Operating profit up 48.5% at Ramsdens

Operating profit up 48.5% at Ramsdens

Middlesbrough-based pawnbroker Ramsdens has announced a strong start to the financial year, revealing an 18% surge in revenue for the six months to 30 September.

The group, which operates in 127 stores, saw its operating profit grow by 48.5% during the six-month period, increasing to £5.2m from £3.5m during the same period in 2016.

Ramsden’s financial results were boosted by the success of the group’s foreign currency exchange, pawnbroking and jewellery retail business segments.

Investment in the group’s online offering also resulted in strong growth of 331% in online gross jewellery retail sales, and growth of 134% in online foreign currency exchange.

Peter Kenyon, chief executive, said: "Ramsdens has had a strong first half of the financial year with foreign currency exchange, pawnbroking and retail jewellery all showing good growth.  The sterling gold price has been ahead of expectations and continues to benefit the purchase of precious metals and pawnbroking scrap proceeds.  

"We have made a good start to the second half of the year and have good momentum as we head into the seasonally important Christmas period for jewellery retail.

"Ramsdens has a clear growth strategy which is underpinned by our trusted brand, first-class team and well-invested core branch estate and the Board remains confident of delivering further progress.

"The board remains confident of Ramsdens' continued progress, and the group has a pipeline of store opportunities and is committed to our stated growth strategy."