The profit was an 11 per cent increase on last year and the company said it would pay a 4 cents a share final dividend, up from 3.5 cents in the first half. It also announced a buy-back of 5 per cent of its shares.

A key highlight was the ability to grow profits faster than sales, managing director Daniel Bracken said.

The Brisbane-based company has gone through a modernisation and it said its “highly engaging and emotive marketing campaigns” were leading the transition away from price and promotion towards “emotional, long-term customer relationships”.

Its loyalty program increased by 600,000 members during the year.

“Laboratory-grown diamonds are gaining momentum in the business, delivering increased quality and higher margins while providing customers with a certified sustainable and climate neutral choice,” the company said.

The company would elevate its strategic focus on ESG to transform how it sourced its product “how we impact the planet and how we improve peoples’ lives across the entire value chain”.

Bracken said the current financial year had started strongly and its bridal campaign had been well received.

“With the significant impacts of Covid behind us, we are still mindful of potential economic disruptions,” he said.

“That being said, over the last few years we have demonstrated the resilience of the business, strength of our brand and determination of our team.”