8th Apr 2025 11:57
(Alliance News) - Ramsdens Holdings PLC on Tuesday lifted its full-year profit guidance, boosted by positive momentum in the first half of its current financial year.
Shares in Ramsdens were up 12% at 229.75 pence each in London on Tuesday at midday. The stock has risen 23% over the past year.
The Middlesborough, England-based financial services provider and pawnbroker said it now expects pretax profit for the year due to end September 30 of at least GBP13.0 million.
This would represent a 14% growth from GBP11.4 million the year before, and is ahead of previous analyst forecasts for GBP12.0 million in pretax profit.
Ramsdens reported a 50% rise gross profit for its precious metals segment during the six months that ended March 31, driven by high gold prices and a 5% increase in the weight of gold purchased by the firm. Its dedicated gold buying website was launched in March.
Meanwhile, gross profit for its pawnbroking services increased 10% on-year for the six-month period, in line with expectations following the launch of Ramsdens' new pawnbroking website in November.
Jewellery retail profit was up 15% in the first half of the year, while foreign currency profit was flat on-year.
Ramsdens' store estate remains at 169 units, as the firm opened two new sites in Grantham and Burton, and closed its site at Teesside Airport. The group also merged two of its central Glasgow stores.
"We are pleased to have delivered a strong performance during the first half of the year, underpinned by our diversified model as well as benefitting from investments made across our four operating segments, including the launch of new dedicated customer websites and services," said Chief Executive Officer Peter Kenyon.
"This positive trading momentum, together with the continued benefit to the group presented by the sustained high gold price, has led the board to increase profit expectations for FY25.
"We look forward to building on this positive performance throughout the second half of the financial year."
By Emily Parsons, Alliance News reporter
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