By Jon Robinson Profit at Swiss watch brand Swatch was cut by more than half during its latest financial year despite its sales increasing further past the £200m mark. The London-headquartered division has reported a pre-tax profit of £11.1m for 2023, down from the £23.6m it posted for 2022. According to newly-filed accounts with Companies House, Swatch has also reported a turnover of £218.1m for the year, up from £211.5m. Swatch said that the increase in its pre-tax profit was a result of a rise of cost of sales and distribution and administrative expenses. According to the results, distribut…