3rd Dec 2019 11:43
(Alliance News) - Ramsdens Holdings PLC on Tuesday posted a "good" interim performance in what it described as a difficult environment for consumers in the UK.
For the six months to September, Ramsdens' revenue was 30% higher year-on-year at GBP32.5 million, with pretax profit climbing 23% to GBP6.2 million. Underlying pretax profit was up 12% to GBP5.7 million.
The company, which offers financial services such as foreign currency exchange, pawnbroking, and the buying and selling of precious metals and jewellery, increased the interim payout by 13% to 2.7 pence per share.
"We are pleased with the group's good performance in the first half of the financial year with a 30% increase in revenue and a 23% increase in profit. Our ability to share our cost base across our diversified income streams enables Ramsdens to offer jewellery at highly competitive prices and foreign currency at great exchange rates," said Chief Executive Peter Kenyon.
"This value for money proposition has allowed the business to continue to grow its customer base and be resilient in what has been, and remains, a challenging consumer environment."
Middlesbrough-based Ramsdens exchanged GBP340 million of currency during the period, 8% higher the year before, with forex customers rising 12%.
In pawnbroking, interest income was 16% higher at GBP4.3 million, with the total loan book growing 14% to GBP7.7 million.
The firm's jewellery trading operations rose 22% to GBP5.5 million, despite "much-publicised difficulties" on the UK High Street.
Looking ahead, CEO Kenyon said: "The group has made a solid start to the second half of the year across all business segments and we have positive momentum to take us into the Christmas period, which is seasonally important for jewellery retail.
"The board remains confident of delivering further progress on its strategic objectives and achieving its expectations for the year."
Shares were 1.5% higher on Tuesday morning in London at a price of 203.00p each.
By George Collard; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Ramsdens Hldgs