Ramsdens Holdings PLC Pre-Close Trading Update (7332O)
October 05 2023 - 2:00AM
UK Regulatory
TIDMRFX
RNS Number : 7332O
Ramsdens Holdings PLC
05 October 2023
5 October 2023
Ramsdens Holdings PLC
("Ramsdens" or the "Group")
Pre-Close Trading Update
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Record profits reflecting continued progress across the Group's
diversified income streams
Ramsdens Holdings PLC, the diversified financial services
provider and retailer, announces a pre-close trading update for the
year ended 30 September 2023 ("FY23" or the "Period").
The Group continued to trade well during the second half of the
Period, benefiting from the strength of its diversified business
model. As a result, the Board anticipates Profit Before Tax for the
Period to be a record result of more than GBP10m (FY22
GBP8.4m).
FY23 Highlights
- Foreign currency revenue increased year on year by
approximately 8%. The important summer trading period saw a mixture
of increased transaction volumes, lower average transaction values
and, as expected, a slight reduction in margins. We successfully
launched our multi-currency card in September 2023 and are
encouraged by initial sales and load volumes.
- Jewellery retail revenue again enjoyed strong growth
benefiting from the investments the Group has made to enhance its
retail proposition both in store and online during recent years.
Revenue increased more than 20% year on year supported by
particularly strong momentum online.
- The active pawnbroking loan book increased by approximately
20% to a record GBP10.3m as at 30 September 2023 (FY22: GBP8.6m),
with August being a record month for new lending. The median loan
value was GBP174 and repayment rates remained in line with
historical levels.
- Precious metal buying revenue increased by approximately 50%
year on year as consumer demand for realising value in unwanted or
damaged jewellery increased in part as a result of the higher
Sterling gold price.
- During the year, we opened eight new stores and acquired a
pawnbrokers in Bexleyheath. We are very pleased with the initial
performances of these stores so far.
Peter Kenyon, CEO of Ramsdens commented:
"We are pleased with the Group's continued delivery against its
long-term growth strategy, with good progress made during the
Period in each of our diversified income streams.
Our recent staff engagement survey results show we have a highly
engaged workforce who enjoy working for Ramsdens and serving our
growing customer base. I am grateful for our team's commitment
during the year and would like to take this opportunity to publicly
thank them all for their efforts.
While the economic backdrop is challenging and Ramsdens is not
immune to inflationary cost pressures, particularly energy and
payroll, the Board remains confident that Ramsdens is in a good
position to continue its positive momentum into the new financial
year underpinned by the Group's proven and diversified business
model, strong brand and clear growth strategy."
The Board expects to release its Annual Financial Report in
mid-January 2024.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014 as amended by The Market Abuse
(Amendment) (EU Exit) Regulations 2019. The person responsible for
making this announcement on behalf of the Company is Peter Kenyon,
Chief Executive.
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 161
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
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END
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