Ramsdens (RFX) H2 2025 earnings summary

Executive summary

• Achieved record turnover exceeding £100 million for the first time, with profit before tax up 43% to £16.2 million year-over-year and revenue reaching £116.8 million, a 22% increase from FY24.

• Growth driven by strong gold buying, jewelry retail, and diversified income streams, each contributing 21%-29% of gross profit.

• Dividend increased by 43%, including a special dividend, with the Board recommending a final dividend of 11.0p, bringing the total FY25 dividend to 16.0p.

• Strategic pause in store expansion due to high street uncertainty, now resuming with plans for 8-12 new stores in the current year and one already opened post year-end.

• Results exceeded market expectations, with a strong start to FY 2026 and profit before tax expected to exceed £18 million.

Financial highlights

• Revenue up 22% year-over-year, surpassing £100 million and reaching £116.8 million.

• Gross profit increased 18% to £60.7 million, with significant contributions from precious metals (+52% gross profit) and jewellery retail (+18% gross profit).

• Profit after tax reached £11.9 million, with basic EPS of £0.37, up 42%.

• Net assets at £62.9 million; net cash at year-end was £6.9 million, with £15.4 million in cash.

• EBITDA grew 29% to £21.3 million; finance costs reduced by 20% due to lower debt and base rates.

Outlook and guidance

• FY 2026 has started strongly, with profit before tax forecasted to exceed £18 million, ahead of current market expectations.

• Pipeline supports opening 8-12 new stores, with several already in progress and one opened post year-end.

• Continued focus on growing all core income streams and leveraging high gold prices.