Ramsdens (RFX) Trading update summary

Financial performance and trading update

• FY25 profit before tax expected to be slightly ahead of analyst expectations of £15.4m, driven by strong performance across core income streams and high gold prices.

• Precious metals segment gross profit rose 50% year on year, aided by a dedicated gold buying website and a 15% increase in gold purchased by weight.

• Pawnbroking loan book grew 8% to £11.5m, with strong growth in the second half following the launch of a new pawnbroking website.

• Jewellery retail gross profit increased by approximately 15% year on year, supported by investments in stock, advertising, and staff training.

• Foreign currency gross profit remained flat year on year, with multi-currency card issuance rising to nearly 40,000 and international money transfer services expanding.

Operational developments and outlook

• Store estate stable at 169, with two new stores opened and one kiosk closed; planned slowdown in FY25 openings.

• Board plans to open 8–12 new stores per year from FY26, reflecting confidence in the high street model.

• Continued focus on diversified income streams and brand strength positions the group for further progress in FY26.

• CEO highlights the benefit of high gold prices and growing awareness of value proposition in jewellery retail.

• Full year results to be announced on 14 January 2026.