Shropshire Star

Half year pre-tax profits rise for Ramsdens Holdings

Ramsdens Holdings, the pawnbroking and jewellers group with 168 stores, enjoyed an eight per cent rise in pre-tax profits to £4 million in the six months to the end of March.

Ramsdens has one of its branches at Telford Shopping Centre

It opened a new store in Telford Shopping Centre last month with three more to open in the rest of 2023-2024.

There was continued growth across all key income streams with gross revenue increasing by 12 per cent to £43.8m.

Jewellery retail revenue increased by one per cent to £17.5m and the pawnbroking loan book rose by 12 per cent to £10.8m.

Foreign currency gross profit increased by three per cent to £5m and gross profit from the purchase of precious metals grew by a quarter to £5m.

The board has approved a nine per cent increase in the interim dividend to 3.6p per share reflecting the group's positive trading momentum and its confidence in the outlook.

Five new stores opened in the half year in Poole, Romford, Burnley, Blackburn and Cardiff.

Trading to date in the second half of the year has been in line with the board's expectations.

A dedicated pawnbroking website will launch this summer, followed by a dedicated gold buying website.

Chief executive Peter Kenyon said: "We are very pleased with the group's good further progress during the first half of 2023-2024 which once again demonstrates the strength of Ramsdens' diversified business model."

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