slowdown on the group.”