Trading Update
Ramsdens Holdings PLC has announced a further upgrade to its full-year profit expectations for FY26, now anticipating profit before tax to be at least £24 million and potentially up to £28 million, driven by strong trading across its core income streams and a sustained high gold price. The average gold price year-to-date is approximately 50% higher than the prior year, contributing to increased purchase volumes in the precious metals division. Jewellery retail revenue is up 25% year-on-year, and the pawnbroking loan book has grown 18% to £13.5 million. While foreign currency commissions are down 5% due to a shift to lower-margin online sales, overall currency exchange volumes remain stable. The company is on track to open eight to twelve new stores in FY26.
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Ramsdens Holdings PLC, the growing, diversified financial services provider and retailer, is pleased to provide a further update on FY26 (year to 30 September 2026) trading to date (the "year to date").
Further to the Group's announcement on 10 February 2026, the Company has continued to perform well across its core income streams and has seen further benefit from the sustained, very high gold price compared to historic levels in its purchase of precious metals division. Based on the current geopolitical and economic climate, the Board believes that the gold price could remain elevated throughout the second half of FY26. This assumption means that profits within the precious metals division would be ahead of the Board's previous expectations for HY2, reflecting both the high gold price and increased purchase volumes.
Taking into account the strong trading for the first five months of the year, and the Board's updated expectations on the outlook for the gold price, the Group now expects its profit before tax for FY26 to be at least £24m* and, if the favourable gold price and trading conditions continue, potentially up to £28m.
Year to date highlights
| ● | The average gold price for the year to date is approximately 50% higher than prior year. The higher gold price is also contributing to an increased weight of gold purchased, which is also approximately 50% higher year on year. |
| ● | Jewellery retail revenue is approximately 25% ahead year on year. |
| ● | Pawnbroking lending was at record levels in February 2026, and positive momentum has continued into March. The loan book is now approximately £13.5m, an increase of 18% on the September year end position of £11.4m. |
| ● | The total currency exchanged in the first five months of FY26 was in line with the comparable period in FY25, with foreign currency commissions approximately 5% lower year on year reflecting the continued migration towards online and currency card sales, which are lower margin. Whilst the current situation in the Middle East may have an impact for international travel, our primary foreign currency activity is selling Euros to customers holidaying in Europe which currently appears to be stable. |
| ● | Our new stores in Wakefield, Hull and Sheerness have traded well since opening. The Group remains on track to open between eight and 12 new stores in FY26. We currently have three stores in shop fit and a further three stores expected to be in shop fit within the next few weeks. |
Peter Kenyon, Chief Executive, commented:
"Ramsdens continues to perform well across its diversified business model reflecting the strength of our trusted brand, value for money proposition and outstanding team. In addition to underlying progress across the business, we continue to benefit from the high gold price, which is significantly boosting both customer demand and profits within our purchase of precious metals segment. As a result, we are once again trading ahead of market expectations* and currently anticipate profit before tax for FY26 to be in a range of £24m to £28m."
The Group expects to report its interim results for the six months ended 31 March 2026 in early June 2026.
*Prior to this announcement, consensus market forecast for profit before tax for FY26 was £21.1m.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.