Ramsdens (LSE:RFX) delivered another record performance in the year to 30 September 2025, with revenue rising 22% to £116.8 million and profit before tax increasing 43% to £16.2 million. Results were driven by strong contributions across all four divisions, supported by a sustained high gold price and the resilience of the group’s diversified operating model.
The purchase of precious metals was the standout performer, with gross profit climbing 52% to £17.9 million. Pawnbroking profits increased 9%, while jewellery retail gross profit rose 18%, helped by a 35% jump in pre-owned jewellery revenue. Foreign currency exchange also recorded growth, although margins were pressured by a shift toward online and card-based products.
Ramsdens kept its store estate broadly stable at 168 locations during the year and recommended a 43% increase in the full-year dividend to 16.0p per share, including special dividends. Management also highlighted continued progress in developing its omni-channel offering, combining in-store and digital capabilities.
Trading momentum has continued into the first quarter of FY26. The company reported precious metals gross profit up more than 50%, record monthly lending that lifted the pawnbroking loan book to £12.8 million, and jewellery retail revenue more than 20% higher year on year. Foreign exchange margins remain under pressure due to ongoing digital migration, but overall performance has remained strong.
Ramsdens has entered a new phase of expansion, opening a store in Wakefield with further openings planned, alongside the acquisition of a small pawnbroker. Despite higher employment and national insurance costs linked to its commitment to paying the Real Living Wage, the board now expects profit before tax in FY26 to exceed £18 million, underlining confidence in the group’s growth strategy and highly cash-generative model.
While Ramsdens’ outlook is primarily supported by its strong financial performance and cash flow generation, technical indicators currently suggest bearish share price momentum. This is partly offset by a reasonable valuation, reflected in a low price-to-earnings multiple and an attractive dividend yield.
More about Ramsdens Holdings
Ramsdens Holdings is a UK-based diversified financial services provider and retailer operating 168 stores alongside an online platform. The group’s activities span pawnbroking, the purchase of precious metals, jewellery retail – with a particular emphasis on pre-owned items – and foreign currency exchange, creating a resilient multi-income model linked to consumer demand for jewellery, small-sum lending and travel money.
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