11 March 2024
Ramsdens Holdings
PLC
("Ramsdens", the "Group", the "Company")
AGM Trading
Update
Ramsdens Holdings PLC, the
diversified financial services provider and retailer,
is pleased to provide the following trading update
for the financial year to date (the five months from 1 October 2023
to 29 February 2024 or the "Period") in advance of the Group's
Annual General Meeting being held at 11.00 am today.
Trading during the Period has
remained strong and in line with the Board's expectations as
Ramsdens continues to benefit from its diversified business model
and trusted consumer brand.
· Foreign currency gross profit increased c.3% year on year with
encouraging momentum building ahead of the key summer trading
period.
· The
pawnbroking loan book has continued to grow, increasing by £0.4m
over the Period and reaching £10.7m at the end of February (£10.3m
as at 30 September 2023).
· Jewellery retail revenue for the Period was broadly flat
compared with the prior year. As indicated in the Group's full year
results in January, the business mix continues to change with
growing sales of higher margin second hand and diamond jewellery
and lower sales of premium watches; as a result, Jewellery retail
gross profit in the period was approximately 5% ahead of the prior
year.
· Purchase of precious metals gross profit increased by
approximately 20% on the prior year reflecting continued growing
consumer awareness of this service supported by a relatively high
gold price.
· We
have continued our strategic expansion with two further stores
opened in February, in Romford and Burnley, meaning that the Group
has opened five new stores in the Period. As at 29 February 2024,
the total estate comprised 167 stores (including two franchised
stores).
· We
have secured a new £15m revolving credit facility (RCF) with Bank
of Scotland PLC with a 5-year term, which replaces the £10m RCF
with Virgin Money on more attractive terms.
The Board remains highly confident in
the Group's continued growth prospects and its expectations for the
current financial year.
ENDS
Enquiries:
Ramsdens Holdings PLC
Tel: +44 (0) 1642
579957
Peter Kenyon, CEO
Martin Clyburn, CFO
Liberum Capital Limited, Nominated Adviser,
Financial Adviser and Broker
Tel: +44 (0) 20 3100 2000
Richard Crawley
Lauren Kettle
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 167 stores within the UK (including 2
franchised stores) and has a growing online presence.
Ramsdens is fully FCA authorised for
its pawnbroking and credit broking activities.
www.ramsdensplc.com
www.ramsdensforcash.co.uk