Ramsdens H1 PBT rises amid 'continued growth'

5th Jun 2024 09:24

(Sharecast News) - Pawnbroker Ramsdens said on Wednesday that pre-tax profits had risen in the six months ended 31 March on the back of "continued growth" across all key income streams.

Ramsdens said interim pre-tax profits had risen 8% to £4.0m, while gross revenues were 12% higher at £43.8m.

Jewellery retail revenue was 1% stronger at £17.5m, with retail gross profits increasing by 6% to £6.7m, while its pawnbroking loan book increased by 12% at period-end to £10.8m and net assets rose by £4.8m to £47.8m.

Gross profit from the purchase of precious metals increased by 25% to £5.0m and foreign currency gross profit increased by 3% to £5.0m.

The AIM-listed group also approved a 9% increase in its interim dividend to 3.6p per share, reflecting ts "positive trading momentum" and the board's confidence in the group's future prospects.

Chief executive Peter Kenyon said: "We are very pleased with the group's good further progress during the first half of FY24 which once again demonstrates the strength of Ramsdens' diversified business model. As a result, and reflecting our confidence in the outlook, we are pleased to announce a 9% increase in the interim dividend.

"Underpinned by our proven diversified business model, trusted brand and market-leading team, the board remains highly confident that Ramsdens is well positioned to further grow our profitability in FY24 and beyond, continue to deliver on our progressive dividend policy, and, ultimately, create value for all stakeholders."

As of 1015 BST, Ramsdens shares were down 0.051% at 197.40p.

Reporting by Iain Gilbert at Sharecast.com