Ramsdens (RFX) H1 2025 earnings summary

Executive summary

• Achieved record interim results for the six months ended March 2025, with profit before tax up 54% to £6.1 million and revenue up 18% to £51.6 million, driven by high gold prices and a diversified business model.

• All four core income streams—gold buying, jewelry retail, pawnbroking, and foreign currency—delivered growth, with gold buying and jewelry retail as standout performers.

• Opened two new stores, launched dedicated websites for pawnbroking and gold buying, and enhanced online presence and customer acquisition.

• Board approved a 25% increase in the interim dividend and a special dividend, reflecting confidence in continued strong performance.

• Net assets increased to £54.7 million, with net cash position stable at £7.4 million after investments and dividends.

Financial highlights

• Revenue rose 18% to £51.6 million (HY24: £43.8 million); gross profit up 20% to £27.1 million (HY24: £22.5 million).

• Profit before tax increased 54% to £6.1 million (HY24: £4.0 million); basic EPS up to 13.9p (HY24: 9.0p).

• Net assets: £54.7 million; net cash: £7.4 million.

• Interim dividend raised to 4.5p per share (HY24: 3.6p) plus a 0.5p special dividend.

• Administration expenses rose 14% to £20.5 million, mainly due to staff costs and wage increases.

Outlook and guidance

• Full-year profit expected to exceed £15 million, supported by high gold prices and robust trading across all segments.

• Plans to open three new stores in H2 and return to 6–8 new stores per year from FY26.

• Continued investment in digital channels and advertising to drive growth.

• Board confident in navigating increased employment costs due to diversified income streams.

• Cautious outlook on gold price sustainability, with budgeting assuming a potential fall.