REG - Ramsdens Holdings - Interim Results - six months ended 31 March 2026
Today 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260603:nRSC7335Ga&default-theme=true
RNS Number : 7335G Ramsdens Holdings PLC 03 June 2026
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").
3 June 2026
Ramsdens Holdings PLC
("Ramsdens", the "Group", the "Company")
Interim Results for the six months ended 31 March 2026
Record H1 FY26 performance with profit before tax exceeding full year FY25
Another upgrade to FY26 profit before tax
Ramsdens, the diversified financial services provider and retailer, is pleased
to announce its Interim Results for the six months ended 31 March 2026 (the
"Period").
Financial highlights
· Revenue increased 62% to £83.7m (HY25: £51.6m); gross profit up 48%
to £40.1m (HY25: £27.1m).
· 173% growth in profit before tax, to a record £16.7m (HY25: £6.1m),
exceeding FY25 full-year profit (£16.2m).
· Very strong performance in purchase of precious metals, with gross
profit up 130% to £17.5m (HY25: £7.6m), driven largely by the sustained
elevated gold price and higher volumes.
· Jewellery retail continues to scale, with revenue up 26% to £26.1m
(HY25: £20.7m) and gross profit up 31% to £10.4m (HY25: £7.9m).
· Pawnbroking gross profit increased 18% to £7.3m (HY25: £6.2m),
underpinned by disciplined lending and a growing loan book.
· Foreign currency volumes stable but gross profit declined 9% to
£4.6m (HY25: £5.1m), reflecting an increased number of customers using our
digital services, which are lower margin. The volume of Ramsdens Mastercard ®
Multi-Currency cards continues to grow with c50,000 cards now in issue (HY25:
25,000).
· Net assets increased to £70.2m (HY25: £54.7m).
· Reflecting the Group's positive trading momentum and the Board's
confidence in the full year outlook, the Board has approved a 33% increase in
the interim ordinary dividend to 6.0 pence per share (HY25: 4.5 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 3.0 pence per share (FY25: 0.5 pence per
share). The total interim dividend is therefore 9.0 pence per share (FY25: 5.0
pence per share).
Operational highlights
· Net estate growth to 172 stores at Period end, following two new
openings and one acquisition.
· Continued disciplined estate expansion with strong early performance
from recent openings.
· Ongoing investment in digital channels and marketing supporting
customer acquisition and cross-sell.
Current trading and outlook
· Elevated gold price continues to drive exceptional demand for gold
buying, supported by targeted marketing and improved in-store execution.
· Notwithstanding the strength of the gold price in the year to date,
the Board is conscious of gold price volatility especially with the current
geopolitical and economic climate remaining uncertain.
· Momentum in retail jewellery has continued into H2 with margins
resilient despite the increased gold price.
· Demand for pawnbroking loans has remained robust with record lending
levels achieved in each month of FY26 to date resulting in the loan book
increasing from £13.8m at the Period end to £14.5m as at 31 May 2026.
· While our foreign currency income reduced in the Period, this is
primarily due to a reduced margin resulting from more customers using our
travel card or ordering currency through our click and collect website
service. Our Multi-Currency card is proving popular and provides longer term
protection against the cash to card risk. Our strategy to have the best FX
offer on the high street is continuing to support new customer numbers and
provides cross sell opportunities. However, recent reports around fuel
shortages impacting the number of flights over the summer has the potential to
impact international travel and consequently the foreign currency needs of UK
travellers in the coming months.
· Store rollout is accelerating, with multiple new openings completed
and a strong near-term pipeline.
· Resulting from the continued strong performance across our
diversified income streams and the additional benefit of the sustained high
gold price, the Board currently anticipates that profit before tax for FY26 is
expected to be in a range of £30m to £33m, ahead of current market
expectations*.
Financial results for the six months ended 31 March 2026
6 months ended 31 March 2026 (unaudited) 6 months ended 31 March 2025 (unaudited) 12 months ended 30 September 2025
(audited)
Revenue £83.7m £51.6m £116.8m
Gross profit £40.1m £27.1m £60.7m
Profit before tax £16.7m £6.1m £16.2m
Net assets £70.2m £54.7m £62.9m
Basic EPS 37.9p 13.9p 37.0p
Ordinary dividend Interim 6.0p Interim 4.5p Full year 13.5p
Special dividend Interim 3.0p Interim 0.5p Full year 2.5p
*Prior to this announcement, the Board understands that consensus market
forecast for profit before tax for FY26 was £28.6m.
Peter Kenyon, Chief Executive, commented:
"The Group is in a great position. While the gold profits grab the headlines,
the Group has also delivered gross profit growth of 18% in pawnbroking and 31%
in retail jewellery. Customer numbers in FX continue to be strong with total
currency exchanged broadly flat. The Group has maintained a conservative
approach to pawnbroking loan to value ratio and provides additional interest
rate reductions assisting customers in financial difficulty.
The strong profits we are generating are funding the growth in our working
capital assets and an accelerated new store opening program, as well as
rewarding shareholders with an increased dividend.
Whilst the economic backdrop remains challenging with increasing employment
costs, high interest rates and continued inflation, we remain highly confident
in our opportunity to further strengthen the performance of our existing
stores while adding new locations, executing against our established long-term
growth strategy. Our balance sheet remains strong and our high level of cash
generation provides options on how we allocate our capital to achieve growth.
I'd like to thank the whole Ramsdens team for their continued focus on
providing a great service and helping customers in their everyday lives."
ENDS
Enquiries:
Ramsdens Holdings PLC
+44 (0) 1642
579957
Peter Kenyon, CEO
Martin Clyburn, CFO
Cavendish Capital Markets Limited (Nominated Adviser and Broker) +44 (0) 20 7220 0500
Jonny Franklin-Adams / Marc Milmo / George Lawson (Corporate Finance)
Hudson Sandler (Financial PR)
+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
pre-owned and new jewellery.
Ramsdens does not offer unsecured high-cost short term credit.
Headquartered on Teesside, the Group operates from 175 stores within the UK
(including one franchised store) and has a growing online presence.
In May 2026, Ramsdens was named in The Sunday Times latest Best Places to Work
list, a highly-regarded, survey led accreditation, in recognition of the
positive workplace culture and benefits we offer our employees.
Ramsdens is fully FCA authorised for its pawnbroking and credit broking
activities and as an authorised payment institution.
www.ramsdensplc.com (http://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 2026 (the "Period")
and follows a consistent trend to previous periods in that we continue to
benefit from our diversified business model, with the performance in the
Period boosted by an elevated gold price. The gold price increased during the
Period - up 50% on the prior year for many weeks - and, as a result, our H1
profit before tax of £16.7m exceeded our full year FY25 result of £16.2m.
However, our success is not solely down to the increased gold profits. Rather
it reflects the strength of our diversified model and the strength of our
trading across the business. Our foundations are very solid and we have a
fantastic track record of growth and delivery against our established growth
strategy.
In addition, we have a good, embedded culture to do the right thing. Our
purpose is to help with everyday life, we have experienced staff who live our
mission statement and deliver a great service helping customers with their
needs, be that jewellery as a gift for someone or treating themselves, a cash
loan often needed quickly, cash for their unwanted gold and we can help with
almost anything foreign exchange ("FX") related. This diversity and the
continued and significant investment in our people, whom I cannot thank enough
for their dedication and hard work, continues to take the Group forward.
Reflecting this, last month, we were delighted that Ramsdens was named in The
Sunday Times latest Best Places to Work list, a highly regarded, survey led
accreditation, in recognition of the positive workplace culture and benefits
we offer our employees.
We have a strong balance sheet with excellent quality current assets. We
have net cash, our pawnbroking loans are all secured on jewellery with
conservative loan to value ratios and our retail jewellery is held at our cost
price which for our pre-owned stock is below its intrinsic value.
We have strong cash generation which provides positive options to how we
allocate our capital. Many of our established stores are 'cash cows'
requiring minimal ongoing capital investment.
We have an excellent customer centric IT system bespoke to the Group's needs
which facilitates a single overview of the customer at any Ramsdens location
and has helped with the seamless integration of four websites dedicated to
each key income stream. Our ongoing investment in our IT systems and
processes continues to drive business efficiencies.
In 2024, we invested in a second location for our head office to increase
capacity in our jewellery processing department which has helped deliver our
success, enabling us to grow both stock quantity as well as introducing our
own in-house jewellery repair capability.
These foundations have delivered an 18% increase in pawnbroking gross profit
and a 31% increase in retail jewellery gross profit. While our FX gross
profit fell by 9%, this is due to customers opting for our digital services
over cash which is at a lower margin. The total currency exchanged remained
broadly flat and we seek to maximise the high footfall from FX customers by
selling jewellery to these customers and buying their unwanted jewellery from
them.
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
Revenue in the Period increased by 62% to £83.7m (HY25: £51.6m).
Administration expenses increased by 12% to £22.9m (HY25: £20.5m) primarily
resulting from increased staff costs reflecting greater staff numbers, as well
as a pay review, which saw the Group continue to adopt the Real Living Wage
(RLW) as its entry level pay. Employment costs have been increasing by c10%
per annum in recent years with the RLW increasing by 6.7% from April 2026.
The Group reported a 173% increase in profit before tax to a record £16.7m
(HY25: £6.1m).
Basic EPS increased to 37.9p (HY25: 13.9p).
The Group's balance sheet remains strong, with net assets of £70.2m (HY25:
£54.7m). 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) reduced to £2.8m (FY25:
7.4m) following significant working capital investments in the Period of
£2.5m for pawnbroking loan book growth and £10.2m for inventory. The Group
also made payment of both the interim, final dividend and special dividends
for FY25 in the Period.
Capital expenditure in the Period totalled £1.1m (HY25: £0.5m) primarily
reflecting the cost of opening two new stores, the refurbishment of the
acquired store and relocation of one store.
Reflecting the Group's positive trading and the Board's continued confidence
in the outlook, the Board is pleased to announce an interim ordinary dividend
of 6 pence per share (HY25: 4.5 pence per share), an increase of 33%. In
addition, recognising the elevated profits from the increased gold price, an
interim special dividend of 3.0 pence per share (HY25: 0.5 pence per share)
has been approved. The total interim dividend of 9.0 pence per share will be
payable on 9 October 2026 to those shareholders on the register on 11
September 2026. The ex-dividend date will be 10 September 2026.
DIVERSIFIED INCOME STREAM REVIEW
Purchases of precious metals
Through our precious metals buying and selling 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 or not 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 HY26 HY25 YOY
Revenue £44,375 £18,433 141%
Gross Profit £17,535 £7,623 130%
Average 9ct gold price £40.63 £26.22
Segment as a % of total gross profit 44% 28%
The average gold price for the Period was over 50% higher than the same period
last year.
The success of this division is underpinned by the weight purchased which also
increased by approximately 50% year on year. While the high gold price,
which has been well publicised in recent months, is one of the reasons for the
increase in weight purchased, improved in store conversations, additional
digital advertising following the launch of our new dedicated gold buying
website www.ramsdensgoldbuying.co.uk (http://www.ramsdensgoldbuying.co.uk) and
a TV advertising campaign have all helped too.
Once the gold has been purchased, a key decision is made to either sell the
gold for its intrinsic value or refurbish it for stock in our stores to assist
the retail jewellery segment. With a growing store network and improved
retail performance, the weight selected for retail has increased. Selecting
gold for retail delays the profitability from the original purchase
transaction but generates a better gross margin. The gross margin has
remained broadly consistent at 40%.
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. The customer's debt is capped at the value of the goods pledged and
therefore there are no further debt consequences should the customer be unable
to repay the loan. Ramsdens works with its customers to try and ensure
repayment where possible so the customer is able to borrow again should they
need to. Customer repayment rates in the Period remained high at almost 90%.
As a responsible lender, we have always sought to identify the needs of each
individual customer. The revenue generated from pawnbroking is re-occurring
in nature with approximately 90% of all pawnbroking customers having used
Ramsdens before.
The Group works hard to identify if new customers want their items back i.e.
is it a loan they need or if they did not want their items back, the items are
purchased as part of the purchase of precious metals segment. This
philosophy has ensured we maintain a quality loan book.
We also understand that customer circumstances change and from time to time
they may need assistance to repay their loans and get their jewellery items
back. We work with our customers on having sustainable repayment plans when
customers want more time to repay their loans. In addition, we have improved
our auto forbearance support by introducing lower interest rates for customers
when more time is required to repay their loans. These activities have
reduced the aged part of the loan book.
000's HY26 HY25 YOY
Gross profit £7,329 £6,203 18%
Total loan book £13,795 £10,636 30%
Past due £962 £908 6%
In date loan book £12,833 £9,728 32%
Segment as a % of total gross profit 18% 23%
Mean loan value £444 £357
Median loan value £240 £196
The disclosed pawnbroking loan book (above) represents the capital amount
borrowed and is of good quality. The past due element is the value of the live
loans which we are holding for customers beyond the original redemption
date. This may be by arrangement or following the process of giving a little
more time while notifying customers that we will sell their goods if they do
not call to repay their loan. This represents 7% of the loan book and is
below the long term average of 10%.
Part of the increase in our loan book is down to lending existing customers a
little more on their jewellery items in response to the gold price. However,
we have continued to do this in a conservative manner and our loan to value
ratios are c.55% of the intrinsic value of the gold price and are less than
40% of the pre-owned retail value.
Part of the loan book increase is down to acquiring new customers. The
dedicated pawnbroking website has attracted new customers to Ramsdens, often
for a larger value loan.
The median loan value across the Group is £240 (HY25: £180), and this rises
to £300 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 year on year
despite the cost pressures faced by the Group.
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 manages its retail jewellery operations in three key categories;
pre-owned jewellery, new jewellery and premium watches. The Board continues
to believe there is significant potential in this segment by leveraging
Ramsdens' retail store estate and ecommerce operations.
The retailing of new jewellery products complements the Group's pre-owned
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 pre-owned jewellery.
When considering the challenging economic conditions and increased cost
inflation that a higher gold price brings, we are pleased with the progress
made.
000's HY26 HY25 YOY
Revenue £26,064 £20,678 26%
Gross profit £10,361 £7,907 31%
Margin % 40% 38%
Jewellery retail stock £38,717 £25,618 51%
Online sales £4,992 £3,701 35%
% of sales online 19% 18%
Segment as a % of total gross profit 26% 29%
Revenue from pre-owned jewellery has increased year on year by 43% and
represents c.44% of total retail revenue. The ATV for pre-owned jewellery is
£508 (HY25: £375).
Revenue from premium watch sales represents c.32% of total retail revenue and
has increased by 20% year on year which is down to the volume of watch sales
and our growing reputation for getting a great watch at a great price. The
ATV for premium watches is £3,972 (HY25: £3,944)
Our new jewellery revenue has increased year on year by 6% and represents
c.24% of total retail revenue. The ATV for new jewellery is £130 (HY25:
£133) and is reflective of an increasing number of silver and gold-plated
sales which are at lower price points.
The overall increased margin is primarily due to the benefit of new and
pre-owned gold inventory purchased when gold prices were lower.
Our dedicated retail website relaunched successfully in February 2026 having
had a platform refresh. While it is still relatively early days, we are
encouraged by the increase in page views and conversion rates.
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.
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; and
· International bank-to-bank payments which launched in February 2025
CURRENCY EXCHANGED HY26 HY25 YOY
Total currency exchanged including card loads £145.4m £146.1m (0.5%)
Sales of currency £137.4m £137.9m (0.5%)
Purchases of currency £8.0m £8.2m (3%)
Gross profit £4.6m £5.1m (9%)
Segment as a % of total gross profit 11% 19%
Average FX cash sales transaction value (ATV) £391 £391
The sale of currency to customers was broadly flat in the Period. Our click
and collect volumes grew by 4% to £18.9m (HY25: £18.1m), which is typically
a slightly better exchange rate for what is a significantly higher average
transaction value. Card load volumes increased by 43% to £9.4m (HY25: £6.6m)
and we now have approximately 50,000 cards in issue (HY25: 25,000). 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.
The purchase of currency notes from customers reduced by 3% as we continue to
see more travellers retain their unspent monies for their next trip abroad.
Our new in-house international payments service continues to grow, albeit
incrementally and is still at low levels of profitability.
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 HY26 HY25 YOY
Revenue £224 £275 (19%)
Gross Profit £224 £275 (19%)
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
Following the intended slowdown in opening new stores in FY25, we previously
stated that we would open between eight and 12 new stores in FY26 and beyond
and we remain on track to do this. We have every confidence in our proven
store model and our new stores opened in H1 have started well.
Following the period end, we have opened stores in Abergavenny and Ashford and
in addition, we have stores in Newark, Hereford and Skegness in shop fit with
further stores close to progressing to shop fit stage in the coming weeks.
A further two stores are in the legal process following agreeing lease
terms. We are negotiating on several more properties while continuing to be
discerning over the locations we choose.
We also relocated our Bristol store which was under notice to close for
redevelopment purposes and will be shortly doing the same with one of our
Bradford stores.
We acquired an independent pawnbroker in Sheerness and refurbished and
rebranded the premises so it has the look and feel of a Ramsdens store.
FY26 will also see the benefit of investments in our four dedicated websites
being operational for the full year.
OUTLOOK
The Group continues to benefit from a highly trusted brand, engaged and
skilled team, and diversified income streams that have repeatedly proven
Ramsdens ability to adapt positively irrespective of the prevailing economic
conditions.
Global factors led to a sustained high gold price in H1, c.50% higher than H1
FY25. Many economists are predicting that the gold price will remain
elevated for the remainder of 2026 and all through 2027. In addition, the
Middle East situation continues to evolve and may impact international travel
and, in turn, our sales of foreign currency going forward. The Board
continues to budget and plan our way forward cautiously.
We have a number of stores in their infancy which have capacity to mature and
grow their profitability, and we continue to drive continuous improvement and
scope out opportunities for growth across our store estate.
Should the gold price reduce, the Board believes that it will continue to
deliver a strong performance, albeit with lower precious metal profits, and
that it will remain capable of delivering further growth and rewarding
shareholders with a progressive ordinary dividend.
As a result of the record H1 results and considering the macroeconomic
backdrop and the continuing strength of the gold price, the Board is pleased
to announce an upgrade to the Group's full year profit before tax, which is
currently expected to be between £30m and £33m.
Peter Kenyon
Chief Executive Officer
Interim Condensed Financial Statements
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 31 March 2026
6 months 6 months 12 months
ended ended ended
31 March 2026 31 March 2025 30 September 2025
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Revenue 2 83,728 51,595 116,804
Expected credit loss charges (768) (653) (1,364)
Other cost of sales (42,904) (23,873) (54,728)
Total cost of sales 2 (43,672) (24,526) (56,092)
Gross profit 2 40,056 27,069 60,712
Administrative expenses (22,921) (20,542) (43,621)
Operating profit 17,135 6,527 17,091
Finance costs 3 (398) (396) (882)
Profit before tax 16,737 6,131 16,209
Income tax expense (4,467) (1,699) (4,315)
Total comprehensive income 12,270 4,432 11,894
Basic earnings per share in pence 4 37.9 13.9 37.0
Diluted earnings per share in pence 4 36.7 13.6 36.0
Condensed Consolidated Statement of Financial Position
At 31 March 2026
6 months 6 months 12 months
ended ended ended
31 March 31 March 30 September 2025
2026 2025
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Assets
Non-current assets
Property, plant and equipment 7,948 8,332 7,813
Right-of-use assets 9,225 9,605 8,931
Intangible assets 799 842 773
Investments - - -
17,972 18,779 17,517
Current assets
Inventories 49,956 32,017 39,749
Trade and other receivables 20,700 16,227 18,224
Cash and cash equivalents 12,760 10,270 15,361
Income tax receivable - - 100
Deferred tax asset 166 - 143
83,582 58,514 73,577
Total assets 101,554 77,293 91,094
Current liabilities
Trade and other payables 9,348 7,445 10,035
Lease liabilities 2,562 2,440 2,443
Interest bearing loans and borrowings 9,926 2,900 8,413
Income tax payable 1,848 1,845 -
23,684 14,630 20,891
Net current assets 59,898 43,884 52,686
Non-current liabilities
Lease liabilities 6,395 6,826 6,192
Provisions 1,300 1,000 1,115
Deferred tax liabilities - 128 -
7,695 7,954 7,307
Total liabilities 31,379 22,584 28,198
Net assets 70,175 54,709 62,896
Equity
Issued capital 5 324 320 324
Share premium 4,892 4,892 4,892
Retained earnings 64,959 49,497 57,680
Total equity 70,175 54,709 62,896
Condensed Consolidated Statement of Changes in Equity
For the six months ended 31 March 2026
6 months 6 months 12 months
ended ended ended
31 March 31 March 30 September 2025
2026 2025
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Opening total equity 62,896 53,606 53,606
Total comprehensive income 12,270 4,432 11,894
Transactions with owners:
Dividends paid 6 (5,177) (3,584) (3,584)
Issue of share capital - 1 5
Share based payments 186 214 513
Deferred tax on share based payments - 40 462
Total transactions with owners (4,991) (3,329) (2,604)
Closing total equity 70,175 54,709 62,896
Condensed Consolidated Statement of Cash Flows
For the six months ended 31 March 2026
6 months 6 months 12 months
ended ended ended
31 March 2026 31 March 30 September 2025
2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Operating activities
Profit before tax 16,737 6,131 16,209
Adjustments to reconcile profit before tax to net cash flows:
Depreciation and impairment of property, plant & equipment 848 1,003 1,900
Depreciation of right-of-use assets 1,104 1,072 2,135
Profit on disposal of right-of-use assets (3) (4) (5)
Amortisation and impairment of intangible assets 32 61 130
Loss on disposal of property, plant and equipment 14 43 54
Share based payments 186 214 513
Finance costs 398 396 882
Working capital adjustments:
Movement in trade and other receivables and prepayments (2,463) 218 (1,766)
Movement in inventories (10,207) (2,368) (10,100)
Movement in trade and other payables (687) 220 2,883
Movement in provisions 185 100 215
6,144 7,086 13,050
Interest paid (398) (396) (882)
Income tax paid (2,542) (1,575) (6,058)
Net cash flows from operating activities 3,204 5,115 6,110
Investing activities
Purchase of property, plant and equipment (997) (526) (923)
Proceeds from sale of property, plant and equipment - - 9
Purchase of intangible assets (58) - -
Net cash flows used in investing activities (1,055) (526) (914)
Financing activities
Dividends paid (5,177) (3,584) (3,584)
Issue of share capital - 1 5
Payment of principal portion of lease liabilities (1,073) (1,018) (2,038)
Movement in bank borrowings 1,500 (5,500) -
Net cash flows used in financing activities (4,750) (10,101) (5,617)
Net decrease in cash and cash equivalents (2,601) (5,512) (421)
Cash and cash equivalents at start of period 15,361 15,782 15,782
Cash and cash equivalents at end of period 12,760 10,270 15,361
Notes to the interim condensed financial statements
For the six months ended 31 March 2026
1. Basis of preparation
The interim condensed financial statements of the group for the six months
ended 31 March 2026, 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 2025. 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 year ended 30 September 2025 is
based on the statutory accounts for year ended 30 September 2025 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 2026
2. Segmental analysis
6 months 6 months 12 months
ended ended ended
31 March 2026 31 March 2025 30 September
2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Revenue
Pawnbroking 8,097 6,856 14,070
Purchase of precious metals 44,375 18,433 44,995
Retail jewellery sales 26,064 20,678 42,564
Foreign currency 4,968 5,353 14,671
Income from other financial services 224 275 504
Total revenue 83,728 51,595 116,804
Cost of sales
Pawnbroking (768) (653) (1,364)
Purchase of precious metals (26,840) (10,810) (27,078)
Retail jewellery sales (15,703) (12,771) (26,826)
Foreign currency (361) (292) (824)
Income from other financial services - - -
Total cost of sales (43,672) (24,526) (56,092)
Gross profit
Pawnbroking 7,329 6,203 12,706
Purchase of precious metals 17,535 7,623 17,917
Retail jewellery sales 10,361 7,907 15,738
Foreign currency 4,607 5,061 13,847
Income from other financial services 224 275 504
Total gross profit 40,056 27,069 60,712
Administrative expenses (*) (22,921) (20,542) (43,621)
Finance costs (398) (396) (882)
(*)
Profit before tax 16,737 6,131 16,209
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 due to the fact all segments
operate from the same stores. 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 2026
2. Segmental analysis (continued)
6 months 6 months 12 months
ended ended ended
31 March 2026 31 March 2025 30 September
2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Assets
Pawnbroking 18,866 15,429 16,087
Purchase of precious metals 12,592 6,402 8,694
Retail jewellery sales 38,717 25,953 32,480
Foreign currency 6,356 3,903 9,273
Income from other financial services 34 39 34
Unallocated (*) 24,989 25,567 24,526
101,554 77,293 91,094
Liabilities
Pawnbroking 703 565 575
Purchase of precious metals 2 5 652
Retail jewellery sales 2,394 1,908 2,647
Foreign currency 494 862 642
Income from other financial services 293 261 266
Unallocated (*) 27,493 18,983 23,416
31,379 22,584 28,198
(*) The Group cannot meaningfully allocate this information by segment due to
the fact that all segments operate from the same stores and the assets in use
are common to all segments.
Fixed assets and sterling cash and cash equivalents are therefore included in
the unallocated assets balance.
Notes to the interim condensed financial statements (continued)
For the six months ended 31 March 2026
3. Finance costs
6 months 6 months 12 months
ended ended ended
31 March 2026 31 March 2025 30 September 2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Interest on debts and borrowings 142 133 363
Lease charges 256 263 519
Total finance costs 398 396 882
4. Earnings per share
6 months 6 months 12 months
ended ended ended
31 March 2026 31 March 2025 30 September 2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Profit for the period (£'000) 12,270 4,432 11,894
Weighted average number of shares in issue 32,355,782 31,971,632 32,132,695
Earnings per share (pence) 37.9 13.9 37.0
Fully diluted earnings per share (pence)* 36.7 13.6 36.0
*All dilution relates to share options
5. Issued capital and reserves
Ordinary shares issued and fully paid No. £'000
At 31 March 2025 32,046,632 320
Share capital issued 309,150 4
At 30 September 2025 32,355,782 324
Share capital issued - -
At 31 March 2026 32,355,782 324
6. Dividends
The interim dividend for the year ended 30 September 2025 of 5.0p per share
(comprising 4.5p ordinary dividend and 0.5p special dividend) was paid 7
October 2025 and amounted to £1,618,000.
The final dividend for the year ended 30 September 2025 of 11.0p per share
(comprising 9.0p ordinary dividend and 2.0p special dividend) was paid 20
March 2026 and amounted to £3,559,000.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR KLLFBQQLZBBE
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Ramsdens Holdings
See all newsREG - Ramsdens Holdings - Interim Results - six months ended 31 March 2026
AnnouncementREG - Ramsdens Holdings - Trading Update
AnnouncementREG - Ramsdens Holdings - Director/PDMR Shareholding
AnnouncementREG - Ramsdens Holdings - Director/PDMR Shareholding
AnnouncementREG - Ramsdens Holdings - Trading Update
Announcement