REG - Ramsdens Holdings - Interim Results - six months ended 31 March 2022
08/06/2022 07:00
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RNS Number : 0703O Ramsdens Holdings PLC 08 June 2022
8 June 2022
Ramsdens Holdings PLC
("Ramsdens", the "Group", the "Company")
Interim Results for the six months ended 31 March 2022
Ramsdens, the diversified financial services provider and retailer, today
announces its Interim Results for the six months ended 31 March 2022 (the
"Period").
Highlights
· A strong performance as trading conditions started to normalise, with
Profit Before Tax of £2.2m (HY21: £0.1m loss)
· Gross revenue increased 51% to £29.3m (HY21: £19.3m)
· Jewellery retail revenue up 62% to £13.1m (HY21: £8.1m). Online
jewellery retail sales increased by 48% year on year to £2.0m (HY21: £1.3m)
and now represent 15% of total jewellery sold
· Pawnbroking loan book at the period end was £7.5m (HY21: £5.7m) as
customers returned to normal spending habits and required short term cash flow
assistance
· Foreign currency exchange improved as international travel
restrictions eased, driving a significant increase in gross profit to £3.4m
(HY21: £1.0m)
· Gross profit from the purchase of precious metals increased 34% to
£3.1m (HY21: £2.3m)
· Net Assets increased £2.1m to £37.6m (HY21: £35.5m)
· As a result of improving trading conditions, the Board has approved
an interim dividend of 2.7 pence per share (HY21: nil pence per share)
· Trading following the Period end has continued to improve. Foreign
currency volumes have increased to approximately 85% of pre-pandemic levels,
the pawnbroking loan book has continued to grow, the weight of precious metals
purchased has increased and retail jewellery has remained strong.
Financial results for the six months ended 31 March 2022
Two prior comparable periods have been included below to demonstrate the
impact of the pandemic. The six-month period ended 31 March 2020 was
substantially pre-pandemic whereas the six-month period ended 31 March 2021
was impacted by retail lockdowns and significant travel restrictions.
6 months ended 31 March 2022 (unaudited) 6 months ended 6 months ended
31 March 2021 (unaudited) 31 March 2020
(unaudited)
Gross Revenue £29.3m £19.3m £25.3m
Gross Profit £15.7m £10.5m £16.7m
Profit/(Loss) before tax £2.2m (£0.1m) £2.3m
Basic EPS 5.6p (0.3p) 5.5p
Peter Kenyon, Chief Executive, commented:
"We are pleased with the Group's very strong performance during the Period,
which was characterised by significant increases in customer demand for both
our jewellery proposition and our foreign currency offer as customer behaviour
continued to normalise.
Our growth strategy action plan remains on track and is working. Of the eight
new stores planned to open this financial year, three stores were opened
during the first half and have traded above expectations.
We are also encouraged by the increased demand for Ramsdens' foreign currency
services since the Period end. We look forward to continuing this strong
momentum through the important summer period".
ENDS
Enquiries:
Ramsdens Holdings PLC
Tel: +44 (0) 1642 579957
Peter Kenyon, CEO
Martin Clyburn, CFO
Liberum Capital Limited (Nominated Adviser) Tel: +44 (0) 20 3100
2000
Richard Crawley
Lauren Kettle
Hudson Sandler (Financial PR)
Tel: +44 (0) 20 7796 4133
Alex Brennan
Lucy Wollam
Emily Brooker
About Ramsdens
Ramsdens is a growing, diversified, financial services provider and retailer,
operating in the four core business segments of foreign currency exchange,
pawnbroking loans, precious metals buying and selling and retailing of second
hand and new jewellery.
Ramsdens does not offer unsecured high-cost short term credit.
Headquartered in Middlesbrough, the Group operates from 156 stores within the
UK (including 3 franchised stores) and has a growing online presence.
Ramsdens is fully FCA authorised for its pawnbroking and credit broking
activities.
www.ramsdensplc.com (https://www.ramsdensplc.com/)
www.ramsdensforcash.co.uk (http://www.ramsdensforcash.co.uk)
www.ramsdensjewellery.co.uk (https://www.ramsdensjewellery.co.uk/)
CHIEF EXECUTIVE'S REPORT
This interim report covers the six months ended 31 March 2022 (the "Period"),
which saw consumer behaviour continuing to transition back to that seen prior
to the onset of Covid-19. The prior comparative period (six months to 31 March
2021 - HY21) featured trading with a retail lockdown environment for a
substantial part of the six months. With that in mind to provide additional
context, this segmental analysis also presents figures for HY20 (the six
months to 31 March 2020), which saw the majority of trading take place prior
to the onset of Covid-19.
The Group has delivered a profitable performance, supported by the marked
uptick in demand for foreign currency as international travel restrictions
eased and consumers became increasingly comfortable with travelling abroad.
We are pleased with the Group's performance and look forward to building on
this through the remainder of the year.
FINANCIAL REVIEW
The Group reported a Profit Before Tax of £2.2m (HY21: loss of £0.1m). Gross
revenue increased by 51% to £29.3m (HY21: £19.3m) as trading activity
increased in line with the easing of Covid-19 restrictions.
Administration expenses increased by 27% to £13.3m (HY21: £10.4m) as stores
returned to standard opening hours and variable costs increased in line with
this higher level of trading. The cessation of Government furlough support and
reduction in business rates support increased costs by c.£1.2m.
The Group's balance sheet remains strong, with net assets of £37.6m (HY21:
£35.5m). The Group's main assets are cash (including foreign currency),
pawnbroking loans secured on gold jewellery and watches, and retail jewellery
stock. The reduction in net cash at 31 March 2022 to £9.3m (HY21 £15.0m)
was due to the Group investing heavily in its jewellery stock and the
rebuilding of the pawnbroking loan book.
Capital expenditure in the Period totalled £0.8m (HY21: £0.9m) including the
cost of opening two new stores and relocating one store. In addition, the
Group invested £0.9m acquiring a jewellery and pawnbroking business based in
Boscombe.
The Group has the benefit of a £10.0m revolving credit facility which expires
in March 2024 and had drawn £1.5m of this facility at the end of the Period
to support currency stock increases.
The Board is pleased to announce an interim dividend of 2.7 pence per share
(HY21: nil pence per share). The dividend will be payable on 30 September 2022
to those shareholders on the register on 2 September 2022. The ex-dividend
date will be 1 September 2022.
REVIEW
Foreign Currency Exchange
The foreign currency exchange (FX) segment primarily comprises the sale and
purchase of foreign currency notes to holidaymakers.
HY22 HY21 YOY HY20
Total currency exchanged £94m £20m 372% £181m
Gross profit £3.4m £1.0m 236% £4.7m
Online C&C orders £10.0m £1.6m 547% £18.5m
% of online FX 11% 8% 10%
Segment as a % of total gross profit 22% 10% 28%
The easing of travel restrictions in the UK and abroad has increased
confidence and encouraged more people to travel. As a result, the demand for
foreign currency has increased despite the Omicron variant of Covid-19
impacting travel in Q1.
By the end of the Period, daily foreign currency exchange volumes had
increased to approximately 60% of pre-pandemic levels. In addition, we
continue to be able to manage our margin to minimise the impact to
profitability of the lower volumes.
As we look forward, the income from this service is anticipated to grow in
line with the continued growth of international travel. We strongly believe
that customers' desire to travel abroad remains high.
Pawnbroking
Pawnbroking is a small subset of the consumer credit market in the UK and a
simple form of asset-backed lending that dates back to the foundations of
banking. In a pawnbroking transaction an item of value, known as a pledge (in
Ramsdens' case this is jewellery and watches) is held by the pawnbroker as
security against a six-month loan. Customers pay interest on this loan, repay
the capital sum borrowed and recover their pledged item. If a customer
defaults on the loan, the pawnbroker sells the pledged item to repay the
amount owed and returns any surplus funds to the customer. Pawnbroking is
regulated by the FCA in the UK and Ramsdens is fully FCA authorised.
000's HY22 HY21 YOY HY20
Gross profit £3,694 £3,480 6% £4,706
Total loan book £7,506 £5,749 31% £7,747
Past Due £567 £893 (37%) £1,115
In date loan book £6,939 £4,856 43% £6,632
Percentage of GP 23% 33% 28%
The pawnbroking loan book grew in line with expectations during the Period.
The loan to value on plain gold was approximately two thirds of the gold price
at the period end. The average loan value at 31 March 2022 was £286 (31 March
2021: £265).
With restrictions in the availability of other forms of credit, and the
squeeze on household incomes, we believe that the ease and simplicity of
pawnbroking will lead to further loan book growth in the coming year.
Jewellery Retail
The Group retails new and second-hand jewellery to customers both in store and
online. The Board continues to believe there is further growth potential for
Ramsdens in this segment which can be achieved by leveraging the Group's store
estate and e-commerce operations, by cross-selling to existing customers and
through acquiring new customers.
Retailing of new jewellery products complements the Group's second-hand
offering, giving customers greater choice in both breadth of products and
price. In addition, the Group continues to build its reputation for the sale
of premium second-hand watches.
000's HY22 HY21 YOY HY20
Revenue £13,085 £8,074 62% £7,054
Gross Profit £4,923 £3,168 55% £3,113
Margin % 38% 39% 44%
Jewellery retail stock £20,070 £10,810 £8,919
Online sales £1,963 £1,323 48% £654
% of sales online 15% 16% 9%
Percentage of GP 31% 30% 19%
The retail segment achieved significant growth due to the Group's continued
investment during the Period. We invested in the presentation of our jewellery
with improved in-store concept design window displays which have resulted in a
wider, clearer choice for our customers and greater stock levels all supported
by improvements in our stock replenishment systems.
The investment in our e-commerce activities continued to deliver improved
results during the Period, increasing retail revenue by 48% to £2.0m (HY21:
£1.3m). Online jewellery sales now account for 15% (HY20: 9%) of the Group's
total retail sales. Further improvements to the customer journey and how we
promote and market the website (www.ramsdensjewellery.co.uk
(http://www.ramsdensjewellery.co.uk) ) are in the planning and early
implementation stages. The e-commerce department is managed as a separate
business unit and is profitable.
Watch sales grew 176% year on year. Watch sales attract new customers to the
Group and this product offering has received significant investment in stock,
presentation and staffing levels during the Period, which benefits buying,
lending and retailing.
As we look forward, despite the anticipated macro challenges that higher
inflation and rising interest rates will bring, we believe there is an ongoing
opportunity for improving and growing our jewellery retail business.
Purchases of Precious Metals
Through this service, Ramsdens buys unwanted jewellery, gold and other
precious metals from customers for cash. Typically, a customer brings unwanted
jewellery into a Ramsdens store and a price is agreed with the customer
depending upon the retail potential, weight or carat of the jewellery. The
Group has second-hand dealer licences and other permissions and adheres to the
approved "gold standard" for buying precious metals.
Once jewellery has been bought from the customer, the Group's dedicated
jewellery department decides whether or not to retail the item through the
store network or online. Income derived from jewellery, which is purchased and
then retailed, is reflected in jewellery retail income and profits. The
residual items are smelted and sold to a bullion dealer for their intrinsic
value and the proceeds are reflected in the accounts as precious metals buying
income.
000's HY22 HY21 YOY HY20
Revenue £7,779 £5,623 38% £7,499
Gross Profit £3,112 £2,330 34% £3,214
Average gold price in £ £16.44 £16.45 £14.41
Percentage of GP 20% 22% 19%
As customer behaviour and spending patterns have normalised, more people have
sold their unwanted jewellery. As the Group's foreign currency volumes have
improved, so too has the opportunity to cross sell this service, leading to
improved gold buying volumes during the Period.
The Sterling gold price has remained high as a result of the Ukraine / Russia
war and the strength of the US dollar. This is also encouraging more customers
to sell unwanted jewellery as the selling price is more favourable.
In the short to medium term, we expect the gold price to remain high and as a
result to benefit this area of the business.
Other services
In addition to the four core business segments, the Group also provides
additional services in cheque cashing, Western Union money transfer, credit
broking and receives franchise fees.
000's HY22 HY21 YOY HY20
Revenue £557 £540 3% £1,029
Gross Profit £557 £540 3% £937
Percentage of GP 4% 5% 6%
This remains a steady source of income to the Group.
OPERATIONAL REVIEW
Our retail estate continues to be actively managed. Lease renewals have
generally resulted in rent reductions, greater flexibility or sometimes both.
On occasion it has been necessary to relocate to take advantage of lower
rents in a much better footfall location. Our store in Carlisle was relocated
in the Period, with two further stores, in Newcastle and Durham, relocated in
May. A further four stores are in the legal and planning process for
relocating later in 2022.
During the Period, new stores were opened in Chatham and Glasgow and a new
store was acquired in Boscombe. We anticipate opening five new stores in the
second half of the financial year and have a healthy pipeline of targeted new
stores for FY23 and beyond.
The Group has, like other businesses, experienced staffing challenges with
higher-than-normal staff turnover and challenges in recruitment. The Ramsdens
team is happy and engaged, as evidenced by our staff survey results, but the
impact of Covid-19 has caused many to review their lifestyle choices. While
Ramsdens' head office staff have greater flexibility in their working
arrangements, high street retail presents challenges in this regard, with
relatively fixed opening hours and a need to be in-store. We have awarded
significant pay rises to reward loyal staff and to retain Ramsdens' position
as an attractive place to come and work.
I would like to take this opportunity to thank each and every staff member for
their dedication, commitment, willingness to strive for continuous
improvement, and their steadfast focus on delivering fantastic service to our
customers every day.
OUTLOOK
We believe that FY22 is a transitional year, with an expected return to
substantially normal trading conditions by the end of the financial year,
albeit against a trading environment that is experiencing a number of wider
global macroeconomic events. Despite these challenges, the Board is confident
in the Group's ability to withstand the inflationary impact to the cost base
and anticipates delivering growth across all of the Group's income streams
over the medium term.
The Board is confident that Ramsdens is well-placed to continue to grow and
deliver our strategy to create value for all stakeholders.
Peter Kenyon
Chief Executive Officer
Interim Condensed Financial Statements
Unaudited condensed consolidated statement of comprehensive income
For the six months ended 31 March 2022
6 months 6 months 12 months
Ended ended ended
31 March 2022 31 March 2021 (restated) 30 September 2021
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Revenue 2 29,265 19,326 40,677
Cost of sales (13,532) (8,781) (18,415)
Gross profit 2 15,733 10,545 22,262
Other income - - 284
Administrative expenses (13,287) (10,446) (21,510)
Operating profit 2,446 99 1,036
Finance costs 3 (230) (232) (472)
Profit / (loss) before tax 2,216 (133) 564
Income tax expense (465) 29 (198)
Total comprehensive income / (loss) for the period 1,751 (104) 366
Basic earnings per share in pence 4 5.6 (0.3) 1.2
Diluted earnings per share in pence 4 5.6 (0.3) 1.2
Unaudited condensed consolidated statement of changes in equity
For the six months ended 31 March 2022
6 months 6 months 12 months
ended ended ended
31 March 31 March 30 September 2021
2022 2021
Unaudited Unaudited Audited
£'000 £'000 £'000
Opening total equity 36,143 35,555 35,555
Total comprehensive income for the period 1,751 (104) 366
Transactions with shareholders:
Share capital issued 2 6 6
Dividends paid (377) - -
Share based payments 155 103 254
Deferred tax on share based payments (51) (42) (38)
Total transactions with shareholders (271) 67 222
Closing total equity 37,623 35,518 36,143
Unaudited condensed consolidated statement of financial position
At 31 March 2022
6 months 6 months 12 months
ended ended ended
31 March 31 March 30 September 2021
2022 2021 (restated)
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Assets
Non-current assets
Property, plant and equipment 5,343 5,207 5,195
Intangible assets 850 807 714
Investments - - -
Right-of-use assets 9,055 8,286 8,164
Deferred tax assets - 76 80
15,248 14,376 14,153
Current Assets
Inventories 21,279 11,576 15,151
Trade and other receivables 11,853 9,797 10,379
Cash and short term deposits 10,718 14,996 13,032
43,850 36,369 38,562
Total assets 59,098 50,745 52,715
Current liabilities
Trade and other payables 9,885 6,169 7,673
Lease liability 2,206 1,745 2,159
Interest bearing loans and borrowings 1,423 - -
Income tax payable 403 70 61
13,917 7,984 9,893
Net current assets 29,933 28,385 28,669
Non-current liabilities
Lease liability 7,313 7,049 6,442
Accruals and deferred income 93 133 119
Deferred tax liabilities 152 61 118
7,558 7,243 6,679
Total liabilities 21,475 15,227 16,572
Net assets 37,623 35,518 36,143
Equity
Issued capital 5 316 314 314
Share premium 4,892 4,892 4,892
Retained earnings 32,415 30,312 30,937
Total equity 37,623 35,518 36,143
Unaudited condensed consolidated statement of cash flows
For the six months ended 31 March 2022
6 months 6 months 12 months
ended ended ended
31 March 2022 31 March 30 September 2021
2021 (restated)
Unaudited Unaudited Audited
£'000 £'000 £'000
Operating activities
Profit / (loss) before tax 2,216 (133) 564
Adjustments to reconcile profit before tax to net cash flows:
Depreciation and impairment of property, plant & equipment 655 506 1,074
Depreciation of right-of-use assets 1,116 1,080 2,223
Profit on disposal of right-of-use assets - - (45)
Amortisation and impairment of intangible assets 64 76 218
Loss on disposal of property, plant and equipment 10 10 140
Share based payments 155 103 254
Finance costs 230 232 472
Working capital adjustments:
Movement in trade and other receivables and prepayments (1,249) 1,257 565
Movement in inventories (5,736) (417) (3,992)
Movement in trade and other payables 2,186 (273) 1,217
(353) 2,441 2,690
Interest paid (230) (232) (472)
Income tax paid (60) (1,066) (1,135)
Net cash flows from operating activities (643) 1,143 1,083
Investing activities
Proceeds from sales of property, plant and equipment - 10 10
Purchase of property, plant and equipment (798) (888) (1,574)
Purchase of intangible assets - (13) (62)
Acquisitions (909) - -
Net cash flows used in investing activities (1,707) (891) (1,626)
Financing Activities
Dividends paid (377) - -
Share capital issued 2 6 6
Payment of lease liabilities (1,089) (1,135) (2,304)
Bank loans drawn down 1,500 - -
Repayment of bank borrowings - - -
Net cash flows from financing activities 36 (1,129) (2,298)
Net (decrease) in cash and cash equivalents (2,314) (877) (2,841)
Cash and cash equivalents at start of period 13,032 15,873 15,873
Cash and cash equivalents at end of period 10,718 14,996 13,032
Unaudited notes to the interim condensed financial statements
For the six months ended 31 March 2022
1. Basis of preparation
The interim condensed financial statements of the group for the six months
ended 31 March 2022, which are neither audited or reviewed, have been prepared
in accordance with the International Financial Reporting Standards ('IFRS')
accounting policies adopted by the group and set out in the annual report and
accounts for the year ended 30 September 2021. As permitted, this interim
report has been prepared in accordance with the AIM rules and not in
accordance with IAS 34 "Interim financial reporting". While the financial
figures included in this preliminary interim earnings announcement have been
computed in accordance with IFRS's applicable to interim periods, this
announcement does not contain sufficient information to constitute an interim
financial report as that term is defined in IFRS's.
The financial information contained in the interim report also does not
constitute statutory accounts for the purpose of section 434 of the Companies
Act 2006. The financial information for the period ended 30 September 2021 is
based on the statutory accounts for period ended 30 September 2021 which have
been filed with the Registrar of Companies and are available on the group's
website www.ramsdensplc.com. The auditors, Grant Thornton UK LLP, reported on
those accounts: their report was unqualified, did not draw attention to any
matters by way of emphasis and did not contain a statement under section 498
(2) or (3) of the Companies Act 2006. The financial information for the 6
months ended 31 March 2021 is based on the unaudited interim financial
information for that period. Due to a change in accounting policy for
pawnbroking loans in the course of realisation, certain figures have been
restated for this period as detailed in note 7.
The Board have conducted an extensive review of forecast earnings and cash
over the next twelve months, considering various scenarios and sensitivities
given the Covid-19 situation and uncertainty around the future economic
environment. At 31 March 2022 the Group had cash resources of c£11m and a
£10m RCF facility expiring in March 2024, of which £1.5m was drawn.
The Group's activities include services deemed essential services by the
government and therefore the Group's stores are likely to be able to open in
the event of a further lockdown. The Group's essential services include
pawnbroking, foreign currency, money transfer and cheque cashing. The Group
has a strong asset base and the ability to generate cash quickly through the
sale of jewellery stock for its intrinsic value or by restricting new
pawnbroking lending. The Group has shown resilient trading through the last
year of Covid-19 restrictions, assisted by government support.
The Board have a reasonable expectation that the Company and Group have
adequate resources to continue in operational existence for the foreseeable
future. Accordingly, they continue to adopt the going concern basis in
preparing the interim condensed financial statements.
Unaudited notes to the interim condensed financial statements (continued)
For the six months ended 31 March 2022
2. Segmental Reporting
6 months 6 months 12 months
ended ended ended
31 March 2022 31 March 2021 (restated) 30 September
2021
Unaudited Unaudited Audited
£'000 £'000 £'000
Revenue
Pawnbroking 4,248 4,062 7,526
Purchases of precious metals 7,779 5,623 10,369
Retail Jewellery sales 13,085 8,074 18,252
Foreign currency margin 3,596 1,027 3,408
Income from other financial services 557 540 1,122
Total revenue 29,265 19,326 40,677
Gross profit
Pawnbroking 3,694 3,480 6,678
Purchases of precious metals 3,112 2,330 4,240
Retail Jewellery sales 4,923 3,168 6,965
Foreign currency margin 3,447 1,027 3,257
Income from other financial services 557 540 1,122
Total gross profit 15,733 10,545 22,262
Other income - - 284
Administrative expenses (13,287) (10,446) (21,510)
Finance costs (230) (232) (472)
Profit / (loss) before tax 2,216 (133) 564
Income from other financial services comprises of cheque cashing fees, agency
commissions on miscellaneous financial products and franchise fees.
The Group is unable to meaningfully allocate administrative expenses or
financing costs between the segments because these expenses include the cost
of staff and stores which undertake all services. Accordingly, the Group is
unable to disclose an allocation of items included in the Consolidated
Statement of Comprehensive Income below Gross profit, which represents the
reported segmental results.
Unaudited notes to the interim condensed financial statements (continued)
For the six months ended 31 March 2022
2. Segmental Reporting (continued)
6 months 6 months 12 months
ended Ended ended
31 March 2022 31 March 2021 30 September
2021
Unaudited Unaudited Audited
Other information £'000 £'000 £'000
Capital additions (*) 1,013 1,742 1,636
Depreciation and amortisation (*) 1,845 1,672 3,515
Assets
Pawnbroking 10,837 8,557 9,173
Purchases of precious metals 120 768 1,172
Retail Jewellery sales 21,590 11,005 14,306
Foreign currency margin 5,903 3,345 5,314
Income from other financial services 150 175 139
Unallocated (*) 20,498 26,895 22,611
59,098 50,745 52,715
Liabilities
Pawnbroking 531 434 492
Purchases of precious metals 1 3 21
Retail Jewellery sales 4,845 3,061 3,433
Foreign currency margin 1,626 70 1,335
Income from other financial services 357 469 541
Unallocated (*) 14,115 11,190 10,750
21,475 15,227 16,572
(*) The Group is unable to meaningfully allocate this information by segment
because all segments operate from the same stores and the assets and
liabilities are common to all segments.
Fixed assets are therefore included in unallocated assets and lease
liabilities are included in unallocated liabilities.
Unaudited notes to the interim condensed financial statements (continued)
For the six months ended 31 March 2022
3. Finance costs
6 months 6 months 12 months
ended ended ended
31 March 2022 31 March 2021 30 September 2021
Unaudited Unaudited Audited
£'000 £'000 £'000
Interest on debts and borrowings 42 42 84
Interest on right-of-use assets 188 190 388
Total finance costs 230 232 472
4. Earnings per share
6 months 6 months 12 months
ended ended ended
31 March 2022 31 March 2021 30 September 2021
Unaudited Unaudited Audited
Profit for the period (£'000) 1,751 (104) 366
Weighted average number of shares in issue 31,476,540 30,930,245 31,161,762
Earnings per share (pence) 5.6 (0.3) 1.2
Fully diluted earnings per share (pence) 5.6 (0.3) 1.2
5. Issued capital and reserves
Ordinary shares issued and fully paid No. £'000
At 30 September 2021 31,393,207 314
Share capital issued 250,000 2
At 31 March 2022 31,643,207 316
During the period 250,000 (2021: 555,554) ordinary 1p shares were issued at
par pursuant to the Group's Long Term Incentive Plan (LTIP).
Unaudited notes to the interim condensed financial statements (continued)
For the six months ended 31 March 2022
6. Dividends
The final dividend for the year ended 30 September 2021 of 1.2p per share was
paid 10 March 2022 totaling £377,000.
7. Change in accounting policy
As detailed in notes 2 & 28 in the Annual Report for the year ended 30
September 2021 the Group changed its accounting policy for the treatment of
pawnbroking loans in the course of realisation. This change was made after the
publication of the interim results to 31 March 2021, therefore certain figures
for that period, shown as a comparative period in these financial statements,
have been restated under the new accounting policy. The main impact is a
reduction in both revenue and cost of sales for the pawnbroking segment,
however this change has no effect on gross profit or net assets. Pawnbroking
loans in the course of realisation are recognised in the statement of
financial position as trade receivables rather than as inventories under the
previous accounting policy.
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. END IR VDLFBLQLXBBVRecent news on Ramsdens Holdings
See all newsREG - Ramsdens Holdings - Director/PDMR Shareholding
AnnouncementREG - Ramsdens Holdings - Holding(s) in Company
AnnouncementREG - Ramsdens Holdings - Director/PDMR Shareholding
AnnouncementREG - Ramsdens Holdings - Results of the Annual General Meeting
AnnouncementREG - Ramsdens Holdings - AGM Trading Update
Announcement