Ramsdens Breaks £100 Million Revenue Barrier on Strong Metals and Retail Demand

Ramsdens Holdings reported record results for the financial year ended 30 September 2025, lifting revenue past the £100 million threshold for the first time and delivering double-digit growth across all key profit metrics. The diversified financial services and retail group benefited from sustained high gold prices, robust demand for pre-owned jewellery and an expanding store network.

Full-year revenue increased 22% to £116.8 million, compared with the previous year’s £95.7 million. Gross profit advanced 18% to £60.7 million, while profit before tax rose 43% to £16.2 million, edging ahead of management’s earlier guidance. The company attributed the performance to solid trading in each of its four principal divisions—precious metals purchasing, jewellery retailing, pawnbroking and foreign currency exchange—with precious metals leading growth.

Precious metals lift margins

Gross profit from the purchase of precious metals grew 52% to £17.9 million, driven by elevated transaction volumes and a favourable gold price environment. The London spot price for gold spent much of the period near record highs, a trend that supported both margins and customer traffic. According to data from the London Bullion Market Association, the average gold price during Ramsdens’ reporting year was around 12% higher than in the prior year.

Jewellery retailing posted an 18% rise in gross profit to £15.7 million. Revenue within this segment was supported in particular by pre-owned jewellery, where sales expanded 35% year on year. Management said pre-owned items continued to resonate with value-conscious consumers and those seeking sustainable shopping options.

Pawnbroking generated £12.7 million in gross profit, up 9% on the prior year. Growth in the loan book was weighted toward the second half, reflecting both seasonality and higher average loan values secured against gold items. Foreign currency exchange, the smallest of the group’s divisions, also reported a year-on-year improvement, although detailed figures were not disclosed.

Network changes and operational footprint

Ramsdens ended the financial year with 168 company-owned stores and one franchised location. During the period the group opened new branches in Burton and Grantham, closed its kiosk at Teesside International Airport and merged two outlets in Glasgow’s city centre into a single, larger unit. Management described the estate optimisation as part of an ongoing programme to focus resources on sites with higher footfall and stronger earnings potential.

Since 1 October 2025 the company has opened an additional store in Wakefield and confirmed plans for three further openings scheduled for January and February 2026. It also acquired Gemini, a small pawnbroking business on the Isle of Sheppey, expanding Ramsdens’ presence in Kent and adding a complementary loan book.

Positive start to FY26

In a trading update covering the first quarter of the 2026 financial year, management reported that momentum had carried into the new period. Gross profit from precious metals was more than 50% higher than the comparable quarter a year earlier. Pawnbroking lending reached record levels, pushing the loan book to £12.8 million at 31 December 2025. Jewellery retail revenue advanced by more than 20% during the quarter, with demand for gold coins particularly strong in October.

Based on the early performance, Ramsdens now expects profit before tax in FY26 to exceed £18 million, subject to market conditions and the trajectory of gold prices. The company cautioned, however, that operating costs are set to rise in the current financial year, largely because of higher employment expenses. These include a 6.7% increase in the Real Living Wage from April and the full-year impact of changes to employer national insurance contributions.

Investment and shareholder returns

Chief executive Peter Kenyon said the group aims to open between eight and 12 new stores during FY26 while continuing to develop its online channels. Capital expenditure will focus on new locations, refurbishments and e-commerce enhancements designed to integrate store and digital inventory more effectively.

The board has recommended a 43% increase in the total dividend for FY25, in line with profit growth and reflecting confidence in future cash generation. The proposed payout remains subject to shareholder approval at the next annual general meeting.

Management reiterated that the group’s diversified business model—combining retail, financial services and precious metals trading—provides multiple revenue streams that can respond to shifting consumer behaviour and macro-economic trends. While higher wage costs and potential volatility in precious metal prices present challenges, early trading in FY26 suggests that demand across core categories remains robust.

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Crédito da imagem: Jewellery Focus