Pawnbroker Ramsdens lifts FY profit expectations

6th Aug 2024 09:39

(Sharecast News) - Pawnbroker Ramsdens lifted its full-year pre-tax profit expectations on Tuesday as it said good trading momentum had continued into the second half.

In an update for the current financial year to 30 September 2024, the group said it now expects FY24 pre-tax profit of at least £11m, up from expectations of £10.5m and from £10.1m in FY23.

Ramsdens attributed its positive performance to the group's diversified income streams and higher gold prices driving a better-than-expected performance in the precious metals segment.

Chief executive Peter Kenyon said: "Ramsdens' positive trading momentum has continued into the second half of the year, once again reflecting the strengths of our diversified model, trusted brand and the hard work and commitment of our team.

"We continue to benefit from the ongoing investments made in enhancing our multi-channel customer proposition, including our online presence and new Multi-Currency Card, as well as the sustained high gold price, which is encouraging greater awareness and demand for our precious metals buying services."

At 0920 BST, the shares were up 5.3% at 202.65p.