TIDMRFX
RNS Number : 8741B
Ramsdens Holdings PLC
07 June 2023
7 June 2023
Ramsdens Holdings PLC
("Ramsdens", the "Group", the "Company")
Interim Results for the six months ended 31 March 2023
Strong performance driven by growth across all of the Group's
key income streams
Ramsdens, the diversified financial services provider and
retailer, today announces its Interim Results for the six months
ended 31 March 2023 (the "Period").
Financial Highlights
-- A strong performance with Profit Before Tax up by 68% to GBP3.7m (HY22: GBP2.2m)
-- Gross revenue increased by 33% to GBP39.0m (HY22: GBP29.3m)
-- Jewellery retail revenue increased by 32% to GBP17.3m (HY22: GBP13.1m)
o Online jewellery retail sales increased by 89% year on year to
GBP3.7m (HY22: GBP2.0m) and represented 21% of total jewellery sold
(HY22: 15%)
-- Pawnbroking loan book at the Period end increased by 29% to GBP9.7m (HY22: GBP7.5m)
-- Foreign currency gross profit increased by 41% to GBP4.9m (HY22: GBP3.4m)
-- Gross profit from the purchase of precious metals increased by 28% to GBP4.0m (HY22: GBP3.1m)
-- Net Assets increased by GBP5.4m to GBP43.0m (HY22: GBP37.6m)
-- Reflecting the Group's positive trading momentum and the
Board's confidence in the outlook, the Board has approved a 22%
increase in the interim dividend to 3.3 pence per share (HY22: 2.7
pence per share)
Operational Highlights
-- Six new stores opened in the Period in Bootle, Basildon,
Bradford, Croydon, Maidstone and Warrington.
-- The total store estate at the Period end comprised 158
stores, excluding two franchised stores (H1 FY22: 153 stores).
Current trading
-- The positive trading momentum has continued so far into the second half of FY23.
-- We anticipate opening six new stores in the second half of FY23
-- A dedicated website for currency services will launch in June
2023, strengthening the Group's e-commerce proposition
-- The Group acquired a small independent pawnbroker and
jeweller in Bexleyheath for consideration of GBP0.3m in April
2023
Financial results for the six months ended 31 March 2023
6 months ended 6 months ended 12 months ended
31 March 2023 31 March 2022 30 September
(unaudited) (unaudited) 2022
(audited FY22)
Gross Revenue GBP39.0m GBP29.3m GBP66.1m
--------------- --------------- ----------------
Gross Profit GBP20.5m GBP15.7m GBP38.2m
--------------- --------------- ----------------
Profit before tax GBP3.7m GBP2.2m GBP8.3m
--------------- --------------- ----------------
Net Assets GBP43.0m GBP37.6m GBP41.8m
--------------- --------------- ----------------
Basic EPS 8.9p 5.6p 20.9
--------------- --------------- ----------------
Dividend Interim 3.3p Interim 2.7p Full year 9.0p
--------------- --------------- ----------------
Peter Kenyon, Chief Executive, commented:
"We are pleased to report an excellent performance in the first
half of the year which was achieved by strong trading across all
our key income streams. This momentum puts us on course to deliver
record profits for the Group in the current financial year.
We are successfully executing against our long-held strategic
priorities. We are focused on driving organic growth by delivering
ongoing continuous improvements to our operations, expanding the
store estate and investing in our online offering. In addition, we
are continuing to seek and appraise attractive consolidation
opportunities in what remains a highly fragmented market.
With our diversified income streams, strong brand and growing
customer base, we are highly confident in the Group's growth
prospects for the coming years, thereby enabling us to create
significant value for all stakeholders."
S
Enquiries:
Ramsdens Holdings PLC Tel: +44 (0) 1642 579957
Peter Kenyon, CEO
Martin Clyburn, CFO
Liberum Capital Limited (Nominated Adviser) Tel: +44 (0) 20 3100 2000
Richard Crawley
Lauren Kettle
Hudson Sandler (Financial PR) Tel: +44 (0) 20 7796 4133
Alex Brennan
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 158
stores within the UK (excluding two 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
www.ramsdensjewellery.co.uk
CHIEF EXECUTIVE'S REPORT
This interim report covers the six months ended 31 March 2023
(the "Period").
Ramsdens delivered a strong performance during the Period and
achieved several notable trading highlights. The Period saw record
profits for the jewellery retail and foreign currency segments
while the pawnbroking loan book increased to a new high and the
purchase of precious metals segment's gross profit increased above
pre-Covid levels.
The Board is very pleased with the Group's performance and looks
forward to making further progress towards our strategic and
operational objectives in the second half.
FINANCIAL REVIEW
The Group reported a Profit Before Tax of GBP3.7m (HY22:
GBP2.2m). Gross revenue increased by 33% to GBP39.0m (HY22:
GBP29.3m).
Administration expenses increased by 24% to GBP16.5m (HY22:
GBP13.3m) primarily as a result of the six new store openings in
the Period (compared to two new stores opened in the comparable
prior year period) and increased staff costs as a result of more
people employed by the Group as well as a pay review implemented in
January 2023 which saw the Group retain the real living wage as a
minimum for all colleagues.
The Group's balance sheet remains strong, with net assets of
GBP43.0m (HY22: GBP37.6m). The Group's main assets are cash
(including foreign currency), pawnbroking loans secured on gold
jewellery and watches, and retail jewellery stock. The net cash
position (cash less bank borrowings) reduced to GBP5.5m (HY22
GBP9.3m) following investments in new stores, jewellery stock and
ongoing growth of the pawnbroking loan book.
Capital expenditure in the Period totalled GBP1.5m (HY22:
GBP0.8m) primarily reflecting the cost of opening six stores and
relocating three stores.
The Group has the benefit of a GBP10.0m revolving credit
facility which expires in March 2024. The Group had drawn GBP6m of
this facility at the end of the Period to support foreign currency
stock increases.
Reflecting the Group's positive trading momentum and the Board's
confidence in the outlook, the Board is pleased to announce an
interim dividend of 3.3 pence per share (HY22: 2.7 pence per
share), an increase of 22%. The dividend will be payable on 6
October 2023 to those shareholders on the register on 8 September
2023. The ex-dividend date will be 7 September 2023.
REVIEW
Foreign Currency Exchange
The foreign currency exchange (FX) segment primarily comprises
the sale and purchase of foreign currency notes to
holidaymakers.
HY23 HY22 YOY
Total currency exchanged GBP134m GBP94m 43%
-------- -------- ----
Gross profit GBP4.9m GBP3.4m 41%
-------- -------- ----
Online C&C orders GBP12.7m GBP10.0m 27%
-------- -------- ----
% of online FX 9% 11%
-------- -------- ----
Segment as a % of total gross
profit 24% 22%
-------- -------- ----
Average sales transaction GBP398 GBP425
value (ATV)
-------- -------- ----
We are looking forward to the summer period with optimism
supported by positive commentary by airlines and travel agents,
albeit we do not currently anticipate that the total volume
exchanged will exceed the levels seen prior to the pandemic in
summer 2019.
As volumes continue to recover, we anticipate some pressure on
margins, however they are still expected to be higher than those
generated by the Group in summer 2019.
The ATV for the Period of GBP398 decreased YOY but remains above
pre-Covid levels of GBP362. There are several factors which impact
ATV, for example post the pandemic we are only just starting to see
volumes increase for US dollar transactions which typically carry a
higher ATV than Euro transactions. Cash remains popular among many
holiday makers to assist with holiday spend budgeting and to
overcome the unknown availability of card acceptance in a foreign
location. A currency card is used by some travellers for
convenience and to "arm's length" their main bank account from
spending in unfamiliar locations. The new Ramsdens multi-currency
card will launch this summer and we have expectations that it will
positively contribute in FY24.
Pawnbroking
Pawnbroking is a small subset of the consumer credit market in
the UK and a simple form of asset-backed lending that dates back to
the foundations of banking. In a pawnbroking transaction an item of
value, known as a pledge (in Ramsdens' case this is jewellery and
watches) is held by the pawnbroker as security against a six-month
loan. Customers pay interest on this loan, repay the capital sum
borrowed and recover their pledged item. If a customer defaults on
the loan, the pawnbroker sells the pledged item to repay the amount
owed and returns any surplus funds to the customer. Pawnbroking is
regulated by the FCA in the UK and Ramsdens is fully FCA
authorised.
000's HY23 HY22 YOY
Gross profit GBP4,827 GBP3,694 31%
-------- -------- ---
Total loan book GBP9,665 GBP7,506 29%
-------- -------- ---
Past Due GBP724 GBP567 28%
-------- -------- ---
In date loan book GBP8,941 GBP6,939 29%
-------- -------- ---
Percentage of GP 24% 23%
-------- -------- ---
Mean loan value GBP314 GBP286 10%
-------- -------- ---
Median loan value GBP170 GBP150 13%
-------- -------- ---
We saw increased demand for pawnbroking from both existing and
new customers during the Period which resulted in record lending in
January 2023 and again in March 2023.
The disclosed pawnbroking loan book (above) represents the
capital amount borrowed and is of good quality with low levels of
past due loans.
The median loan value across the Group is GBP170. It is GBP250
across our branches in the South of England reflecting a greater
mix of gold carats offered in pledge in those locations.
Our lending policies and repayment profiles have remained
consistent. The loan to value on plain gold was less than two
thirds of the gold price at the period end, however we are
increasingly encouraged by our improving retail capability and are
now able to lend more against products we believe would retail
quickly.
With restrictions in the availability of other forms of small
sum credit, and the continued squeeze on household incomes with
higher bills, we believe that demand for small sum loans will
continue to be high for the remainder of 2023. The ease, simplicity
and transparency of pawnbroking will continue to provide solutions
for customers needing short term financial assistance provided they
have assets to pledge.
Jewellery Retail
The Group retails new and second-hand jewellery to customers
both in store and online. The Board continues to believe there is
further growth potential for Ramsdens in this segment which can be
achieved by leveraging the Group's store estate and e-commerce
operations, by cross-selling to existing customers, and by
acquiring new customers.
Retailing of new jewellery products complements the Group's
second-hand offering, giving customers greater choice in both
breadth of products and price. In addition, the Group continues to
build its reputation for the sale of premium second-hand
watches.
000's HY23 HY22 YOY
Revenue GBP17,323 GBP13,085 32%
--------- ---------- ---
Gross Profit GBP6,287 GBP4,923 28%
--------- ---------- ---
Margin % 36% 38%
--------- ---------- ---
Jewellery retail stock GBP22,700 GBP20,070 13%
--------- ---------- ---
Online sales GBP3,703 GBP1,963 89%
--------- ---------- ---
% of sales online 21% 15%
--------- ---------- ---
Percentage of GP 31% 31%
--------- ---------- ---
We had a record December in the key retail season following the
ongoing investments we have made in staff training, stock levels,
in store stock presentation and developing our online
proposition.
Retail revenue is split roughly equally across the three main
categories - new jewellery, second hand jewellery and second-hand
premium watches. Margins across each category have remained
consistent with new jewellery at approximately 40%, second hand
jewellery at approximately 60% and premium watches approximately at
20%. The increase in premium watch sales and sales of new jewellery
have resulted in a lower overall gross margin.
The jewellery website www.ramsdensjewellery.co.uk had a platform
refresh in October 2022. This and continued investment in TV
advertising, SEO, PPC and affiliate schemes delivered online sales
of GBP3.7m, up 89% (HY22 GBP2.0m). In addition, the online 'view in
store offer' is helping to increase branch revenue. The online
retail offer is managed as a separate store and it continues to
grow its profitability. Online sales accounted for 21% of all our
jewellery revenue in the Period.
As we look forward, despite the anticipated macro challenges
that higher inflation and rising interest rates will bring, we
believe there is an opportunity to further develop and grow our
jewellery retail business over the coming years underpinned by our
great value for money customer proposition.
Purchases of Precious Metals
Through this service, Ramsdens buys unwanted jewellery, gold and
other precious metals from customers for cash. Typically, a
customer brings unwanted jewellery into a Ramsdens store and a
price is agreed with the customer depending upon the retail
potential, weight or carat of the jewellery. The Group has
second-hand dealer licences and other permissions and adheres to
the approved "gold standard" for buying precious metals.
Once jewellery has been bought from the customer, the Group's
dedicated jewellery department decides whether, or not, to retail
the item through the store network or online. Income derived from
jewellery, which is purchased and then retailed, is reflected in
jewellery retail income and profits. The residual items are smelted
and sold to a bullion dealer for their intrinsic value and the
proceeds are reflected in the accounts as precious metals buying
income.
000's HY23 HY22 YOY
Revenue GBP10,457 GBP7,779 34%
--------- -------- ---
Gross Profit GBP3,983 GBP3,112 28%
--------- -------- ---
Average 9ct gold price in GBP18.25 GBP16.44
GBP
--------- -------- ---
Percentage of GP 19% 20%
--------- -------- ---
The number of customers looking to realise value in their
unwanted or damaged jewellery increased as a result of the higher
sterling gold price, the cost-of-living crisis, and greater
awareness of the service.
In the short to medium term, we expect the gold price to remain
high and, as a result, to benefit this area of the business.
Other services
In addition to the four core business segments, the Group also
provides additional services in Western Union money transfer,
cheque cashing, credit broking and receives franchise fees.
000's HY23 HY22 YOY
Revenue GBP536 GBP557 (4%)
------ ------ ----
Gross Profit GBP536 GBP557 (4%)
------ ------ ----
Percentage of GP 3% 4%
------ ------ ----
The Group stopped providing its cheque cashing service and
credit broking services for alternative loans in April 2023 due to
the regulatory burden and falling demand. These services
collectively contributed approximately GBP0.2m in the Period (HY22:
GBP0.2m).
There are no plans to increase the franchise store network.
OPERATIONAL REVIEW
The biggest challenge operationally is the training and
development of recently recruited colleagues. While the headcount
has increased back to being broadly in line with optimum levels,
new staff are inexperienced with the ideal customer conversation.
This provides an opportunity for future growth as knowledge is
developed and experience is gained. It is powerful testament to our
in-house developed software and training processes that we have
been able to onboard so many new colleagues effectively and deliver
these strong results. I would like to take this opportunity to
thank each and every staff member for their commitment to deliver
fantastic service to our customers every day.
Our retail estate continues to be actively managed. With many
high streets in a state of flux, we continue to value flexibility
in our lease portfolio. Lease renewals have generally resulted in
rent reductions and / or greater flexibility. On occasion, we have
relocated to take advantage of lower rents in a much better
footfall location. We relocated our Llanelli, Swansea and Kendal
stores during the Period. A further two stores are scheduled for
relocation later in 2023.
During the Period, six new stores were opened in Bootle,
Basildon, Bradford, Croydon, Maidstone and Warrington. We have a
healthy pipeline of targeted new stores for FY23 and beyond and
anticipate opening six stores in the second half of FY23 dependent
upon completion of leases, planning approvals, and successful shop
fits. A new store represents a c.GBP0.3m commitment split broadly
equally between capital expenditure and working capital. While it
is still early days, all stores opened in the last 12 months are
performing in line with or ahead of management expectations.
OUTLOOK
Ramsdens delivered a strong performance in the first half of the
year, and the Group's positive trading momentum has continued so
far into the second half.
With our diversified income streams, strong brand and growing
customer base, we believe we are well positioned to further grow
our profitability in this financial year and in coming years, and
continue to deliver on our progressive dividend policy.
The Board firmly believes in our long-held growth strategy and
that Ramsdens will continue to grow and create value for all
stakeholders.
Peter Kenyon
Chief Executive Officer
Interim Condensed Financial Statements
Unaudited condensed consolidated statement of comprehensive
income
For the six months ended 31 March 2023
6 months 6 months 12 months
ended ended ended
31 March 31 March 30 September
2023 2022 2022
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
Revenue 2 38,991 29,265 66,101
Cost of sales (18,495) (13,532) (27,882)
---------- ------------------------ --------------
Gross profit 2 20,496 15,733 38,219
Other income - - 1
Administrative expenses (16,522) (13,287) (29,392)
---------- ------------------------ --------------
Operating profit 3,974 2,446 8,828
Finance costs 3 (296) (230) (559)
---------- ------------------------ --------------
Profit before tax 3,678 2,216 8,269
Income tax expense (850) (465) (1,683)
Total comprehensive income
for the period 2,828 1,751 6,586
---------- ------------------------ --------------
Basic earnings per share in
pence 4 8.9 5.6 20.9
Diluted earnings per share
in pence 4 8.7 5.6 20.7
Unaudited condensed consolidated statement of changes in
equity
For the six months ended 31 March 2023
6 months 6 months 12 months
ended ended ended
31 March 31 March 30 September
2023 2022 2022
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
Opening total equity 41,843 36,143 36,143
Total comprehensive income
for the period 2,828 1,751 6,586
---------- ---------- -------------
Transactions with shareholders:
Share capital issued - 2 2
Dividends paid 6 (1,994) (377) (1,231)
Share based payments 166 155 314
Deferred tax on share based
payments 197 (51) 29
---------- ---------- -------------
Total transactions with
shareholders (1,631) (271) (886)
---------- -------------
Closing total equity 43,040 37,623 41,843
---------- ---------- -------------
Unaudited condensed consolidated statement of financial
position
At 31 March 2023
6 months 6 months 12 months
ended ended ended
31 March 31 March 30 September
2023 2022 2022
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Property, plant and equipment 7,551 5,343 6,681
Intangible assets 714 850 779
Investments - - -
Right-of-use assets 9,472 9,055 9,551
Deferred tax assets 104 - -
---------- ---------- -------------
17,841 15,248 17,011
Current Assets
Inventories 23,373 21,279 22,764
Trade and other receivables 14,880 11,853 13,264
Cash and short term deposits 11,427 10,718 15,278
---------- ---------- -------------
49,680 43,850 51,306
---------- ---------- -------------
Total assets 67,521 59,098 68,317
---------- ---------- -------------
Current liabilities
Trade and other payables 7,507 9,885 8,905
Lease liability 2,219 2,206 2,086
Interest bearing loans
and borrowings 5,963 1,423 6,443
Income tax payable 978 403 932
---------- ---------- -------------
16,667 13,917 18,366
---------- ---------- -------------
Net current assets 33,013 29,933 32,940
---------- ---------- -------------
Non-current liabilities
Lease liability 7,761 7,313 7,871
Accruals and deferred
income 53 93 88
Deferred tax liabilities - 152 149
---------- ---------- -------------
7,814 7,558 8,108
---------- ---------- -------------
Total liabilities 24,481 21,475 26,474
---------- ---------- -------------
Net assets 43,040 37,623 41,843
---------- ---------- -------------
Equity
Issued capital 5 316 316 316
Share premium 4,892 4,892 4,892
Retained earnings 37,832 32,415 36,635
---------- ---------- -------------
Total equity 43,040 37,623 41,843
---------- ---------- -------------
Unaudited condensed consolidated statement of cash flows
For the six months ended 31 March 2023
6 months 6 months 12 months
ended ended ended
31 March 31 March 30 September
2023 2022 2022
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Operating activities
Profit before tax 3,678 2,216 8,269
---------- ---------- -------------
Adjustments to reconcile profit
before tax to net cash flows:
Depreciation and impairment
of property, plant & equipment 573 655 1,265
Depreciation of right-of-use
assets 1,106 1,116 2,261
Profit on disposal of right-of-use
assets (27) - (81)
Amortisation and impairment
of intangible assets 65 64 163
Loss on disposal of property,
plant and equipment 54 10 78
Share based payments 166 155 314
Finance costs 280 230 559
Working capital adjustments:
Movement in trade and other receivables
and prepayments (1,616) (1,249) (2,583)
Movement in inventories (609) (5,736) (7,221)
Movement in trade and other
payables (1,413) 2,186 1,144
---------- ---------- -------------
2,257 (353) 4,168
Interest paid (280) (230) (559)
Income tax paid (860) (60) (672)
---------- ---------- -------------
Net cash flows from operating
activities 1,117 (643) 2,937
---------- ---------- -------------
Investing activities
Proceeds from sales of property,
plant and equipment - - 3
Purchase of property, plant
and equipment (1,497) (798) (2,817)
Purchase of intangible assets - - (28)
Acquisitions - (909) (909)
Net cash flows used in investing
activities (1,497) (1,707) (3,751)
Financing Activities
Dividends paid (1,994) (377) (1,231)
Share capital issued - 2 2
Payment of lease liabilities (977) (1,089) (2,211)
Bank loans drawn down 6,000 1,500 8,000
Repayment of bank borrowings (6,500) - (1,500)
---------- ---------- -------------
Net cash flows used in financing
activities (3,471) 36 3,060
---------- ---------- -------------
Net (decrease) / increase
in cash and cash equivalents (3,851) (2,314) 2,246
Cash and cash equivalents
at start of period 15,278 13,032 13,032
---------- ---------- -------------
Cash and cash equivalents
at end of period 11,427 10,718 15,278
---------- ---------- -------------
Unaudited notes to the interim condensed financial
statements
For the six months ended 31 March 2023
1. Basis of preparation
The interim condensed financial statements of the group for the
six months ended 31 March 2023, which are neither audited nor
reviewed, have been prepared in accordance with the International
Financial Reporting Standards ('IFRS') accounting policies adopted
by the group and set out in the annual report and accounts for the
year ended 30 September 2022. As permitted, this interim report has
been prepared in accordance with the AIM rules and not in
accordance with IAS 34 "Interim financial reporting". While the
financial figures included in this preliminary interim earnings
announcement have been computed in accordance with IFRS's
applicable to interim periods, this announcement does not contain
sufficient information to constitute an interim financial report as
that term is defined in IFRS's.
The financial information contained in the interim report also
does not constitute statutory accounts for the purpose of section
434 of the Companies Act 2006. The financial information for the
period ended 30 September 2022 is based on the statutory accounts
for period ended 30 September 2022 which have been filed with the
Registrar of Companies and are available on the group's website
www.ramsdensplc.com. The auditors, Grant Thornton UK LLP, reported
on those accounts: their report was unqualified, did not draw
attention to any matters by way of emphasis and did not contain a
statement under section 498 (2) or (3) of the Companies Act
2006.
The Board have conducted an extensive review of forecast
earnings and cash over the next twelve months, considering various
scenarios and sensitivities, and have made appropriate enquiries as
considered necessary. Following this review the Board have a
reasonable expectation that the Company and Group have adequate
resources to continue in operational existence for the foreseeable
future. Accordingly, they continue to adopt the going concern basis
in preparing the interim condensed financial statements.
Unaudited notes to the interim condensed financial statements
(continued)
For the six months ended 31 March 2023
2. Segmental Reporting
6 months 6 months 12 months
ended ended ended
31 March 31 March 30 September
2023 2022 2022
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Revenue
Pawnbroking 5,645 4,248 8,967
Purchases of precious metals 10,457 7,779 15,847
Retail jewellery sales 17,323 13,085 27,107
Foreign currency margin 5,030 3,596 13,066
Income from other financial
services 536 557 1,114
---------- -------------------- -------------
Total revenue 38,991 29,265 66,101
---------- -------------------- -------------
Gross profit
Pawnbroking 4,827 3,694 7,533
Purchases of precious metals 3,983 3,112 6,626
Retail jewellery sales 6,287 4,923 10,263
Foreign currency margin 4,863 3,447 12,683
Income from other financial
services 536 557 1,114
---------- -------------------- -------------
Total gross profit 20,496 15,733 38,219
---------- -------------------- -------------
Other income - - 1
Administrative expenses (16,522) (13,287) (29,392)
Finance costs (296) (230) (559)
---------- -------------------- -------------
Profit before tax 3,678 2,216 8,269
---------- -------------------- -------------
Income from other financial services comprises of cheque cashing
fees, franchise fees and agency commissions on miscellaneous
financial products.
The Group is unable to meaningfully allocate administrative
expenses, or financing costs between the segments due to the fact
that these include staff costs who undertake all services in
branches. Accordingly, the Group is unable to disclose an
allocation of items included in the Consolidated Statement of
Comprehensive Income below Gross profit, which represents the
reported segmental results.
Unaudited notes to the interim condensed financial statements
(continued)
For the six months ended 31 March 2023
2. Segmental Reporting
6 months 6 months 12 months
ended ended ended
31 March 31 March 30 September
2023 2022 2022
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Other information
Capital additions (*) 1,497 1,013 3,060
Depreciation and amortisation
(*) 1,798 1,845 3,689
Assets
Pawnbroking 13,188 10,837 11,853
Purchases of precious metals 3,908 120 3,081
Retail jewellery sales 20,319 21,590 20,125
Foreign currency margin 7,210 5,903 10,123
Income from other financial
services 131 150 139
Unallocated (*) 22,765 20,498 22,996
---------- -------------
67,521 59,098 68,317
---------- ---------- -------------
Liabilities
Pawnbroking 598 531 613
Purchases of precious metals 4 1 3
Retail jewellery sales 1,876 4,845 2,012
Foreign currency margin 1,716 1,626 2,042
Income from other financial
services 283 357 392
Unallocated (*) 20,004 14,115 21,412
---------- -------------
24,481 21,475 26,474
---------- ---------- -------------
(*) The Group is unable to meaningfully allocate this
information by segment due to the fact that all segments operate
from the same stores and the assets and liabilities are common to
all segments.
Fixed assets are therefore included in unallocated assets and
lease liabilities are included in unallocated liabilities.
Unaudited notes to the interim condensed financial statements
(continued)
For the six months ended 31 March 2023
3. Finance costs
6 months 6 months 12 months
ended ended ended
31 March 31 March 30 September
2023 2022 2022
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Interest on debts and borrowings 77 42 163
Interest on right-of-use assets 219 188 396
Total finance costs 296 230 559
---------- ---------- ---------------
4. Earnings per
share
6 months 6 months 12 months
ended ended ended
31 March 31 March 30 September
2023 2022 2022
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Profit for the period (GBP'000) 2,828 1,751 6,586
Weighted average number of shares
in issue 31,643,207 31,476,540 31,559,874
Earnings per share (pence) 8.9 5.6 20.9
Fully diluted earnings per share
(pence) 8.7 5.6 20.7
5. Issued capital and reserves
Ordinary shares issued and fully paid No. GBP'000
At 30 September 2022 31,643,207 316
Share capital issued - -
At 31 March 2023 31,643,207 316
6. Dividends
The final dividend for the year ended 30 September 2022 of 6.3p
per share was paid 10 March 2023 totaling GBP1,994,000.
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END
IR BQLLBXQLEBBL
(END) Dow Jones Newswires
June 07, 2023 02:00 ET (06:00 GMT)
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