Ramsdens Raises FY26 Earnings Outlook as Gold Strength and Store Rollout Gain Momentum

Ramsdens Holdings (LSE:RFX) has increased its profit expectations for the year ending 30 September 2026, now guiding to pre-tax profit in excess of £21m. This compares with £16.2m achieved last year and sits ahead of previous market expectations. The upgrade is largely attributed to the group’s precious metals purchasing division, which continues to benefit from historically high gold prices and elevated customer selling activity.

Trading across other divisions has remained resilient. Jewellery sales are performing well both in physical stores and online, supported by the recent launch of a newly re-platformed, standalone jewellery website. Pawnbroking lending reached record levels in January, reflecting disciplined underwriting and conservative loan-to-gold ratios. Foreign currency volumes were broadly unchanged year on year, although there has been a mix shift toward lower-margin digital channels. Alongside this, the group is continuing to expand its physical presence, opening new stores in Wakefield, Hull and the Isle of Sheppey, and remains on course to add between eight and 12 outlets in FY26, reinforcing management’s confidence despite a challenging macro backdrop.

The outlook is underpinned by strong operational momentum, including improved profitability and solid revenue growth, although this is partially offset by uneven cash generation and free cash flow volatility. Market technicals point to a sustained upward trend in the shares, albeit with some risk of near-term consolidation following recent strength. Valuation remains undemanding, supported by a modest dividend, while management’s FY26 commentary highlighted confidence in trading alongside ongoing exposure to movements in gold prices and cost inflation.

More about Ramsdens Holdings

Ramsdens Holdings is a UK-based diversified financial services group and retailer specialising in foreign currency exchange, pawnbroking, precious metals buying and selling, and the retail of new and pre-owned jewellery. Headquartered on Teesside, the company operates 172 stores across the UK, complemented by a growing online presence. It is fully authorised by the FCA for pawnbroking, credit broking and payment services.