REG - Ramsdens Holdings - Trading Update

Ramsdens HoldingsAnnouncement

06/08/2024 07:00

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RNS Number : 2570Z  Ramsdens Holdings PLC  06 August 2024

6 August 2024

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET
ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR").

 

 

Ramsdens Holdings PLC

 

("Ramsdens" or the "Group")

 

Trading Update

Positive trading momentum continues into second half

FY24 Profit Before Tax expected to be at least £11m, which is ahead of
expectations

 

Ramsdens Holdings PLC, the diversified financial services provider and
retailer, is pleased to provide the following trading update for the current
financial year to 30 September 2024.

Further to the Group's Interim Results for the six months ended 31 March 2024
(announced on the 5 June 2024), the Group's good trading momentum has
continued into the second half of the financial year to date. This positive
performance continues to reflect the strengths of the Group's diversified
income streams, the ongoing and successful investments made in enhancing the
customer proposition, and the high gold price driving a better-than-expected
performance in the Precious Metals segment. As a result, the Board now expects
FY24 Profit Before Tax to be at least £11m, which is ahead of its previous
expectations* (FY23: Profit Before Tax of £10.1m).

Segmental Highlights

·    Precious metal buying revenue increased significantly year-on-year,
supported by the sustained high gold price increasing customer demand for this
service

·    The pawnbroking loan book grew incrementally, performing in line with
expectations

·    Foreign currency revenues are broadly in-line with expectations. The
Ramsdens Mastercard® Multi-Currency Card has performed well since its launch
in September 2023.

·    Jewellery retail revenues continued to perform well reflecting the
Group's successful investments in enhancing the retail proposition, growth in
the store estate and a recovery in premium watch sales over recent months

 

Peter Kenyon, CEO of Ramsdens commented:

"Ramsdens' positive trading momentum has continued into the second half of the
year, once again reflecting the strengths of our diversified model, trusted
brand and the hard work and commitment of our team.

"We continue to benefit from the ongoing investments made in enhancing our
multi-channel customer proposition, including our online presence and new
Multi-Currency Card, as well as the sustained high gold price, which is
encouraging greater awareness and demand for our precious metals buying
services."

*Prior to this announcement analyst expectations for Profit before Tax for
FY24 were £10.5m.

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

Richard Lindley

Will King

 

Hudson Sandler (Financial PR)
 
            Tel: +44 (0) 20 7796 4133

Alex Brennan

Lucy Wollam-Coles

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.

 

www.ramsdensplc.com (http://www.ramsdensplc.com)

www.ramsdensforcash.co.uk (http://www.ramsdensforcash.co.uk)

www.ramsdensjewellery.co.uk (http://www.ramsdensjewellery.co.uk)

www.ramsdenscurrency.co.uk

 

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