Ramsdens (RFX) Trading update summary

Financial performance and outlook

• FY24 profit before tax expected to be at least £11m, surpassing previous expectations of £10.5m and FY23's £10.1m.

• Positive trading momentum continues into the second half of the year, driven by diversified income streams and successful investments.

Segmental highlights

• Precious metal buying revenue rose significantly year-on-year, supported by sustained high gold prices.

• Pawnbroking loan book grew incrementally, performing in line with expectations.

• Foreign currency revenues remained broadly in line with expectations, with the Multi-Currency Card performing well since its launch.

• Jewellery retail revenues continued to perform well, aided by investments in the retail proposition and a recovery in premium watch sales.

Strategic and operational updates

• Ongoing investments in multi-channel customer proposition, including online presence and new Multi-Currency Card, are yielding positive results.

• The group operates 169 stores in the UK and maintains a growing online presence.

• Fully FCA authorised for pawnbroking and credit broking activities.