REG - Ramsdens Holdings - Interim Results - six months ended 31 March 2025
04/06/2025 07:00
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RNS Number : 2883L Ramsdens Holdings PLC 04 June 2025
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ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY
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4 June 2025
Ramsdens Holdings PLC
("Ramsdens", the "Group", the "Company")
Interim Results for the six months ended 31 March 2025
Full year profits expected to exceed £15m following a record first half and
reflecting a sustained exceptionally high gold price
Ramsdens, the diversified financial services provider and retailer, is pleased
to announce its Interim Results for the six months ended 31 March 2025 (the
"Period").
Financial highlights
· Revenue increased by 18% to £51.6m (HY24: £43.8m) and gross profit
increased by 20% to £27.1m (HY24: £22.5m).
· 54% growth in profit before tax, to a record £6.1m (HY24: £4.0m).
· Purchase of precious metals segment has continued to perform very
strongly with gross profit increasing 53% to £7.6m (HY24: £5.0m), driven
largely by the sustained exceptionally high gold price and an increase in the
weight of gold purchased.
· Jewellery retail revenue increased by 18% to £20.7m (HY24: £17.5m)
with retail gross profit increasing by 18% to £7.9m (HY24: £6.7m).
· Pawnbroking gross profit increased by 11% to £6.2m (HY24: £5.6m),
with our new dedicated pawnbroking website launched in November 2024,
attracting new customers.
· Foreign currency gross profit was marginally ahead of the prior year
at £5.1m (HY24: £5.0m).
· Net assets increased to £54.7m (HY24: £47.8m), including an
increase in net cash (being cash less bank borrowings) to £7.4m (HY24:
£3.8m).
· Reflecting the Group's positive trading momentum and the Board's
confidence in the full year outlook, the Board has approved a 25% increase in
the interim dividend to 4.5 pence per share (HY24: 3.6 pence per share).
· In recognition of the exceptional performance of the purchase of
precious metals segment in the first half of the year, the Board has approved
an interim special dividend of 0.5 pence per share.
Operational highlights
· We opened two new stores in the Period in Grantham and Burton, and
closed two stores. As a result, the total store estate at the Period end
comprised 169 stores, including one franchised store (HY24: 167 stores
including one franchised store).
· As part of our commitment to growing our online presence, we launched
two new dedicated customer websites in the Period:
- www.ramsdenspawnbrokers.co.uk (http://www.ramsdenspawnbrokers.co.uk)
is our dedicated pawnbroking website, which launched at the end of November
2024.
- www.ramsdensgoldbuying.co.uk (http://www.ramsdensgoldbuying.co.uk)
is our designated gold buying website, which launched in February 2025.
· New in-house international money transfer service soft launched in
February 2025.
Current trading and outlook
· Since the period end, the Group has agreed terms on three new stores.
Following a planned lower store opening programme in FY25, the Board expects
to return to opening six to eight new stores each year from FY26 onwards.
· The sustained exceptionally high gold price - which recently reached
new record levels - coupled with the investment in the new gold buying
website, is attracting new customers and increasing the weight of gold
purchased. In the short term, we expect the gold price to remain high.
· The momentum in retail jewellery has continued into H2 with margins
maintained despite the increased gold price.
· Demand for pawnbroking loans has remained robust with May 2025 being
a record month for the value of loans issued.
· FX services are continuing to trade well and in line with management
expectations.
As a result of the above record results, coupled with the sustained high gold
price, and despite the additional employment cost pressure from April 2025
from the increases in employer's national insurance and the national living
wage, the Board expects full year profits to exceed £15m.
Financial results for the six months ended 31 March 2025
6 months ended 31 March 2025 (unaudited) 6 months ended 31 March 2024 (unaudited) 12 months ended 30 September 2024
(audited)
Revenue £51.6m £43.8m £95.6m
Gross profit £27.1m £22.5m £51.5m
Profit before tax £6.1m £4.0m £11.4m
Net assets £54.7m £47.8m £53.6m
Basic EPS 13.9p 9.0p 26.1p
Ordinary dividend Interim 4.5p Interim 3.6p Full year 11.2p
Special dividend Interim 0.5p - -
Peter Kenyon, Chief Executive, commented:
"We are proud of the progress Ramsdens has made in the first half of FY25. We
continue to benefit from our diversified business model that has enabled
strong, profitable growth and attractive ROE for our shareholders.
While all of our income streams achieved growth during the first half, our
purchase of precious metals segment delivered an outstanding performance, with
the well-publicised and sustained exceptionally high gold price encouraging
more customers to sell unwanted jewellery. We are encouraged by the initial
performance from our designated gold buying website which was launched during
the Period with traffic significantly ahead of what we had expected.
As a result of the exceptional performance we are pleased to reward
shareholders with a special interim dividend of 0.5 pence per share, taking
the total interim dividend to 5.0 pence per share.
Looking ahead, the Group is well placed with continued opportunities to grow.
We have a strong balance sheet and good cash generation which provides options
to how we allocate our capital.
I'd like to thank the whole Ramsdens team for their continued support and
dedication to providing outstanding customer service in our shops and online,
and helping customers make the most of our services in their everyday lives."
ENDS
Enquiries:
Ramsdens Holdings PLC
Tel: +44 (0) 1642 579957
Peter Kenyon, CEO
Martin Clyburn, CFO
Panmure Liberum (Nominated Adviser and Broker) Tel: +44 (0) 20 3100
2000
Stephen Jones
Atholl Tweedie
Will King
Hudson Sandler (Financial PR)
Tel: +44 (0) 20 7796 4133
Alex Brennan
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 169 stores within the
UK (including one franchised store) and has a growing online presence.
Ramsdens is fully FCA authorised for its pawnbroking and credit broking
activities and as an authorised payment institution.
www.ramsdensplc.com
(file:///C%3A/Users/alex/Dropbox%20(Hudson%20Sandler)/Clients/Ramsdens/Releases/Drafts/www.ramsdensplc.com)
www.ramsdensjewellery.co.uk (http://www.ramsdensjewellery.co.uk)
www.ramsdenscurrency.co.uk (http://www.ramsdenscurrency.co.uk)
www.ramsdenspawnbrokers.co.uk (http://www.ramsdenspawnbrokers.co.uk)
www.ramsdensgoldbuying.co.uk
CHIEF EXECUTIVE'S REPORT
This interim report covers the six months ended 31 March 2025 (the "Period").
The Board is pleased with the Group's trading in the Period. Ramsdens has
continued to benefit from its diversified business model, with its performance
further boosted by an exceptionally high gold price due to international
macroeconomic uncertainty.
Strategically, the Group is well placed with continued opportunities to grow.
Our foundations are solid. We have a strong balance sheet and good cash
generation which provides options to how we allocate our capital. The
continued investment in our people, whom I cannot thank enough for their
dedication and hard work, is paying dividends. We have more experienced staff
who are living our mission statement, delivering a great service and growing
the profitability of our stores.
Despite the difficulties faced by all large scale employers with the increases
in the national living wage and employer national insurance contributions,
Ramsdens is confident in its ability to navigate increased costs, underpinned
by the diversified income steams across its store estate.
Following a planned slowdown of new store openings, the Group is now
proactively pursuing several targeted locations. Three new stores are expected
to open in the second half of the year and going forward we expect a return to
opening six to eight new stores each financial year.
The Group now has a dedicated website for each of its four key income streams
and we are encouraged by the initial results of those investments. We are
investing more in advertising following lessons learned and experience gained.
If and when the right opportunities arise, we have cash to invest in
acquisitions. However, the Board is very aware that our business model
generates a good return on capital, and all potential acquisitions are
measured against this benchmark.
In line with our progressive dividend policy and our continued confidence in
the full year outlook, the Board is pleased to announce an increase of 25% in
the interim ordinary dividend to 4.5 pence per share (HY24: 3.6 pence per
share) and given the exceptional performance of the purchase of precious
metals segment, an additional 0.5 pence per share as an interim special
dividend.
The Board is pleased with the Group's performance in the Period as well as the
start it has made in the second half and looks forward to making further
progress during the remainder of the financial year and beyond.
FINANCIAL REVIEW
The Group reported a 54% increase in profit before tax to a record £6.1m
(HY24: £4.0m). Revenue increased by 18% to £51.6m (HY24: £43.8m).
Administration expenses increased by 14% to £20.5m (HY24: £18.1m) primarily
as a result of increased staff costs reflecting greater staff numbers from a
growing store estate, as well as a pay review, which saw the Group continue to
adopt the Real Living Wage (RLW) as its entry level pay. The RLW increased by
10% in 2024 and by 5% from April 2025.
Basic EPS increased to 13.9p (HY24: 9.0p).
The Group's balance sheet remains strong, with net assets of £54.7m (HY24:
£47.8m). The Group's main assets are cash (including foreign currency),
pawnbroking loans secured on gold jewellery and watches, and retail jewellery
stock.
The net cash position (cash less bank borrowings) remained consistent in the
Period at £7.4m (FY24: £7.4m) after investments in new stores and payment of
both the interim and final dividends for FY24.
Capital expenditure in the Period totalled £0.5m (HY24: £1.4m) primarily
reflecting the cost of opening two stores.
Reflecting the Group's positive trading and the Board's continued confidence
in the full year outlook, the Board is pleased to announce an interim ordinary
dividend of 4.5 pence per share (HY24: 3.6 pence per share), an increase of
25%. In addition, an interim special dividend of 0.5 pence per share has been
approved. Both interim dividends will be payable on 9 October 2025 to those
shareholders on the register on 12 September 2025. The ex-dividend date will
be 11 September 2025.
REVIEW
Purchases of precious metals
Through our precious metals buying service, Ramsdens buys unwanted jewellery,
gold and other precious metals from customers. Typically, a customer brings
unwanted jewellery into a Ramsdens store and a price is agreed with the
customer depending upon the retail potential, weight and carat of the
jewellery. Ramsdens has various second-hand dealer licences and other
permissions and adheres to the Police approved "gold standard" for buying
precious metals.
Once jewellery has been bought from the customer, the Group's dedicated
jewellery department decides whether to retail the item, either through the
store network or online. Income derived from jewellery which is purchased and
then retailed is reflected in jewellery retail income and profits. If the
items are not retailed, they are smelted and sold to a bullion dealer for
their intrinsic value and the proceeds are reflected in the Group's accounts
as purchase of precious metals income.
000's HY25 HY24 YOY
Revenue £18,433 £14,113 31%
Gross Profit £7,623 £4,989 53%
Average 9ct gold price £26.22 £19.45
Segment as a % of total gross profit 28% 22%
A higher gold price throughout the Period has had a positive impact on our
purchase of precious metals segment. In addition to a slightly better margin,
the weight of gold purchased from customers has increased and as a result of
opening fewer new stores in the Period, more of the gold purchased has been
scrapped rather than added to inventory.
Foreign currency exchange
The foreign currency exchange (FX) segment comprises
· The sale and purchase of foreign currency notes to holidaymakers
· The sale of FX loaded onto the Ramsdens Mastercard® multi-currency
card
· International bank-to-bank payments which soft launched in February
2025 following FCA approval for the service in October 2024
CURRENCY EXCHANGED HY25 HY24 YOY
Total currency exchanged £146.1m £143.4m 2%
Sales of currency £137.9m £134.6m 2%
Purchases of currency £8.2m £8.8m (7%)
Gross profit £5.1m £5.0m 1%
Segment as a % of total gross profit 19% 22%
Average sales transaction value (ATV) £391 £398 (2%)
The sale of currency notes to customers has continued to incrementally
increase by 2% as Ramsdens continues to grow its FX customer base. Transaction
value in the Period has fallen by 2%, offset by the increase in the number of
customers transacting. Our click and collect volumes grew by 20% to £18.1m
(HY24: £15.1m), which is typically a slightly better exchange rate for what
is a significantly higher average transaction value.
The purchase of currency notes from customers reduced by 7% as we continue to
see more travellers retain their unspent monies for their next trip abroad.
The Board is encouraged by the growth in sales of currency as this
demonstrates that people continue to travel with holiday cash, in part to
support their budgeting. The reduction in purchases of currency back from
customers is symptomatic of taking a slightly lower amount of cash on holiday
and people increasingly spending most or all of the cash they travel with and
saving any unspent monies for their next trip.
The Group's home delivery service is outsourced and with high postage costs,
it is offered primarily to attract new customers to the Group as opposed to
being a material income stream.
The Ramsdens Mastercard® multi-currency card launched in September 2023 and
whilst this remains a relatively new offering for the business, we have seen
some encouraging signs already. We now have over 25,000 cards in issue (17,000
as of end of FY24) and the value of the currency loaded onto the cards
increased by 87% over the prior period. The card allows customers to benefit
from Ramsdens' highly competitive exchange rates, topping up as they spend on
holiday and enables the Group to get a greater share of the customer's total
holiday spending.
Our new in-house international payments service had a soft launch in February
2025. Customer and transaction numbers are growing, and we are pushing out
wider advertising of the service in H2.
Pawnbroking
Pawnbroking is a small subset of the consumer credit market in the UK and a
simple form of asset backed lending dating back to the foundations of banking.
In a pawnbroking transaction an item of value, known as a pledge (in Ramsdens'
case, jewellery and watches) is held by the pawnbroker as security against a
six-month loan. Customers who repay the capital sum borrowed plus interest
receive their pledged item back. If a customer fails to repay 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.
If consumers have assets to pledge, pawnbroking can provide a short-term
solution or give the customer time to put in place longer term financial
arrangements. Pawnbroking is simple to understand and is quick and easy to
arrange. It also benefits from there being no further debt consequences to the
customer over and above the asset that has been pledged, should the customer
be unable to repay the loan when due. Ramsdens works with its customers to try
and ensure repayment where possible so the customer is able to borrow again
should they need to.
The Group works hard to identify if the customer wishes to retain their goods
and a pawnbroking loan is suitable or if the customer is seeking to sell their
goods. If the customer sells the goods the transaction is reflected in either
the purchase of precious metals segment or retail jewellery segment.
000's HY25 HY24 YOY
Gross profit £6,203 £5,573 11%
Total loan book £10,636 £10,788 (1%)
Past due £908 £1,210 (25%)
In date loan book £9,728 £9,578 2%
Segment as a % of total gross profit 23% 25%
Mean loan value £357 £346
Median loan value £196 £180
The disclosed pawnbroking loan book (above) represents the capital amount
borrowed and is of good quality. The in-date loan book has slightly increased
by 2%. The reason for the total loan book falling by 1% is due to:
- Customer repayment rates have slightly improved
- An improvement in the management of loans past expiry
- A re-focused initiative in FY25 to encourage customers to repay part
of their loan capital if they needed more time to pay off their loan. As a
result of this initiative, almost 90% of customers (historically less than
40%) needing more time to pay off their loan chose to repay part of their loan
capital. The Board believes this is the responsible and sustainable approach
to take.
Our loan to value ratios are very conservative and we are conscious that the
gold price may fall from its current high level. We are lending c.60% of the
intrinsic value of a gold item but lending less than 40% of the second-hand
retail value.
The median loan value across the Group is £196 (HY24: £180), and this rises
to £270 across our branches in the South of England reflecting a greater mix
of gold carats offered in pledge in those locations.
Our interest rates for new lending have remained consistent and we remain
focused on supporting customers. In addition to asking customers to help
themselves by repaying part of the capital if they need more time to repay, we
help by proactively reducing their interest rates. While these two activities
do not drive the profitability of the Group in the short term, they will in
the longer term, as more customers will repay and retain their goods should
they need to borrow again in the future.
Pawnbroking is a niche market which we expect will grow incrementally in line
with inflation. We are optimistic that our new dedicated customer website will
allow Ramsdens to grow faster than this by attracting customers from other
pawnbrokers and customers wanting to try pawnbroking for the first time.
The ease, simplicity and transparency of pawnbroking will continue to provide
solutions for customers needing short term financial assistance provided they
have assets to pledge.
Jewellery retail
The Group offers new and second-hand jewellery, including premium watches, for
sale. Ramsdens has seen continued growth across this division and the Board
believes there is significant growth potential in this segment, both across
its retail store estate and ecommerce operations, with staff encouraged to
leverage cross-selling opportunities with existing customers of the Group's
other services, whilst also attracting new customers.
The retailing of new jewellery products complements the Group's second-hand
offering to give our customers greater choice in breadth of products and price
points. In addition, new jewellery retailing enables the Group to attract
customers who prefer not to buy second-hand.
000's HY25 HY24 YOY
Revenue £20,678 £17,528 18%
Gross profit £7,907 £6,673 18%
Margin % 38% 38%
Jewellery retail stock £25,618 £23,600 9%
Online sales £3,701 £3,155 17%
% of sales online 18% 18%
Segment as a % of total gross profit 29% 30%
Notwithstanding the wider economic conditions which have impacted retailers,
the Group has increased retail revenue and gross profit by 18% due to our
ongoing investment.
Sales of second-hand gold and diamond jewellery have increased year on year by
27%. The Group has been able to increase pricing and maintain margins in
response to the higher gold price because of the high-quality items it offers
for sale.
Sales of premium watches have increased by 19% year on year, albeit against a
softer comparable period in FY24 in light of uncertainty around the pricing of
second-hand watches. Pricing is now more stable and good growth has been seen
as a result.
Our new jewellery sales have increased year on year by 11%. The new jewellery
offer also includes silver products at lower price points for our consumers.
Our online retail website is managed as a standalone store and profitability
has increased year on year, aided by sales of premium watches and the
introduction of a new online finance provider in February 2024.
We continue to believe there is an attractive opportunity to further develop
and grow our jewellery retail business over the coming years underpinned by
our great value for money customer proposition.
Other services
In addition to the four core business segments, the Group also provides
additional services in Western Union money transfer and receives fees from its
one franchisee in Whitby.
000's HY25 HY24 YOY
Revenue £275 £287 (4%)
Gross Profit £275 £287 (4%)
Segment as a % of total gross profit 1% 1%
Income from the Western Union transfer service has been in slow decline for
the last three years.
OPERATIONAL REVIEW
We continue to focus on and invest in the core foundations of the business,
our people, our IT system, the Ramsdens brand and the culture of the Group
with our ESG strategy to be good citizens, giving back to the local
communities and doing our bit for the environment.
The Group benefits from having an engaged skilled workforce, highly trusted
brand and diversified income streams that enable the business to adapt
positively irrespective of the prevailing economic conditions. The development
of the people within Ramsdens is an ongoing priority as we seek continuous
improvement in all that we do. We combine eLearning with face-to-face training
courses to achieve effective results in upskilling our people.
Ramsdens has a bespoke in-house IT system. The system is continuously invested
in to generate efficiencies and help our people better serve customers. The IT
system allows a single overview of a customer and all the services they have
used at any Ramsdens branch.
The Ramsdens brand continues to grow. Customers often use Ramsdens for a
particular service and, with staff training and consistent messaging, more
customers are becoming more aware of the different services we offer. This
represents a major potential area for growth with only 2.2% of our FX
customers buying retail jewellery from us in the last year.
We have increased capacity in our jewellery processing department and now have
in-house jewellery repair capability.
As the UK highstreets continue to evolve, our retail estate continues to be
actively managed, and we continue to value flexibility in our lease portfolio
for ease of relocating or opening new stores under more favourable terms. We
relocated our Elgin store in the Period due to the landlord of the shopping
centre closing its doors and going into liquidation. The store was closed for
three months before reopening in the town centre, close to the previous
location, with staff and pawnbroking loans temporarily moved to our Inverness
store during the closure.
The two new stores in Grantham and Burton have started particularly well for
retail jewellery with the other income streams building. The kiosk at Teesside
Airport was closed and two stores in the centre of Glasgow successfully
merged. We have three stores with agreed terms for lease currently going
through the legal and planning process.
OUTLOOK
The sustained exceptionally high gold price - which recently reached new
record levels - coupled with the investment in the new gold buying website is
driving new customers and increasing the weight of gold purchased. In the
short term, we expect the gold price to remain high and this segment to
deliver a full year performance ahead of management's prior expectations.
While many analysts deem it to be unlikely, should the gold price fall in the
near term, the Group can adjust the prices it pays customers for their
unwanted gold. Given the Group's conservative loan to value ratios, a fall in
the gold price will not materially impact the Group's pawnbroking
profitability. On the other hand, the margins should increase on our retail
jewellery as a result of lower input prices.
The Group's Pawnbroking, FX and retail services are all continuing to trade
well and in line with management expectations. As we enter the key FX summer
season, we are cautiously optimistic from the increased volumes of FX sale
transactions.
Looking to broader operations, Ramsdens has opportunities to grow through the
maturity of its younger stores, enhancing performance in its core stores, and
considering growing its store estate either organically or through
acquisitions, alongside investments in its e-commerce activities.
As a result of the above record results, coupled with the sustained high gold
price, and despite the additional employment cost pressure from April 2025
from the increases in employer's national insurance and the national living
wage, the Board expects full year profits to exceed £15m.
Peter Kenyon
Chief Executive Officer
Interim Condensed Financial Statements
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 31 March 2025
6 months 6 months 12 months
ended ended ended
31 March 2025 31 March 30 September 2024
2024
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Revenue 2 51,595 43,759 95,608
Expected credit loss charges (653) (1,002) (1,751)
Other cost of sales (23,873) (20,210) (42,324)
Total cost of sales 2 (24,526) (21,212) (44,075)
Gross profit 2 27,069 22,547 51,533
Administrative expenses (20,542) (18,060) (39,068)
Operating profit 6,527 4,487 12,465
Finance costs 3 (396) (499) (1,103)
Profit before tax 6,131 3,988 11,362
Income tax expense (1,699) (1,142) (3,065)
Total comprehensive income 4,432 2,846 8,297
Basic earnings per share in pence 4 13.9 9.0 26.1
Diluted earnings per share in pence 4 13.6 8.8 25.7
Condensed Consolidated Statement of Financial Position
At 31 March 2025
6 months 6 months 12 months
ended ended ended
31 March 31 March 30 September 2024
2025 2024
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Assets
Non-current assets
Property, plant and equipment 8,332 8,638 8,853
Intangible assets 842 993 903
Investments - - -
Right-of-use assets 9,605 9,659 10,066
18,779 19,290 19,822
Current Assets
Inventories 32,017 27,347 29,649
Trade and other receivables 16,227 15,846 16,432
Cash and short-term deposits 10,270 13,639 15,782
58,514 56,832 61,863
Total assets 77,293 76,122 81,685
Current liabilities
Trade and other payables 7,445 6,231 7,225
Lease liabilities 2,440 2,348 2,350
Interest bearing loans and borrowings 2,900 9,875 8,387
Income tax payable 1,845 1,102 1,731
14,630 19,556 19,693
Net current assets 43,884 37,276 42,170
Non-current liabilities
Lease liabilities 6,826 7,891 7,328
Contract liabilities - 13 -
Deferred tax liabilities 128 322 158
Provisions 1,000 567 900
7,954 8,793 8,386
Total liabilities 22,584 28,349 28,079
Net assets 54,709 47,773 53,606
Equity
Issued capital 5 320 317 319
Share premium 4,892 4,892 4,892
Retained earnings 49,497 42,564 48,395
Total equity 54,709 47,773 53,606
Condensed Consolidated Statement of Changes in Equity
For the six months ended 31 March 2025
6 months 6 months 12 months
ended ended ended
31 March 31 March 30 September 2024
2025 2024
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Opening total equity 53,606 48,167 48,167
Total comprehensive income 4,432 2,846 8,297
Transactions with owners:
Issue of share capital 1 - 2
Dividends paid 6 (3,584) (3,298) (3,298)
Share based payments 214 170 504
Deferred tax on share based payments 40 (112) (66)
Total transactions with owners (3,329) (3,240) (2,858)
Closing total equity 54,709 47,773 53,606
Condensed Consolidated Statement of Cash Flows
For the six months ended 31 March 2025
6 months 6 months 12 months
ended ended ended
31 March 2025 31 March 30 September 2024
2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Operating activities
Profit before tax 6,131 3,988 11,362
Adjustments to reconcile profit before tax to net cash flows:
Depreciation and impairment of property, plant & equipment 1,003 760 1,644
Depreciation of right-of-use assets 1,072 1,143 2,270
Profit on disposal of right-of-use assets (4) (20) (48)
Amortisation and impairment of intangible assets 61 49 141
Loss on disposal of property, plant and equipment 43 7 49
Share based payments 214 170 504
Finance costs 396 499 1,103
Working capital adjustments:
Movement in trade and other receivables and prepayments 218 (412) (889)
Movement in inventories (2,368) 377 (1,925)
Movement in trade and other payables 220 (111) 870
Movement in provisions 100 230 563
7,086 6,680 15,644
Interest paid (396) (499) (1,199)
Income tax paid (1,575) (1,150) (2,565)
Net cash flows from operating activities 5,115 5,031 11,880
Investing activities
Purchase of property, plant and equipment (526) (1,436) (2,576)
Payments for acquisitions - (631) (631)
Net cash flows used in investing activities (526) (2,067) (3,207)
Financing activities
Dividends paid (3,584) (3,298) (3,298)
Issue of share capital 1 - 2
Payment of principal portion of lease liabilities (1,018) (1,049) (3,117)
Movement in bank borrowings (5,500) 2,000 500
Net cash flows used in financing activities (10,101) (2,347) (5,913)
Net (decrease) / increase in cash and cash equivalents (5,512) 617 2,760
Cash and cash equivalents at start of period 15,782 13,022 13,022
Cash and cash equivalents at end of period 10,270 13,639 15,782
Notes to the interim condensed financial statements
For the six months ended 31 March 2025
1. Basis of preparation
The interim condensed financial statements of the group for the six months
ended 31 March 2025, which are neither audited or reviewed, have been prepared
in accordance with the UK adopted international accounting standards adopted
by the Group and set out in the annual report and accounts for the year ended
30 September 2024. 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 recognised and measured in accordance
with IFRS's applicable to interim periods, this announcement does not contain
sufficient information to constitute an interim financial report as defined by
IAS 34.
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 2024 is
based on the statutory accounts for period ended 30 September 2024 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 Board have conducted an extensive review of forecast earnings and cash
over the next twelve months, considering various scenarios and sensitivities,
and have made appropriate enquiries as considered necessary. Following this
review the Board have a reasonable expectation that the 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.
Notes to the interim condensed financial statements (continued)
For the six months ended 31 March 2025
2. Segmental analysis
6 months 6 months 12 months
ended ended ended
31 March 2025 31 March 2024 30 September
2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Revenue
Pawnbroking 6,856 6,575 13,408
Purchase of precious metals 18,433 14,113 31,151
Retail jewellery sales 20,678 17,528 35,607
Foreign currency 5,353 5,256 14,879
Income from other financial services 275 287 563
Total revenue 51,595 43,759 95,608
Cost of sales
Pawnbroking (653) (1,002) (1,751)
Purchase of precious metals (10,810) (9,124) (19,329)
Retail jewellery sales (12,771) (10,855) (22,314)
Foreign currency (292) (231) (681)
Income from other financial services - - -
Total cost of sales (24,526) (21,212) (44,075)
Gross profit
Pawnbroking 6,203 5,573 11,657
Purchase of precious metals 7,623 4,989 11,822
Retail jewellery sales 7,907 6,673 13,293
Foreign currency 5,061 5,025 14,198
Income from other financial services 275 287 563
Total gross profit 27,069 22,547 51,533
Administrative expenses (*) (20,542) (18,060) (39,068)
Finance costs (*) (396) (499) (1,103)
Profit before tax 6,131 3,988 11,362
Income from other financial services comprises of agency commissions.
(*) The Group is unable to meaningfully allocate administrative expenses, or
financing costs or income between the segments. Accordingly, the Group is
unable to meaningfully disclose an allocation of items included in the
Consolidated Statement of Comprehensive Income below gross profit, which
represents the reported segmental results.
Notes to the interim condensed financial statements (continued)
For the six months ended 31 March 2025
2. Segmental analysis (continued)
6 months 6 months 12 months
ended ended ended
31 March 2025 31 March 2024 30 September
2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Assets
Pawnbroking 15,429 15,063 15,220
Purchase of precious metals 6,402 3,674 5,708
Retail jewellery sales 25,953 23,970 24,296
Foreign currency 3,903 6,856 8,262
Income from other financial services 39 61 40
Unallocated (*) 25,567 26,498 28,159
77,293 76,122 81,685
Liabilities
Pawnbroking 565 496 494
Purchase of precious metals 5 5 2
Retail jewellery sales 1,908 1,479 1,771
Foreign currency 862 911 729
Income from other financial services 261 366 369
Unallocated (*) 18,983 25,092 24,714
22,584 28,349 28,079
(*) The Group is unable to meaningfully allocate this information by segment
due to the fact that all segments operate from the same stores and the assets
and liabilities are common to all segments.
Non-current assets and sterling cash and cash equivalents are therefore
included in unallocated assets and lease liabilities are included in
unallocated liabilities.
Notes to the interim condensed financial statements (continued)
For the six months ended 31 March 2025
3. Finance costs
6 months 6 months 12 months
ended ended ended
31 March 2025 31 March 2024 30 September 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Interest and charges on debts and borrowings 133 231 566
Lease charges 263 268 537
Total finance costs 396 499 1,103
4. Earnings per share
6 months 6 months 12 months
ended ended ended
31 March 2025 31 March 2024 30 September 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Profit for the period (£'000) 4,432 2,846 8,297
Weighted average number of shares in issue 31,971,632 31,714,982 31,805,807
Basic earnings per share (pence) 13.9 9.0 26.1
Fully diluted earnings per share (pence)* 13.6 8.8 25.7
*All dilution relates to share options
5. Issued capital and reserves
Ordinary shares issued and fully paid No. £'000
At 31 March 2024 31,714,982 317
Share capital issued 181,650 2
At 30 September 2024 31,896,632 319
Share capital issued 150,000 1
At 31 March 2025 32,046,632 320
6. Dividends
The interim dividend for the year ended 30 September 2024 of 3.6p per share
was paid 7 October 2024 and amounted to £1,148,000.
The final dividend for the year ended 30 September 2024 of 7.6p per share was
paid 21 March 2025 and amounted to £2,436,000.
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